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Yuki888 [10]
3 years ago
13

At the year-end, Encore Company has a product for inventory that was purchased at a cost of $23. The product's expected selling

price is $36 and the cost of completing the sale is $15. Using the lower of cost or net realizable value rule, what amount should be reported on the balance sheet for inventory
Business
1 answer:
allsm [11]3 years ago
6 0

Answer:

$21

Explanation:

As we know that

The inventory should be recorded in the books of accounts by applying the lower value of cost or net realizable value

In the given case

The cost is $23

And, the net realizable value is

= Expected selling price - selling cost

= $36 - $15

= $21

So by comparing the cost and net realizable value, the net realizable value contains the lower value i.e $21 and the same is recorded on the balance sheet for inventory

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Many of the responsibilities associated with working in a professional sport organization, such as the National Football League
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Answer:

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Explanation:

Many of the responsibilities associated with working in a professional sport organization is similar to the responsibilities found in collegiate athletic administrations

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The market supply of cigarettes is shown in the table below.
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The answer & explanation for this question is given in the attachment below.

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3 years ago
Kaspar Industries expects credit sales for January, February, and March to be $205,100, $263,100, and $314,500, respectively. It
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Answer:

January $153,825

February $248,600

March $301,650

Explanation:

Computation for cash collections from customers for each month:

January February March

January: ($205,100 x 75%=$153,825) ($205,100 x 25%=$51,275) $0

February: $0 ($263,100 x 75%= $197,325) ($263,100 x 25%=$65,775)

March: $0 $0 ($314,500 x 75%=$235,875)

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Therefore cash collections from customers for each month is :

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February $248,600

March $301,650

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