Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Pottery Co has recently undertaken their year end inventory inspection. During the inspection some items were discovered which had been damaged. A vase

image text in transcribed

The Pottery Co has recently undertaken their year end inventory inspection. During the inspection some items were discovered which had been damaged. A vase which had originally cost 155 and would have sold for 450 will now have to be discounted and sold for 175. 350 dinner sets which had originally cost 42 each and would have sold for 75 now need repair work costing 45 for each set. They can then be sold at the original selling price. At what value should the vase be included in closing inventory? What is the total value of the 350 dinner sets to be included in closing inventory? (Enter the values with no sign, comma or decimal places)

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

14th Global Edition

978-0273753872, 0273753878

More Books

Students also viewed these Accounting questions

Question

What are the purposes of promotion ?

Answered: 1 week ago

Question

Define promotion.

Answered: 1 week ago

Question

Can partitioned join be used for r r.A s? Explain your answer

Answered: 1 week ago