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

Question

1 Approved Answer

Orlole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories Net realizable ProductCostvalue $114000$120000 70000

image text in transcribed
Orlole Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories Net realizable ProductCostvalue $114000$120000 70000 162000 A 84000 ? 153000 If Oriole applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $351000. $352000. $366000

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

An Auditors Guide To Auditing Financial Statements In The UK

An Auditors Guide To Auditing Financial Statements In The UK

Authors: Steve Collings

1st Edition

1526527480, 978-1526527486

More Books

Students also viewed these Accounting questions

Question

★★★★★
Create a narrative that describes the site to your prospective client.

Answered: 1 week ago

Question

★★★★★
The accounting department of a major Canadian university would like to advertise that more than 50% of its graduates obtained a job offer prior to graduation. A sample of 240 recent graduates...

Answered: 1 week ago

Question

★★★★★
7.56 Oh, Nuts! Are you a chocolate "purist," or do you like other ingredients in your chocolate? American Demographics reports that almost 75% of consum- ers like traditional ingredients such as nuts...

Answered: 1 week ago

Question

★★★★★
Chaffee Company is considering an investment that will return a lump sum of $750,000 six years from now. What amount should Chaffee Company pay for this investment to earn an 8% return?

Answered: 1 week ago

Question

★★★★★
why is the separation of ownership from management so critical to the understanding of how businesses are structured and led?

Answered: 1 week ago

Question

★★★★★
2. Refer to Fig.2.3, shaft diameter d=3 mm, bearing distance L=800 mm, p=7850 kg/m, Young's Modulus E-210 GPa, calculate Characteristic frequencies: n1 and n2.

Answered: 1 week ago

Question

★★★★★
2) years, a rancher received $900 from an investment that earned 3% interest compounding annually. Using the table below, how much did the rancher invest? Express your answer to two (2) decimal...

Answered: 1 week ago

Question

★★★★★
Research your findings on the issues on Environmental Engineering , What types of positions may be included in a modern safety and health team in those area, Certification specifications etc. ( Try...

Answered: 1 week ago

Question

★★★★★
Use the following information to answer questions 12-13 below. It is now the beginning of January Sales are forecast at 100,000 units for January, 130,000 units for February, and 150,000 units for...

Answered: 1 week ago

Question

★★★★★
Untitled 17 Google X Inbox UBC UBC Stu UBC Course S UBC Canvas Assignm =Free Intr UBC Canvas Slides: E X Desmos G Booking New Tab C canvas.ubc.ca/courses/130366/assignments/1769231 * New Chrome...

Answered: 1 week ago

Question

★★★★★
Identifyandbriefly describethestrengths andweaknessesobserved inboththe Alphaandthe Beta cases. Identify and discuss two dimensions/types of challenges/barriers related to the technology...

Answered: 1 week ago

Question

★★★★★
1. Which position would you take?

Answered: 1 week ago

Question

★★★★★
4. Is your choice different from that which you would recommend to Laura?

Answered: 1 week ago

Question

★★★★★
3. How does this fit with your preferences, career anchors, and values?

Answered: 1 week ago

Previous Question Next Question