Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

44. In ne case can market in the lower-of estimated selling price in the ordinary eounse of ictable costs of completion and disposal ely normal

image text in transcribed

44. In ne case can "market" in the lower-of estimated selling price in the ordinary eounse of ictable costs of completion and disposal ely normal profit magin. B) estimated selling price in the ordinary soure nnd predictable costs of completion and disposal, an allowance for an normal profit margin, and an adequate resarve for possible fiature lesses of business, less reasomably C) estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and disposal. estimated selling prise in the ordinary course of business. appro D) 45. If a unit of inventory has declined in value below eriginal cost, but the mardsen valac excecds net realizable value, the amount to be used for parposes of invemlory vati is A) B) market value. net realizable value. C) net realizable value less a normal profit margin. 1) original cost. in the same 46. During periods of rising prices, a perpetual inventory system would result dollar amount of ending inventory as a periodie inventory system under which of the following inventory cost flow methods? FIFQ LIFO Yes No No Yes A) Yes C) D) Yes properly included in the physical inventory results in A) an understatement of liabilities and an overstatement of owners' equity. B) an overstatement of assets and net income. C) an understatement of assets and net income. D) an understatement of cost of goods sold and liabilities and an overstatement of 47. The failure to record a purehase of merchandise on account even though the goods are assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Food And Beverage Cost Control

Authors: Lea R. Dopson, David K. Hayes

5th Edition

0470251395, 978-0470251393

More Books

Students also viewed these Accounting questions