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Amanda [17]
4 years ago
5

At the end of the year, inventory has a cost of $200,000 and a net realizable value of $195,000 due to normal business circumsta

nces. Prepare the year-end adjusting entry, if any, for inventory using the lower of cost or net realizable value approach. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
pishuonlain [190]4 years ago
4 0

Answer:

The answer is given below;

Explanation:

The adjusting entry will be;

Income Statement             Dr.$5,000

Inventory                             Cr.$5,000

As the NRV is less than cost,therefore difference amount will be charged to profit and loss account.

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At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied.
nika2105 [10]

Answer:

$2.25 per unit

Explanation:

The computation of the cost per equivalent is shown below:

= Total conversion cost ÷ total units completed

where,

Total conversion cost is

= Beginning work in process conversion cost + cost of conversion added

= $20,250 + 271,125

= 291,375

And, the number of units is

= Units completed + work in process ending inventory units × completion percentage

= 115,700 units + 23,000 units × 60%

= 115,700 + 13,800

= 129,500 units

So, the cost per equivalent unit for conversion cost is

= $291,375 ÷ 129,500 units

= $2.25 per unit

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3 years ago
On average hotel guests who take elevators weigh about 150 pounds
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3 years ago
Global trade provides consumers with
n200080 [17]

Global trade provides consumers with MORE OPTION AND LOWER PRICES.

Explanation:

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It is thought that Global trade provides consumers with a great variety of goods and more options delivered at lower prices. Global trade allows countries to exchange goods and resources. Some countries specialise in producing some goods, while other countries specialise in producing other goods. By doing so, there are lower opportunity prices for consumers and a greater choice of goods.

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What sort of questions would a Turing test ask and what are some responses to each
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3 years ago
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The Incubators is a tool that offer a new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, secretarial help etc

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