User Account

All Pages

Discuss malone company determined its ending inventory

Assignment Help Accounting Basics
Reference no: EM131767908

1. (LCNRV-Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below.

 

Cost

NRV

12/31/17

$650,000

$650,000

12/31/18

780,000

712,000

12/31/19

905,000

830,000

Instructions

(a) Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used.

(b) Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method.

Reference no: EM131767908

Questions Cloud

Determining the age of trees is of interest : Determining the age of trees is of interest to both individual land owners and to the Forest Service of the US Department of Agriculture.
Standard deviation of the adjusted ratings : For the students who were given the 0-to-4 scale, the ratings have a mean of 3.21 and a standard deviation of 0.568. Since the scales differ by one point.
Interview committee for a job : You are part of an interview committee for a job in your company and one of the applicants asks you about the level of job satisfaction in your organization.
Analyze the impact of healthcare-related policy : Analyze the impact of healthcare-related policy and legislature with regard to culturally diverse healthcare consumers and providers
Discuss malone company determined its ending inventory : Malone Company determined its ending inventory at cost and at LCNRV at December
Subject of employee health and safety : The subject of employee health and safety is a broad one. Chose only one element of employee health and safety and good deep into the subject.
What is the secret to success in entrepreneurship : What is the secret to success in entrepreneurship? (2) What are the principles that can help you understand the role of failure in business?
How would you evaluate monsantos ethical position : How would you evaluate Monsanto's ETHICAL position to oppose the Vermont law? Use the Deckop decision-making models to evaluate their decision.
People in an insurance office : You manage a staff of 15 people in an insurance office. You have noticed that several of the employees are taking longer and longer coffee and cigarette breaks.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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