Answered step by step
Verified Expert Solution
Question
1 Approved Answer
30. CPA-08591 Garcel Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to complete.
30. CPA-08591 Garcel Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to complete. The normal profit margin is 30% of sales. The replacement cost of the inventory was $75,000. What amount should Garcel report as inventory on the balance sheet? a. $114,500 b. $85,000 0. $77,000 d $75,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial And Managerial Accounting
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
16th Edition
0357714040, 9780357714041
