Given the historical cost of product z is 160 the selling, Ask an Expert

Accounting

Given the historical cost of product Z is $160, the selling price of product Z is $190, costs to sell product Z are $21, the replacement cost for product Z is $166, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967271

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question - during 2018 beltram inc had sales of 35633

Question - During 2018, Beltram, Inc. had Sales of $3,563.3 million, Gross profit of $1,634.6 million and Selling, general, and administrative expenses of $1,278.0 million. What was Beltram's Cost of sales for 2018? $ 88 ...

Question 1 - amber owned and operated a boutique chocolate

Question 1 - Amber owned and operated a boutique chocolate shop in Sydney that she purchased for $240,000 in August 2010. The purchase price consisted of equipment and stock worth $110,000 and the balance being goodwill. ...

Question - mears production company makes several products

Question - Mears Production Company makes several products and sells them for an average price of $90. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, accou ...

Question - paulson company issues 6 four-year bonds on

Question - Paulson Company issues 6%, four-year bonds, on December 31, 2017, with a par value of $200,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value (0) 12/31/2017 $ 13,46 ...

Question - the following information relates to nebula

Question - The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 40,000 Sales Discounts 20,000 Sales Returns and Allowances 7,000 C ...

Question -what are the factors that affect the decision to

Question - What are the factors that affect the decision to prosecute an entity? How can computers and technology help in investigating a fraud? What kinds of challenges can the involvement of technology present to a cas ...

Question - on january 4 2017 ivanhoe company leased a

Question - On January 4, 2017, Ivanhoe Company leased a building to Vaughn Manufacturing for a ten-year term at an annual rental of $185000. At inception of the lease, Ivanhoe received $740000 covering the first two year ...

Question - revenue recognitionmidwest health club mhc

Question - Revenue Recognition Midwest Health Club (MHC) offers 1-year memberships. Membership fees are due in full at the beginning of the individual membership period. As an incentive to new customers, MHC advertised t ...

Question - great outdoze company manufactures sleeping bags

Question - Great Outdoze Company manufactures sleeping bags, which sell for $65 each. The variable costs of production are as follows: Direct material$20 Direct labor 11 Variable manufacturing overhead 8 Budgeted fixed o ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert