FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Corporation acquired two inventory items at a lump-sum cost of $119000. The acquisition included 2970 units of product LF and 5940 units of product

image text in transcribed
Crane Corporation acquired two inventory items at a lump-sum cost of $119000. The acquisition included 2970 units of product LF and 5940 units of product 1B. LF nocrnally selis for $30 per unit and 18 for $10 per unit. If Crane selis 990 units of L, what amount of gross profit should it recognize? $5900. $1967. $32630. $29700

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

Step: 3

blur-text-image

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

The Audit Process Principles Practice And Cases

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson

3rd Edition

1861529465, 9781861529466

More Books

Students also viewed these Accounting questions

Question

★★★★★
Repeat Prob. P7.106 if the body shot upward at 1000 m/s is a 9-mm steel bullet (W = 0.07 N) which approximates the pointed body of revolution in Fig. 7.20.

Answered: 1 week ago

Question

★★★★★
Indicate the effect that each transaction/event listed here will have on the financial ratio listed opposite it, and provide an explanation for your answer. Use + for increase, for decrease, and...

Answered: 1 week ago

Question

★★★★★
4. Identify three movie characters who display the defense mechanism of rationalization.

Answered: 1 week ago

Question

★★★★★
Using the information for Vision, Inc., in SE4, SE5, and SE9, compute the price/earnings (P/E) ratio and dividend yield for 2013 and 2014. The company had 10,000 shares of common stock outstanding in...

Answered: 1 week ago

Question

★★★★★
A withholding tax Mustie Cralce: iva difact tax on workers Both Ad Core corrtect

Answered: 1 week ago

Question

★★★★★
How are decisions made in the WTO? Do some members have more rights than others? Does the vote of the private sector and Non-Governmental Organizations (NGOs) count? a) Each WTO Member State freely...

Answered: 1 week ago

Question

★★★★★
Describe how the concepts of touchpoints and the tasks in the job - mapping process are applied in customer experience management. b ) Explain how the total customer experience is an integral part of...

Answered: 1 week ago

Question

★★★★★
A standard model of what Information Technology does looks like the following:: Input - Processing - Output Now consider the US census. Data is the "Input", the computer systems of the Census Office...

Answered: 1 week ago

Question

★★★★★
The accounting department of a large limousine company is analyzing the costs of its services. The cost data and level of activity for the past 16 months follow. Special Customer Paychecks Analyses...

Answered: 1 week ago

Question

★★★★★
2. The table below provides you with the 'Inventory turnover ratio' and 'receivable turnover ratio' of two auto-parts manufacturing firms (Firm A and Firm B). Also provided is the average values of...

Answered: 1 week ago

Question

★★★★★
Grandfield College. The law requires that any business, including a school, track its software. It is important to know what software the school owns, in what versions, and what the license agreement...

Answered: 1 week ago

Question

★★★★★
From the perspective of an organization, what are the advantages of succession planning?

Answered: 1 week ago

Question

★★★★★
Briefly describe the five principles of succession planning.

Answered: 1 week ago

Question

★★★★★
What are the disadvantages of succession planning?

Answered: 1 week ago

Previous Question Next Question