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MatroZZZ [7]
2 years ago
13

Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Uni

ts Cost per Unit Net Realizable Value RSK-89013 600 $38 $47 LKW-91247 420 47 40 QEC-57429 510 26 32 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis.
Business
1 answer:
Nina [5.8K]2 years ago
7 0

Answer:

  $52,860

Explanation:

The computation of the ending inventory using the  lower of cost or market method is shown below:

Product                    Cost           Net realizable value Lower of cost or NRV

RSK-89013 600 × $38 = $22,800 600 × $47 = $28,800   $22,800

LKW-91247 420 × $47 = $19,740     420 × $40 = $16,800        $16,800

QEC-57429  510 × $26 = $13,260    510 × $32 = $16,320         $13,260

Carrying value of the ending inventory is                                       $52,860

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3 years ago
Cash Discount Calculations On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms
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Answer:

    Credit Terms     Date Paid     Amount received

1       2/10,n/30         June 8            $39,200

2      1/10, n/30         June 15           $40,000

3      1/15, n/30         June 14           $39,600

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Explanation:

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1.

June 8

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2.

June 15

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3.

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The receipt is within the discount period of 15 days, so the amount received will be net of 1% discount as follow

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4.

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4 0
3 years ago
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number of hours = 4

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total number of hours worked = 4 + 3

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Therefore, number of hours worked for which I will the receive the payment is 7 hours.

6 0
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