User Account

All Pages

What amount should Loft include in inventory at year-end

Assignment Help Accounting Basics
Reference no: EM132514078

Question - Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market:

Inventory item #1

Original Cost $210000

Replacement Cost $150000

Net Realizable Value $240000

Net Realizable Value Less Profit Margin $208000

Inventory item #2

Original Cost $400000

Replacement Cost $370000

Net Realizable Value $410000

Net Realizable Value Less Profit Margin $405000

What amount should Loft include in inventory at year-end, if it uses the total of the inventory to apply the lower of cost or market?

Reference no: EM132514078

Questions Cloud

Powerful effect on the success of a training event : The motivation to learn has a powerful effect on the success of a training event. The textbook outlines many factors that affect a learner's motivation
Middle childhood and adolescence : Evaluate the different types of parenting styles and their influence on development during infancy and early childhood.
Elements from the early period of managed care history : Write a 2 page paper presenting the elements from the early period of managed care history, which are present in today's managed care industry.
How to differentiate between an argument and rhetoric : As a critical thinker, it is important to understand the elements of an argument and how certain types of statements can affect the validity of an argument.
What amount should Loft include in inventory at year-end : What amount should Loft include in inventory at year-end, if it uses the total of the inventory to apply the lower of cost or market
What kind of listener were you at the concert : Your review must include the following: What kind of listener were you at the concert? Why? What was the style of each of the pieces performed?
Calculate the financial ratios for phone corporation : Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations. Round your final answers)
What is the amount of interest expense to record : The note, issued on September 1, 2018, had a one-year term and an 8 percent annual interest rate. What is the amount of interest expense to record for 2018
Future development in middle adolescent years : Examine additional pressures faced in adolescence compared to middle childhood. Discuss the development of moral values from middle childhood into adolescence

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