User Account

All Pages

What amount should Mateo Corporation report as inventory

Assignment Help Accounting Basics
Reference no: EM133058415

Question 1 - Nebula Co. uses LIFO for external financial reporting and tax filing, but uses FIFO for operating/pricing decisions. If its LIFO cost of goods sold in its 20X2 income statement is $280 million and it has $10 million and $15 million of LIFO reserve on 12/31/20X1 and 12/31/20X2, respectively. How much is its FIFO cost of goods sold?

a. $275 million

b. $295 million

c. $285 million

d. $265 million

Question 2 - Teddy Inc's inventory at December 31, 20X1, was $150,000 based on a physical count of inventory on hand before discovering the following facts.

-Goods shipped to a customer f.o.b. destination were in transit at year end. The sale price is $20,000 and the merchandise cost $15,000.

-Goods costing $10,000, shipped f.o.b. destination from a vendor on December 28, 2021 were in transit at year end.

-Goods costing $12,000 was being held on consignment by Zippy Company. What amount should Mateo Corporation report as inventory in its December 31, 2021, balance sheet?

a. $187,000.

b. $182,000.

c. $177,000.

d. $192,000.

Reference no: EM133058415

Questions Cloud

How much revenue will be recognized on the contract : Commonlo Corp. commits to selling 100 of its merchandise to MCH Co, for P30,000 (P300 per product), How much revenue will be recognized on the contract
What is tds : Q1. Jerry has calculated that the GDS of his client is at 33%. Given this scenario which one of the following statements is most correct?
What will the first order be : Assume that the firm wants a safety stock of 3,000 nails. What will the first order be and what will each subsequent order be
Borrower financial statements : Q1. The most widely known and accepted designations obtained by appraisers in Ontario today are the:
What amount should Mateo Corporation report as inventory : Goods costing $12,000 was being held on consignment by Zippy Company. What amount should Mateo Corporation report as inventory
Portfolio of seven stocks : How can I assess whether a portfolio of seven stocks is equally weighted?
Receive an a? rating : ?Pybus, Inc. is considering issuing bonds that will mature in 20 years with an annual coupon rate of 8 percent. Their par value will be ?$1,000?, and the intere
Determine rate of return in the last year : Select a start-up that recently has gone public and determine its rate of return in the last year (or since the Initial Public Offering)
Which bank would you go for a business loan : Suppose you want to start a new business and need to apply for business loans. There are two major banks in town, and they provide you with the following offers

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