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alina1380 [7]
3 years ago
9

On December 31, Cruise Company has 18,000 units of an inventory item, which cost $46 per unit when purchased on June 15. The sel

ling price was $86 per unit. On December 30, the net realizable value was $48 per unit. At what amount should the 18,000 units of inventory be reported at on the December 31 balance sheet
Business
1 answer:
Maksim231197 [3]3 years ago
6 0

Answer:

the inventory be reported at on the December 31 balance sheet is $828,000

Explanation:

Here the inventory should be recorded at lower of cost or net realizable value

Since the cost per unit is $46

And, the net realizable value is $48

So, the lowest cost per unit is $46

Now the ending inventory reported is

= 18,000 units × $46 per unit

= $828,000

hence, the inventory be reported at on the December 31 balance sheet is $828,000

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Following Statement is true

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Vertical Analysis

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Fees Earned                                                  $153,500       $149,700

Operating expenses                                     <u>$122,800</u>       <u>$127,245</u>

Operating Income                                          $30,700        $22,455

Operating Income as percentage of sales       20%               15%

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Operating income has decreased as a percentage of revenue.

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7 0
3 years ago
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