Kumar SA uses a perpetual inventory system. At January 1, 2022, inventory was R$214,000,000 at both cost
Question:
Kumar SA uses a perpetual inventory system. At January 1, 2022, inventory was R$214,000,000 at both cost and net realizable value. At December 31, 2022, the inventory was R$286,000,000 at cost and R$265,000,000 at net realizable value. Prepare the necessary December 31 entry under
(a) The cost-of-goods-sold method
(b) The loss method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
a The costofgoodssold method At December 31 2022 the cost of goods sold would ...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Kumar SA uses a perpetual inventory system. At January 1, 2019, inventory was R$214,000,000 at both cost and net realizable value. At December 31, 2019, the inventory was R$286,000,000 at cost and...
-
7. As a manager of a Bangladeshi bank, you anticipate the following: Loan loss provision at end of year = 1 percent of assets Gross interest income over the next year = 10 percent of assets ...
-
Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost and market value. At December 31, 2011, the inventory was $286,000 at cost and $265,000 at market...
-
You have recently been appointed as assistant to the financial controller of Chaffinch plc, a manufacturing company. He has asked you to help with the finalisation of the financial statements for the...
-
A graph of the temperature in New York City on September 19, 2009 is shown. Use Simpson's Rule with n = 12 to estimate the average temperature on that day. Tf (F) 70- 60- 50- 4. noon 4.
-
The following represents selected information taken from a companys aging schedule to estimate uncollectible accounts receivable at year-end. Instructions (a) Calculate the total estimated bad debts...
-
Because of a salary cap, National Basketball Association teams are not allowed to exceed a certain annual limit in total player salaries. Suppose the Toronto Raptors had scheduled salaries exactly...
-
What is the beta of a portfolio consisting of one share of each of the following stocks given their respective prices and beta coefficients? How would the portfolio beta differ if (a) the investor...
-
A study of an association between which ear is used for cell phone calls and whether the subject is left-hand or right-handed began with a survey e-mailed to 5000 people belonging to an otology...
-
You own a semipro baseball team (in the location of your choice) and you want to construct a new practice field. You own the land already (20 acres). The land is relatively flat and it has only a few...
-
Garcia Home Improvement plc installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual...
-
Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2022, December 31, 2023, and December 31, 2024, as shown below. Instructions a. Prepare the journal entries...
-
A bucket contains several rocks with a combined mass (including the bucket) of 4.55 kg. Another rock of mass 0.224 kg is added to the bucket. What is the total mass of the bucket plus rocks? Be sure...
-
How can you create a competitive advantage for your organisation? (Use the organisation you are affiliated with or you can create a fictitious organisation).
-
Calculate the cost of new common equity financing of stock Q using Gordon Model Round the answers to two decimal places in percentage form (Write the percentage sign in the "units" box) Last Year...
-
List and explain the various aims in posting on social media platforms with one example each?
-
Compute the cost per gallon of liquid cleaner produced in June.
-
List the criteria for a supply to be classed as a taxable supply.
-
To entice a new Chief Operating Officer to leave her current job, a publicly traded stock brokerage firm wants to extend credit to her in the following situations: The company will lend $100,000 to...
-
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
-
Englehart Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the...
-
Briefly describe the valuation of (a) Biological assets and (b) Agricultural produce.
-
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the followingcases. Cases $15.90 14.80 $15.90 10.40...
-
Required information [The following information applies to the questions displayed below.] In each of the cases below, assume Division X has a product that can be sold either to outside customers or...
-
Canon Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year. (Click the icon to view the actual...
-
Lean Accounting The annual budgeted conversion costs for a lean cell are $180,000 for 1,000 production hours. Each unit produced by the cell requires 20 minutes of cell process time. During the...
Water Politics And Money A Reality Check On Privatization 1st Edition - ISBN: 3319367080 - Free Book
Study smarter with the SolutionInn App