User Account

All Pages

Calculate the floor amount that Astro would use under LCM

Assignment Help Financial Accounting
Reference no: EM132906089

Question - Inventory: Lower of Cost or Market - Astro Corp. uses LIFO and its records revealed the following information as of December 31, 2020:

Cost of inventory $48,000

Replacement cost of inventory 52,000

Selling Price of inventory 64,000

Costs to sell inventory 3,000

Normal Profit 11,000

Required -

a) Calculate the net realizable value used by Astro.

b) Calculate the floor amount that Astro would use under LCM.

c) What would Astro use as its total market value under LCM?

d) What amount should Astro report its inventory under LCM?

Reference no: EM132906089

Questions Cloud

What is an anti-virus program for computers : Describe in brief about what is an anti-virus program for computers. Provide an example of an anti-virus program and what type of viruses does it help to protec
Sustainability strategy of the carpet company : This case study focuses on the sustainability strategy of the carpet company Interface Inc. in general, and in particular on its cooperation with the Zoological
Detailing the rules and constraints of the business : Business Rules - Paragraphs detailing the rules and constraints of the business. Describes the operations, instructions on how certain day-to-day actions should
State any 5 of the hospitality sectors : State any 5 of the hospitality sectors and give a local example for each
Calculate the floor amount that Astro would use under LCM : Astro Corp. uses LIFO and its records revealed the following information as of December 31, 2020: Calculate the floor amount that Astro would use under LCM
Area of social work of interest : After reading chapter 10, what are some thoughts on the chapter on mental health? This is the specialty where most social workers practice. They are called psyc
What steps might the company consider to overcome : What steps might the company consider to overcome this roadblock?
What do you think motivated disney to set up parks abroad : What do you think motivated Disney to set up parks abroad? What are the pros and cons from the standpoint view of Walt Disney Company?
Assignment on normal distributions : Assuming the class follows a normal distribution, would you want such a curve? Explain.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd