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Alexxx [7]
3 years ago
15

On the basis of the following data, determine the value of the inventory at the lower of cost or market.

Business
1 answer:
vlabodo [156]3 years ago
3 0

Answer:

The computation is shown below:

Explanation:

The computation is shown below:

Product         Total Cost         Total Market      Lower of Total Cost or Total Market

A                    $1,368                  $1,248                         $1,248

                ($171 × 8 units)          ($156 × 8 units)

B                  $10,300                    $9,150                     $9,150

                 ($206 × 50 units)          ($183 × 50 units)

C                $11,454                      $10,856                   $10,856

                  ($249 ×  46 units)          ($236 × 46 units)

D                 $5,530                      $4,795                     4,795

                 ($158 × 35 units)          ($137 × 35 units)

E                $9,452                        $10,064                   $9,452

                  ($278 × 34 units)          ($296 × 34 units)

Total                                                                              $35,501

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Minor violations that are committed by people could just provide 10-20 days in the correction. However, heinous crimes like murder or homicide or ra pe could lead to reclusion Perpetua or lifetime imprisonment to the guilty or much worse, it could lead to the death penalty which was adopted by some states.
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3 years ago
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when selling a product, the collection of buyer-specific benefits that a seller offers to a buyer is known as
Inga [223]

Customer value proposition refers to the assortment of buyer-specific benefits that a seller provides to a buyer when selling a product.

More about the Customer value proposition:

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A company can create value in their product or service while marketing to potential customers by using a customer value proposition. This is frequently determined by totaling the benefits that vendors offer to their customers.

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6 0
2 years ago
Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000) was made with respect to a
ziro4ka [17]

Answer:

a)

Rent Expense   Dr.$16,000

Bank                  Dr.$48,000

Prepaid Rent     Cr.$64,000

Explanation:

The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong

Prepaid Rent Dr. $72,000

Bank              Cr. $72,000

This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000

The correct entry should have been like this as on 1st November 2019;

Prepaid Rent Dr. $24,000

Bank               Cr. $ 24,000

By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)

<em>So the rectifying entry is; as on 31st December 2019</em>

<em>Rent Expense   Dr.$16,000</em>

<em>Bank                  Dr.$48,000</em>

<em>Prepaid Rent     Cr.$64,000</em>

7 0
3 years ago
White Company has two departments, Cutting and Finishing.
GaryK [48]

Answer:

Cutting = $10.99 per machine hour

Finishing= $15.28 per direct labour hours.

Explanation:

The question requests the predetermined overhead rate for Cutting department and Finishing department

Step 1: What is the formula for the pre-determined overhead rate

For the Cutting Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Machine Hours +Variable Manufacturing Overhead rate per machine hour.

= $390,000/$43,400) + $2

= $10.99 per machine hour

For the Finishing Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Labour Hours +Variable Manufacturing Overhead rate per machine hour.

= $496,000/43,000) + $3.75

= $15.28 per direct labour hours.

7 0
3 years ago
"California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insura
leva [86]
<h3>California Inc Estimated ending inventory is $319,000 </h3>

Explanation:

Goods available for sale = Beginning inventory + Net purchases

  • California Inc Beginning inventory $310,000
  • California Inc Net purchases = $905,000
  • California Inc Goods available for sale = $1,215,000

Gross profit = Net sales *  profit %

  • California Inc Net sales = $1,280,000
  • California Inc gross profit = 30%  
  • California Inc gross profit = $384,000

Estimated cost of goods sold = Net sales - Gross profit

  • California Inc Estimated cost of goods sold = $1,280,000 - $384,000
  • California Inc Estimated cost of goods sold = $896,000

Estimated ending inventory = Goods available for sale - Cost of goods sold

  • California Inc Estimated ending inventory = $1,215,000 - $896,000
  • California Inc Estimated ending inventory = $319,000

California Inc Estimated ending inventory is $319,000

3 0
3 years ago
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