Reference no: EM132849747
Questions -
Q1. Based on a physical inventory taken on December 31, 2020, Orange Inc., determined its inventory at P55,000. Lolly estimated that, after further processing cost of P25,000, the inventory could be sold as finished goods for P85,000. Lolly's normal profit margin is 15% of sales. What amount should Lolly report in its inventory for the December 31, 2020 statement of financial position?
Q2. On July 1, 2021, Sulli Company purchased the rights to a mine for P12,000,000. Estimated reserves were 1,500,000 tons. The entity expects to extract and sell 25,000 tons per month. The entity purchased mining equipment on July 1, 2021, for P9,500,000. The mining equipment had a useful life of 8 years. However, after all the resource is removed, the equipment will be of no use and will be sold for P500,000. Based on the foregoing transaction, how much is the depletion charge and depreciation expense, respectively, for 2021?
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Prepare the effective interest amortization table
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Define each of the steps in monroe motivated sequence
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What amount should Lolly report in its inventory
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How much is the impairment loss on December
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Corporations will have to change their business models
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