Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Swifty Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement Cost/Unit
Estimated Selling Price/Unit
Completion & Disposal Cost/Unit
Normal Profit Margin/Unit
A
1,400
$8.48
$9.49
$11.87
$1.70
$2.03
B
1,100
9.27
8.93
10.62
1.02
1.36
C
1,300
6.33
6.10
8.14
1.30
0.68
D
4.29
4.75
7.12
0.90
1.70
E
1,700
7.23
7.57
0.79
1.13
Greg Forda is an accounting clerk in the accounting department of Swifty Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant.
Calculate the lower-of-cost-or-market using the individual-item approach.
Show the journal entry he will need to make in order to write down the ending inventory from cost to market.
Great adventures has net income of $142,000.00 in 2017. Retained earnings at the beginning of 2017 was $132,000.00. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2017
bartlet financial services company holds a large portfolio of debt and stock securities as an investment. the total
what is a flow-through entity? what advantages do flow-through entities have over a regular corporation? compare and
at the beginning of 2012 winston corporation issued 10 bonds with a face value of 1200000. these bonds mature in five
Identify the ethical issue(s); - determine who are the affected parties and identify their rights; - determine the most important rights;
A 42-year-old unmarried taxpayer has two sources of income: taxable wages and interest income of $57,000 and $6,300, respectively. If the taxpayer contributes to her 401(k) plan at work, what is the maximum amount that the taxpayer can both con..
buckette co. owned 60 of shuvelle corp. and 40 of tayle corp. and shuvelle owned 35 of tayle.what percentage of tayles
selected transactions for the joel berges company are presented in journal form below.dateaccount titles and
Access the March 29, 2010, filing of the December 31, 2009, 10-K of America First Tax Exempt Investors LP. This company deals with tax-exempt mortgage revenue.
Phipps manufactures circuit boards in Division A, a country with a 30% income tax rate, and transfers them to Division B, a country with a 40% income tax. An import duty of 15% of the transfer price is paid on all imported products.
contrast variable and absorption costing and identify the advantages and disadvantages of each. if the units produced
Sergei Leenid, CFA, is a long-only fixed income portfolio manager for the Parliament Funds. He has developed a quantitative model, based on financial statement data, to predict changes in the credit ratings assigned to corporate bond issues. Befor..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd