Ask question

Ask question

All categories

2 years ago

10

Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of sell

ing price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or-market rule to each individual inventory item.

1 answer:

Ber [7]2 years ago

4 0

Answer:

Item Inventory at the lower-of-cost-or-market

#1 $214.50

#2 $240.00

#3 $266.50

#4 $315.00

#5 $422.50

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See attached pdf file for the complete question.

Also note: See the attached excel file for the determination of the value of inventory by applying the lower-of-cost-or-market rule.

From the attached excel file, we have:

Item Inventory at the lower-of-cost-or-market

#1 $214.50

#2 $240.00

#3 $266.50

#4 $315.00

#5 $422.50

<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> xlsx </span>

<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>

You might be interested in

20 points Help fast picking brainliest!! Zack wants to cut down on his variable expenses. What will reducing variable expenses a

bija089 [108]

Zack can reduce his variable expenses and channel that amount for any unexpected expenses or any other fixed expenses or for emergencies.

<h3>What are variable expenses?</h3>

A variable expense may arise from month to month, it is variable in nature. But the amount you pay in any given month may be different from previous payments or future payments.

Examples of variable costs are Gas, Parking fees, Groceries, Eating out, Clothes, and many more.

Thus, Zack can reduce his variable expenses and channel that amount for any unexpected expenses or any other fixed expenses or for emergencies.

To learn more about variable expenses refer:

brainly.com/question/13961075

#SPJ1

5 0

2 years ago

David borrows $230,000 to buy a house. The mortgage rate is 4.5 percent and the loan period is 25 years. Payments are made month

tiny-mole [99]

Answer:

EMI

Loan Amount 230000

Interest rate per period 0.00375

Number of periods 300

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

EMI= Equal Monthly Payment

P= Loan Amount

R= Interest rate per period

N= Number of periods

= [ $230000x0.004 x (1+0.004)^300]/[(1+0.004)^300 -1]

= [ $862.5( 1.004 )^300] / [(1.004 )^300 -1

=$1278.4147

Total payment = $1278.4147*300

=$383524.41

Interest payment = total payment - laon amount

=$383524.41-230000

Interest payment =$1,53,524.41

Explanation:

3 0

2 years ago

Which of the following are true about cost allocation? A. Cost allocation is a form of transfer pricing for indirect costs B. Co

zhannawk [14.2K]

Answer:

E. All of the above

Explanation:

all of the given options qualify as being true about cost allocation.

6 0

3 years ago

The most compelling and effective messages contain a variety of sentence patterns and avoid common sentence faults. You can crea

Zepler [3.9K]

Answer:

The correct answer is (c)

Explanation:

The structure of a sentence is important to avoid common sentence faults as it helps to better understand the sentence. There are various types of sentences such as compound, simple sentence etc. A complex sentence consists of at least one dependent clause and an independent clause. A dependent sentence can stand alone but for a better sentence, it is important to have an independent clause with a dependent clause.

5 0

3 years ago

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of

vova2212 [387]

Answer and Explanation:

1. The computation of overhead rate based on direct labor cost is shown below:-

Overhead rate = Overhead applied × 100 ÷ Direct labor cost

= 888 × 100 ÷ 1,200

= 74%

2. The Preparation of job-order cost sheet for the four jobs is shown below:

Particulars Job 86 Job 87 Job 88 Job 89

Beginning balance $6,888 $6,820

Direct materials $3,000 $7,000 $2,100 $1,500

Direct labor $800 $6,000 $900 $500

Applied overhead

is 74% of direct labor $592 $4,440 $666 $370

Total $11,280 $24,260 $3,666 $2,370

3. The computation of ending balances of Work in Process and Finished Goods is shown below:-

Work in process of Job 88 = $3,666

Finished goods = Total of Job 86 + Total of Job 89

= $11,280 + $2,370

= $13,650

4. The computation of the Cost of Goods Sold for March is shown below:-

Cost of goods sold is

= Job 87

= $24,260

7 0

3 years ago