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iVinArrow [24]
2 years ago
10

Sheridan Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 113 units at a co

st per unit of $61 Blu-ray players 153 units at a cost per unit of $77 iPods 133 units at a cost per unit of $86 The net realizable value of each of these products at year-end was cameras $74, Blu-ray players $50, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory $
Business
1 answer:
ICE Princess25 [194]2 years ago
8 0

Answer:

Ending inventory is <u>$24,917</u>.

Explanation:

Lower-of-cost-or-net realizable value method implies that whichever is lower between the cost per unit and the net realizable value per unit is used to value the ending inventory of an item.

The ending inventory can therefore be determined as follows:

<u>For Cameras:</u>

Units = 113

Cost per unit = $61

net realizable value per unit = $74

We choose cost per unit since it is lower and we have:

Cameras ending inventory = 113 * $61 = $6,893

<u>For Blu-ray players:</u>

Units = 153

Cost per unit = $77

net realizable value per unit = $50

We choose net realizable value per unit since it is lower and we have:

Blu-ray players ending inventory = 153 * $50 = $7,650

<u>For iPods:</u>

Units = 133

Cost per unit = $86

net realizable value per unit = $78

We choose net realizable value per unit since it is lower and we have:

iPods ending inventory = 133 * $78 = $10,374

<u>Calculation of ending inventory:</u>

Ending inventory = Cameras ending inventory + Blu-ray players ending inventory + iPods ending inventory = $6,893 + $7,650 + $10,374 = $24,917

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Pani-rosa [81]
<span>a narrow span of management implies that the height of the organization will be long; a wide span of management implies that the height of the organization will be short.

This is because in a narrow span of management, less people work under each manager and therefore, there will be more levels of hierarchy making the height of the organization longer and the vice versa applies.
</span>
6 0
3 years ago
The following is an excerpt from Walmart's 2015 Form 10-K A summary of the provision for income taxes is as follows ($ millions)
REY [17]

Answer:

a. The mount of income tax expense does Walmart report in its income statement for 2015 was $8,074

b. The amount of Walmart's income tax expense that was determined from the company's tax returns is $8,615

c. Deferred taxes decreased Walmart's income tax provision for the year

Explanation:

a. In order to calculate what amount of income tax expenses does Walmart report in its income statement for 2015, we would have to use the following formula:

Income tax expenses= Current year income taxes + Deferred tax expense

Income tax expenses=$8,615-$541

Income tax expenses=$8,074

b. The amount of Walmart's income tax expense that was determined from the company's tax returns is $8,615. This are the Total current tax provision.

c. Deferred taxes decreased Walmart's income tax provision for the year becuase the Deferred taxes are benefit.

6 0
3 years ago
Use the DuPont system and the following data to find return on equity.(Do not round intermediate calculations. Round your answer
hjlf

Answer:Return on Equity= 37.1%

Explanation:

According to the DuPont Analysis System,  

Return on Equity = Leverage Ratio x Net profit margin x Total asset turnover

Return on Equity = 2.8 x 5.3% x 2.5

Return on Equity=0.371

Return on Equity= 37.1%

6 0
3 years ago
Find the accumulated value of $2,480 at the end of twelve years if the nominal interest rate was 2% convertible monthly for the
dusya [7]
In order to properly tackle this problem, we must understand the relationship between the nominal annual rate and real (effective) annual rate. 

To do this:
  -First you take the nominal rate, divide by the number of times it's compounded (converted) per year.
   -Then, add one to that number, and raise that number to the power of how many times you compound per year.

Here is the method in practice:
First 3 Years: 
Nominal rate= 2% ÷ 12 times/yr = 0.001667
Effective rate = 1.001667 ^12 = 1.020184

Next 2 Years (Discounting)
3% ÷ 2/yr = .015
1.015 ^ 2 = 1.061364

Next 4 years (Interest)
.042 ÷ .5 (once every 2 years) = .084
1.084 ^ (1/2) = 1.041153

The last 3 years are already expressed as an effective rate, so we don't need to convert them. The annual rate is:
1.058

I kept the 1 in the numbers (1.058 instead of 5.8% for example) so that it's easier to find the final number

Take every relevant number and raise it to the power of the number of years it's compounded for. For discounting, raise it to a negative power.
First 3 years: 1.020184 ^ 3 = 1.061784
Next 2 years: 1.030225 ^ -2 = .942184
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Multiply these numbers (include all decimals when you do this calculation)
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This is our final multiplier to find the effect on our principal:
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Answer is 2461.64
6 0
3 years ago
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GarryVolchara [31]

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(2)Borrowers have to make regular payments under fixed terms.



(3)Consumers can shop using credit at specific locations.

6 0
3 years ago
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