User Account

All Pages

Determine the inventory as of december

Assignment Help Accounting Basics
Reference no: EM132172106

Question - The inventory of Oheto Company on December 31, 2017, consists of the following items.

Part Quantity Cost per Unit Net Realizable Value

110 600 $95 $100

111 1000 60 52

112 500 80 76

113 200 170 180

120 400 205 208

121a 1600 16 1

122 300 240 235

Part No. 121 is obsolete and has a realizable value of $1 each as scrap.

1. Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

2. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Reference no: EM132172106

Questions Cloud

How does iago succeed in planting the seeds of suspicion : Looking closely at his language in Act III, scene 3, how does Iago succeed in planting the seeds of suspicion in Othello's mind?
Discuss the causes for failure in quality : A bow-tie analysis places the critical incident at the center of the framework and identifies in graphic format the root cause leading up to the incident.
Value streams of services and that of manufactured products : Find the difference and similarities between the value streams of services and that of manufactured products
What we have been rewarded and punished for shapes : In this assignment, you are being asked to answer the question: (from your perspective): What does it mean to be human? This is a reflection/opinion.
Determine the inventory as of december : The inventory of Oheto Company on December 31, 2017, Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item
Prepare the entry to record the sale of asset : Prepare the entry to record the sale of asset D for cash of $5, 184. It was used for 6 years, and depreciation was entered under the composite method
Ethics in project management : Ethics is a hot topic in business, as well as in Project Management. Read the PDF entitled "Ethics in Project Management".
Modern public and nonprofit sector environment : The contracting of services and functions—even core, traditional services and functions—is a reality of the modern public and nonprofit sector environment.
Determine net income under the accrual basis of accounting : Revenue recognized $19,000. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describe a reason why someone who has been entrusted

describe a reason why someone who has been entrusted with the firm's assets would commit a fraudulent act against the company

  Balancing intercompany payables-receivables

What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?

  What is norman earnings per share

Norman Corporation had 250,000 shares of common stock outstanding during the year. What is Norman's earnings per share

  Compute the total cost of borrowing for these bonds

Whitmore Company issued $534,500 of 5-year, 9% bonds at 95 on January 1, 2017. Compute the total cost of borrowing for these bonds

  What tax issues should sheryl consider

Sheryl, a calendar-year taxpayer, purchased 1,000 shares of Barney Corporation common stock for $7,000, What tax issues should Sheryl consider

  Why are insiders one of the biggest threats for company

Why are insiders one of the biggest threats for company computer systems?

  Accounting standards and principles applicable

Using the stakeholder analysis framework, analyse if there is an ethical dilemma. Identify how this change would affect cash flow from operations using only the figures provided in your analysis. Advise Aiden as to what should be done to make the ..

  If twenty 1000 convertible bonds with a carrying value of

1. which one of the following is not necessary in order for a corporation to pay a cash dividend?nbspnbspnbspnbsp a.

  What do you think were jerome kerviel incentives

What do you think were Jerome Kerviel's incentives and rationalization for committing fraud? What created the opportunity for fraud

  Compute gross profit using the periodic system

Flint Company sells one product. Presented below is information for January for Flint Company. Compute gross profit using the periodic system

  Hillary hornes is admitted to the partnership of reagan amp

hillary hornes is admitted to the partnership of reagan amp navon. prior to her admission the partnership books show

  Discus about shares of the preferred stock and common stock

Early in 2008, Septa, Inc., was organized with authorization to issue 1,000 shares of $100 par value preferred stock and 200,000 shares of $1 par value common.

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