normal profit is 40 %. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?
12) Muckenthaler Company sells product 2005WSC for $ 40 per unit. The cost of one unit of 2005WSC is $ 36, and the replacement cost is $ 35. The estimated cost to dispose of a unit is $ 8, and the normal profit is 40 %. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?
13) Barker Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost( retail) were $ 531,200($ 653,800), purchases during the current year at cost( retail) were $ 2,137,200($ 2,772,200), freightin on these purchases totaled $ 127,800, sales during the current year totaled $ 2,704,000, and net markups( markdowns) were $ 4,000($ 192,600). What is the ending inventory value at cost?
14) Barker Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost( retail) were $ 531,200($ 653,800), purchases during the current year at cost( retail) were $ 2,137,200($ 2,772,200), freightin on these purchases totaled $ 127,800, sales during the current year totaled $ 2,704,000, and net markups( markdowns) were $ 4,000($ 192,600). What is the ending inventory value at cost?
15) Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value
16) Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value
17) During 2014, Larue Co., a manufacturer of chocolate candies, contracted to purchase 200,000 pounds of cocoa beans at $ 4.00 per pound, delivery to be made in the spring of 2015. Because a record harvest is predicted for 2015, the price per pound for cocoa beans had fallen to $ 3.30 by December 31, 2014.