Whicher corporation had three products in its ending

Assignment Help Accounting Basics

Reference no: EM13598000

1. Whicher Corporation had three products in its ending inventory at December 31, 2010. Whicher Corporation considers a profit margin of 15% of the sales price average for product 1 and a profit margin of 10% of the sales price average for products 2 and 3. When Whicher Corporation sells its products, it expects to incur selling costs equal to 5% of the selling price. The chart below gives further information about each product:
Product Cost Replacement cost Selling
price

Product 1 $150 $160 $180
Product 2 180 155 160
Product 3 140 115 140

a. What is the amount of write-down (if any) required using US GAAP? Calculate the write-down on a total inventory basis.
b. What is the amount of write-down (if any) required using IFRS? Calculate the write-down on a total inventory basis.

Reference no: EM13598000

Questions Cloud

Accounts receivable from sales transactions were 45859 at : accounts receivable from sales transactions were 45859 at the beginning of the year and 61749 at the end of the year.

Short-term debt at december 31 is 4 million the treasurer : 1. jasper inc. has a december 31 year-end. a. current assets are 30 million. b. current accrued liabilities are 9

Classify each of the activities above as either a : 1. receive raw materials from suppliers.2. manage parts inventories.3. do rough milling work on products4. interview

Ttf inc which just began this year has the following : ttf inc. which just began this year has the following information about jjl the only product that it produces and

Whicher corporation had three products in its ending : 1. whicher corporation had three products in its ending inventory at december 31 2010. whicher corporation considers a

Nixon amp ross bills clients 150 percent of the total costs : nixon amp ross a law firm is about to install a new accounting system that will allow the firm to track more of the

A corporation has 79105 shares of 27 par value stock : a corporation has 79105 shares of 27 par value stock outstanding that has a current market value of 359. if the

Based on the following data for the current year what is : based on the following data for the current year what is the accountsreceivable turnover? net sales on account during

Compute the price of 148882608 received for the bonds by : fabulator inc. produces and sells fashion clothing. on july 1 2012 fabulator inc. issued 120000000 of 20-year 14 bonds

User Account

All Pages