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stiv31 [10]
3 years ago
13

Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the product

s are as follows:
Product 1 Product 2 Product 3
Cost $ 36 $ 106 $ 66
Selling price 88 168 118
Costs to sell 9 72 26

What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory?
Business
1 answer:
jek_recluse [69]3 years ago
6 0

Answer:

Product 1  - $36

Product 2 -  $ 96  

Product 3  -  $66

Explanation:

The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.

These costs includes cost of purchase, freight, Insurance cost during transit etc.  

Subsequently, inventory is to be carried at the lower of cost or net realizable value.

The NRV is the Selling price less the cost to sell.

Given

                             Product 1       Product 2        Product 3

Cost                            $36              $ 106              $ 66

Selling price               $ 88              $ 168             $ 118

Costs to sell                $ 9                $ 72              $ 26

NRV                             $ 79               $ 96              $ 92

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noname [10]

Answer:

25,000

Explanation:

Given that,

Time taken from first step to final step, cycle time = 1.25 hours

Demand for candy bars = 20,000

Throughput time = 20,000 candy bars per hour

Candies in process is work in progress:

= cycle time × Throughput time

= 1.25 hours × 20,000 candy bars per hour

= 25,000

Therefore,

25,000 candy bars are in process, on average.

4 0
3 years ago
use the accounting equation to solve for the missing information. 2. did jacob's overhead doors report net income or net​ loss?
vichka [17]

Total assets 44900    

Less: Liablities 14,550

Total Owner's equity 30,350    

Less: Owner's capital 30,670

Add: Drawings 7,500    

Less: Revenues 8,850

Expense  1,670

Assets   =Liabilities +Owner's-Drawings+Revenues-Expense capital

               44,900 = 14,550 + 30,670- 7,500 + 8,850 - 1,670
2. Jacob states a profit of $7,180

Net Income = Revenues – Expenses
= 8850–1670 = 7180

  • Equipment, real estate, raw materials, and inventories are examples of tangible assets. Intangible assets include things like royalties, patents, and other intellectual property.
  • The amount earned by an individual or corporation after costs, allowances, and taxes is referred to as net income. Net income in company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

To know more info about Assets visit:
https://brainly.in/question/18283902
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7 0
1 year ago
Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry abou
erik [133]

Answer:

$0.12 billion; a budget surplus

Explanation:

Given that,

Total spending for the last fiscal year = $4.71 billion

Tax collected during the same fiscal year = $4.83 billion

Government transfers = $0

Lilliput's budget balance:

= (Taxes - Government transfers) - Total spending of government

= ($4.83 billion - $0) - $4.71 billion

= $0.12 billion

Therefore, the Lilliput has a budget surplus during the last fiscal year because of the positive budget balance.

5 0
3 years ago
A firm has a cost of debt of 7.5 percent and a cost of equity of 16.2 percent. the debt-equity ratio is 0.45. there are no taxes
valentina_108 [34]
About 16.2 percent of the cost of what ?
6 0
3 years ago
Kirby subscribed to purchase 100 shares of stock to be issued by Globule, Inc., an already existing corporation. Globule accepte
creativ13 [48]

Answer: C. No, but he is liable for another $2 per share.

Explanation:

A stock is not to be issued below its par value as this is the lowest price that it is to be issued at. If a par value is $4 for instance, the stock cannot be issued for anything less than this $4.

In this scenario, the par value is $8 per share which means that Globule Inc. cannot issue this share for less than $8. Kirby in paying only $6, is still liable for $2 so that he can at least pay for the stock at its par value.

8 0
3 years ago
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