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____ [38]
3 years ago
11

Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information for its year end

ed December 31, 2020. Inventory Quantity Unit Cost Unit NRV Furniture 200 $85 $100 Electronics 50 $400 $300 Calculate the value of Home Furnishings ending inventory using their methodology described above.
Business
1 answer:
solniwko [45]3 years ago
5 0

Answer:

1.$37,000

2.$32,000/

Explanation:

1. Calculation to the Cost of ending inventory before any adjustment

Inventory Quantity Unit Cost Total cost

Furniture 200* $85 = $17,000

Electronics 50* $400= $20,000

Cost of ending inventory before any adjustment =$37,000

Therefore the Cost of ending inventory before any adjustment will be $37,000

2. Calculation to determine the ending inventory using the lower of cost and net realizable value.

Inventory Quantity Unit NRV

Furniture 200* $100 =$20,000

Electronics 50* $300= $15,000

Total cost of ending inventory using lower of cost and net realizable value (NRV) $32,000

Therefore the ending inventory using the lower of cost and net realizable value will be $32,000

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Answer:

b. $1,144 unfavourable.

Explanation:

The computation of the  variable overhead efficiency variance is shown below:

= (Actual Hours - Standard Hours) × Standard rate per hour

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hence, the variable overhead efficiency variance is $1,144 unfavorable

Therefore the option b is correct

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Step-by-step explanation:

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Answer: Blockbusting

Explanation:

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3 years ago
A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,
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Answer:

A standard unmodified opinion.

Explanation:

When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.

A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.

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Read 2 more answers
If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a h
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If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday): TRUE

<h3>What are tax returns?</h3>
  • A tax return is a form or form that is filed with a tax authority and discloses income, expenses, and other relevant tax information.
  • Tax returns enable taxpayers to assess their tax liability, plan their tax payments, and receive refunds for overpayments.
  • In most nations, an individual or corporation having a reportable income, such as wages, interest, dividends, capital gains, or other profits, must file an annual tax return.
  • For example, if April 15th comes on a Saturday, the deadline for individual tax returns is April 17th (assuming it is not a holiday).

Therefore, the statement "if April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday)" is TRUE.

Know more about tax returns here:

brainly.com/question/4210849

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Complete question:

If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday). TRUE or FALSE

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