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Questions -
Q1. ACME Company purchases for resale 1,000 widgets for $38 each. At year end, the replacement cost is $37 per widget, the estimated selling price is $63 per widget, the disposal cost is $8 per widget, and the estimated markup is $15 per widget. If ACME uses LCM costing by item, at what amount will the widgets be reported on the balance sheet?
$39,000
$37,000
$55,000
$40,000
$38,000
Q2. ACME Company purchases for resale 1,000 widgets for $64 each. At year end, the replacement cost is $63 per widget, the estimated selling price is $68 per widget, the disposal cost is $7 per widget, and the estimated markup is $10 per widget. If ACME uses LCM costing by item, at what amount will the widgets be reported on the balance sheet?
$63,000
$51,000
$64,000
$62,500
$61,000
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accounts receivable -0-accumulated depreciation-equipment -0-equipment 7000interest payable -0-notes payable
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