Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost,
Question:
Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $20; replacement cost, $18; selling price, $30; selling costs, $4. The normal profit is 30% of selling price. What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Determine market value as follows Market value is the middle value o...View the full answer
Answered By
Umair Expert
Hi Everyone.
I have 6 years of teaching experience.
I am serving as a tutor 2 more websites.
I will provide you projects and solutions of questions related to any subject.
I am a good programmer.(PHP, Python)
I am good command in mathematics.
I am here to assist you.
I'll be very happy to work with you...
Thanks dear..
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Business questions
-
What do firms use as the market value when applying the lower- of- cost- or- market (LCM) rule? Are there any limits on the use of this value? Explain.
-
Ross Electronics has one product in its ending inventory . Per unit data consist of the following: cost, $20; replacement cost, $18; selling price, $30; disposal costs, $4. The normal profit margin...
-
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Selling costs consist of a sales commission equal to 10% of selling price...
-
You are given the following prices for zero coupon bonds with $1,000 face amount: One-year bond Two-year bond Three year bond $945 $920 $900 Find the price today for a two-year 4% coupon bond.
-
The following model allows the return to education to depend upon the total amount of both parents' education, called pareduc: log(wage) = (0 + (1 educ + (2 educ(pareduc + (3 exper + (4 tenure + u....
-
In Exercises 9194, determine whether each statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement. No quadratic functions have a range of (-,).
-
Which of the following has been a finding of prior research that has examined whether information systems audit staff should be recruited with an information technology background or an audit...
-
A firm discovers that when it uses K units of capital and L units of labor, it is able to produce K L units of output. a. Draw the isoquants corresponding to 1, 2, 3, and 4 units of output. b....
-
01 Determine the missing properties and the phase descriptions in the following table for water: T, C P, kPa u, kJ/kg Phase a 400 1450 b 220 Saturated vapour C 190 2500 d 4000 3040
-
A researcher suspected that the number of between meal snacks eaten by students in a day during final examinations might depend on the number of tests a student had to take on that day. The...
-
Air FranceKLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AFs financial statements and disclosure notes for the year...
-
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September...
-
Chevron continues to pollute provided that British Petroleum does, but Koch Industries and Exxon Mobil deny climate change. Translate the following statements into symbolic form using uppercase...
-
(i) Which areas of the business do auditors opinions cover? (ii) What happens if there is any fundamental uncertainty as to compliance?
-
Explain the obligations of directors of limited companies in terms of their duty of care, their fi duciary duty, and the Corporate Manslaughter and Corporate Homicide Act (2007).
-
Explain the implications of the expectation gap with regard to external auditors.
-
If the severity of the penalty is determined by the seriousness of the offence, describe the half dozen or so most serious offenses under the Company Directors (Disqualification) Act 1986 (as amended...
-
What are the key actions that a director of a limited company may take to ensure compliance with his or her obligations and responsibilities?
-
Why is there a potential asymmetric information problem in credit default swaps?
-
In Exercises 15 through 30, find the derivative dy/dx. In some of these problems, you may need to use implicit differentiation or logarithmic differentiation. y ex + et -2x 1 + e
-
Indicate where the following items would be shown on a balance sheet. (a) A lien that was attached to the land when purchased. (b) Landscaping costs. (c) Attorneys fees and recording fees related to...
-
Indicate where the following items would be shown on a balance sheet. (a) A lien that was attached to the land when purchased. (b) Landscaping costs. (c) Attorneys fees and recording fees related to...
-
Two positions have normally been taken with respect to the recording of fixed manufacturing overhead as an element of the cost of plant assets constructed by a company for its own use: (a) It should...
-
4. Congratulations! You completed your accounting education and have now been hired by a CPA firm as a new staff auditor. The Senior Partner has assigned you to an audit of The Neighborhood Shoppe, a...
-
A distributor use a Periodic Review Policy and places order every 3 weeks for Galaxy NoteVI, the Lead time is 2 weeks. The Average weekly demand is 44.58; standard deviation of weekly demand is...
-
US GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. Select an answer: financial performance results taxes governmental records...
Study smarter with the SolutionInn App