1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
larisa [96]
3 years ago
10

As of year-end, June Company had three different inventory items in its ending inventory. June had 10 units of each item on hand

. The unit cost, replacement cost, expected selling price, estimated disposal and completion costs, and normal gross profit as a percentage of expected selling price follow: Item A: $10, $9, $20, $2, 50% Item B: $30, $32, $50, $4, 30% Item C: $50, $48, $90, $0, 40% June uses a LIFO costing method. By what amount will June write-down its inventory?
Business
1 answer:
Tomtit [17]3 years ago
8 0

Answer:

$10

Explanation:

unit cost, replacement cost, expected selling price, estimated disposal and completion costs, and normal gross profit as a percentage of expected selling price follow

Item A: $10, $9, $20, $2, 50%

Item B: $30, $32, $50, $4, 30%

Item C: $50, $48, $90, $0, 40%

I used an excel spreadsheet to calculate the value of ending inventory using the lower of cost or market value. The ending inventory = $890, while the purchase cost = $100 + $300 + $500 = $900

the inventory should be written down by $10

Download pdf
You might be interested in
Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $
guajiro [1.7K]

Answer:

See below

Explanation:

Crane corporation

Ending inventory

2019 $1,120,000

2020 $1,271,000/1.08 = $1,176,852

Ending inventory [$1,120,000+ (1,176,852 - $1,120,000)× 1.08]

= [$1,120,000 + $61,400]

= $1,181,400

2021 $1,417,000/1.26 = $1,124,603

2022 $1,623,000/1.31 = $1,238,931

Ending inventory [$1,124,603 + ($114,328 × 1.31)]

= $1,124,603 + $149,770

= $1,274,373

Therefore, the cost of the ending inventory at December 31, 2020 under dollar value LIFO would be $1,274,373

5 0
3 years ago
When a dividend is not declared on preferred stock, and the common share­holders cannot receive a dividend until all past and cu
Lady_Fox [76]

Answer:

cumulative.

Explanation:

Cumulative preferred stock is defined as a type of stock that states that if any dividend payments have been missed the first payment of the owed dividends must be done to cumulative preferred shareholders in first instance

4 0
3 years ago
Al contracted to sell his house to bev. subsequently, they both changed their minds and agreed to cancel the contract. the contr
TEA [102]
Given that <span>Al contracted to sell his house to bev. subsequently, they both changed their minds and agreed to cancel the contract.

The contract between al and bev is discharged by rescission.</span>
6 0
3 years ago
Assuming that the federal reserve banks sell $40 million in government securities to commercial banks and the reserve ratio is 2
sdas [7]

The reserve requirement when the federal reserve banks sell $40 million in government securities to commercial banks is $8 million.

<h3>How to calculate the reserve requirement?</h3>

From the information given, the the federal reserve banks sell $40 million in government securities to commercial banks and the reserve ratio is 20 percent.

Therefore, the reserve requirement will be:

= 20% × $40 million

= $8 million.

Learn more about reserve requirements on:

brainly.com/question/25812353

#SPJ1

8 0
1 year ago
A new casino wants to hire about 1,000 employees for its new resort. Applicants are asked to complete an online questionnaire th
jarptica [38.1K]

When only those applicants who have previously worked in hotels and casinos will be considered eligible for the next step in the hiring process. This best exemplifies a "pre-employment screening process".

<h3>What is a pre-employment screening process?</h3>

Pre-employment screening has several names, including: Background investigations, background screening, and criminal investigations

Some characteristics of pre-employment screening process are-

  • Pre-employment screening entails gathering all the data necessary to make a wise hiring decision.
  • This entails locating applicants who satisfy established job requirements and confirming the data they supply.
  • Pre-employment screening procedure includes reviewing applications and deciding whether to hire someone.
  • Various components, such as job screening questions included in the employment application, may be part of the screening process.
  • Employing tests that are cognitive, behavioral, or skills-based, conduct pre-employment testing. including phone screenings, video interviews, and in-person meetings with candidates.
  • Pre-employment investigations can differ depending on the applicant, the position, etc. However, it typically takes three to four weeks.

To know more about purpose of pre-employment screening, here

brainly.com/question/14980418

#SPJ4

5 0
2 years ago
Other questions:
  • The Harrisburg Store has net working capital of $2,715, net fixed assets of $22,407, sales of $31,350, and current liabilities o
    15·1 answer
  • As a result of a divorce settled in 2017, a taxpayer received the following during the current year: Child support $12,000 Alimo
    5·1 answer
  • A newspaper advertisement for Cashmere Closet states "This Saturday 9 a.m., 1 Red Cashmere Scarf, worth $299.95… $10.00 First Co
    5·1 answer
  • Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. tom can pick 2 pounds of coffee in an hour or gather 4
    5·1 answer
  • On June 1, 2013 Oakcrest Company signed a three year $110000, note payable with 9% interest. Interest is due on June 1 of each y
    7·1 answer
  • The _____ budget deals with the firm’s plans for investing in major fixed assets and long-term projects
    15·1 answer
  • Hardwig Inc. is considering whether to pursue a restricted or relaxed current asset investment policy. The firm's annual sales a
    14·1 answer
  • How can questionnaires be distributed to potential respondents?
    11·1 answer
  • 6. Identify a change in technology during each of the time periods in history below that you believe improved the
    6·1 answer
  • A student has inherited $50,000. If it is placed in asavings account that earns 3% interest, how much isin the account in 30 yea
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!