Determine the market value of the clothing

Assignment Help Accounting Basics

Reference no: EM13136956

You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of your Techie products. You realize that you must value your inventory at the "lower of cost or market". You know the cost of your products but do not know the market value. How would you determine the market value of the clothing and techie products that are not selling?

Reference no: EM13136956

Questions Cloud

Prepare appropriate entries for both iga and e leasing : Prepare appropriate entries for both IGA and E Leasing from the inception of the lease through the second rental payment on April 1, 2011. Depreciation is recorded at the end of each fiscal year

Depreciated and straight-line method : Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during w..

What mass of stomach acid will neturalise : what mass of stomach acid will neturalise an antacid tablet containing 0.1g of magnesium hydrogen carbonate

Listen to a musical or dramatic performance : Tasks:1. Watch a movie, a 60-minute TV show, 60 minutes of a news/commentary show, or two sitcoms, read an entire newspaper, re-familiarize yourself with a favorite book (fiction or non-fiction), listen to a musical or dramatic performance (live or r..

Determine the market value of the clothing : You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of yo..

Why was there a need to require companies to prepare : When we already have the income statement and balance sheet to tell us about the financial performance and financial health of a company, why was there a need to require companies to prepare a statement of cash flows?

Confidence interval-mean efficiency of given batch motors : Determine a 95% confidence interval for the mean efficiency of a given batch of motors. If we want to cut the confidence interval by 1/3, how many motors should be tested?

What would be the depreciation expense for the second-year : A company purchased a POS cash register on January 1 for $5,400. This register has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the second-year of its useful life using the double-declining-bala..

What amount should garfun report as consolidated diluted : Assume a tax rate of 30 percent. what amount should Garfun report as the consolidated diluted earnings per share?

User Account

All Pages