In some instances accounting principles require a departure from valuing inventories at cost alone. Determine the proper
Question:
In some instances accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases.
Transcribed Image Text:
Cases 3 $15.90 $16.10 $15.90 $15.90 Cost $15.90 Net realizable value Net realizable value less nomai profit Market (replace- ment cost) 14.50 19.20 10.40 16.40 15.20 17.60 13.75 8.80 12.80 14.80 17.20 12.80 9.70 16.80 14.80
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
1 1450 ...View the full answer
Answered By
Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
4.60+
16+ Reviews
28+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the followingcases. Cases 4 $15.90 $16.10 $15.90...
-
Should all changes to accounting principles require a company to go back to the start of that decision and revise their books or should they just be allowed to start from the new decision point and...
-
Which of the following would not require a departure from an unqualified opinion? a. statements of cash flow not included. b. statements are not in conformity with GAAP. c. scope limitation. d....
-
In Exercises 1126, determine whether each equation defines y as a function of x. x + y = 16
-
Assume that Luxury Limousines completed the following transactions: 2013 Jan. 5 Paid $40,000 cash for a used limousine. 6 Paid $4,000 to have the engine overhauled. 9 Paid $1,500 to have the company...
-
Logan Manufacturing has been challenged by increasing costs and pressures from competitors. Pretax income was $100,000 and $60,000 in 2015 and 2016, respectively. In 2017, the company reported...
-
Which of the following is NOT a task performed in the audit planning phase? a. reviewing an organization's policies and practices b. determining the degree of reliance on controls c. reviewing...
-
The following transactions of Happy Music Company occurred during 2012 and 2013: Requirement 1. Record the transactions in Happy Music Companys journal. Explanations are notrequired. 2012 Purchased a...
-
Scenic Company is preparing a cash budget for August. The company has $20,500 in cash at the beginning of August and anticipates $50,300 in cash receipts and $74,700 in cash payments during August....
-
Matt Stiner started a delivery service, Stiner Deliveries Ltd., on June 1, 2017. The following transactions occurred during the month of June. June 1 Shareholders invested 10,000 cash in the business...
-
What approaches may be employed in applying the lower-of-cost-or-market procedure? Which approach is normally used and why?
-
What method(s) might be used in the accounts to record a loss due to a price decline in the inventories? Discuss.
-
Look again at the histogram of the pizza prices in Exercise 29. a) Is the mean closer to $2.40, $2.60, or $2.80? Why? b) Is the standard deviation closer to $0.15, $0.50, or $1.00? Explain. 30 3 20...
-
Briefly describe the controls that should exist over use of removable storage media in a mainframe computer environment.
-
Why must care be taken if removable storage media is sent to an outside organization for cleaning and repair?
-
_____ is the failure of an employee to report to the workplace as scheduled.
-
Briefly explain the file librarian's responsibilities with respect to backup storage media in a mainframe computer environment. What responsibilities do microcomputer users have with respect to...
-
_____ is meeting the needs of today without sacrificing future generations ability to meet their needs.
-
A director of internal auditing submits an annual summary report of audit work: a. To inform management ofthe scope of the proposed audit work for an ensuing period. b. To set forth the audit work...
-
Why do markets typically lead to an efficient outcome for buyers and sellers?
-
How do you look for a partial string match when searching an array of strings for a value?
-
What are the accounting problems related to the presentation of interim data?
-
Dierdorf Inc., a closely held corporation, has decided to go public. The controller, Ed Floyd, is concerned with presenting interim data when a LIFO inventory valuation is used. What problems are...
-
Dierdorf Inc., a closely held corporation, has decided to go public. The controller, Ed Floyd, is concerned with presenting interim data when a LIFO inventory valuation is used. What problems are...
-
Mark Welsch deposits $7,300 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,300 plus earned Interest must remain in the account 1 years before it can be...
-
Exercise 7-9 (Algo) Second-Stage Allocation to an Order [LO7-4] Durban Metal Products, Limited, of the Republic of South Africa makes specialty metal parts used in applications ranging from the...
-
Classify each of the following costs as either unit-level, batch-level, product-level, or facility-level. a. Engineering costs for a new product b. Order processing c. Depreciation on factory d....
Study smarter with the SolutionInn App