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yulyashka [42]
3 years ago
13

Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individu

al items is _____.
Business
1 answer:
Naddik [55]3 years ago
7 0

Answer: $870

Explanation:

Using the lower of cost or market method, the prices the items will be recorded at will be:

  • Item 1 = $45 market price
  • Item 2 = $60 cost price
  • Item 3 = $25 market price

The total inventory will therefore be:

= Total value of item 1 + total value of item 2 + total value of item 3

= (45 * 5) + (60 * 7) + (9 * 30)

= 225 + 420 + 225

= $870

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Answer:

B) $9,500, 000

Explanation:

The tax basis for Ted's estate is $9,500,000, ans since it falls under the current federal estate tax exemption($11,400,000), his wife and children do not have to pay any estate taxes.  If Ted's family sells the assets before the six month alternate valuation is effective, then their tax basis will be the same as Ted's estate ($9,500,000).

3 0
3 years ago
Auditors may decide to perform some tests of controls or not perform any tests of controls, if inherent risk is assessed as ____
Ivanshal [37]

Answer: Moderate or low

Explanation:

Tests of Control are one by auditors to determine the effectiveness of the internal controls in the company in being able to detect accounting errors and anomalies.

If a company seems to have a moderate or low inherent risk the Auditors may or may not initiate Tests of Control due to this reduced risk.

If the company however, has either high or moderate or unusually high risk, the Auditors have to perform Tests of Control to determine where the company is going wrong.

6 0
2 years ago
I need help with this question if someone could please help me.
marusya05 [52]
B is the correct answer.
7 0
3 years ago
I can only put away $2,000 a year toward retirement. I am 25 and plan on retiring at 65 and earning 5%. How much will I have at
Scorpion4ik [409]

Answer: $241,600

Explanation:

As this amount is a constant amount, it is an annuity. To find out the total amount after a certain period of time, use the future value of annuity formula.

Future value of annuity = Amount * [ {( 1 + rate) ^number of periods - 1} / rate]

Number of periods = 65 - 25 = 40

Future value of annuity = 2,000 * [ {(1 + 5%)⁴⁰ - 1} / 5%]

= 241,599.54

= $241,600

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3 years ago
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