Question
10. Assume that a Queen Burger restauratn has the following perpetual inventory record for hamburger patties: Hamburger Patties date purchases cost of goods sold Inventory
10. Assume that a Queen Burger restauratn has the following perpetual inventory record for hamburger patties:
Hamburger Patties
| date | purchases | cost of goods sold | Inventory on Hand |
|---|---|---|---|
| apr 9 | $550 | $550 | |
| 22 | $250 | 300 | |
| 30 | 160 | 460 |
Requirements
R1. At April 30, the accountant for the restaurant determines that the current replacement cost of the ending inventory is $515. Make any adjusting entry needed to apply the lower of cost or market rule. Inventory would be reported on the balance sheet at what value on April 30?
R2. Inventory would be reported on the balance sheet at what value if Queen uses the average cost method?
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Fraud Analytics Using Descriptive Predictive And Social Network Techniques A Guide To Data Science For Fraud Detection
Authors: Bart Baesens, Veronique Van Vlasselaer, Wouter Verbeke
1st Edition
1119133122, 978-1119133124
