84. Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July follows: Balance Transaction Inventory Purchase Date July Units 2, 000 3, 000 Cost $36.00 37.00 198 sales Purchase sales Purchase 3, 600 5, 000 3, 800 1, 600 37.88 38.11 If Stephens Inc. uses the average cost method to account for inventory, the ending inventory of VIC cameras at July 31 is reported as a $153,400. b. $156,912. c. $158,736. d. $159,464. ANS: B
84. Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July follows: Balance Transaction Inventory Purchase Date July Units 2, 000 3, 000 Cost $36.00 37.00 198 sales Purchase sales Purchase 3, 600 5, 000 3, 800 1, 600 37.88 38.11 If Stephens Inc. uses the average cost method to account for inventory, the ending inventory of VIC cameras at July 31 is reported as a $153,400. b. $156,912. c. $158,736. d. $159,464. ANS: B
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pls. give solution in the problem 84.
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Transcribed Image Text:84. Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras
during July follows:
Balance/
Date
July 1
Transaction
Inventory
Purchase
Units
2, 000
3, 000
Cost
$36.00
37.00
198
Sales
3, 600
5, 000
3, 800
1, 600
12
21
Purchase
37.88
Sales
Purchase
22
29
38.11
If Stephens Inc. uses the average cost method to account for inventory, the ending inventory of
VIC cameras at July 31 is reported as
a. $153,400.
b. $156,912.
c. $158,736.
d. $159,464.
ANS: B
Transcribed Image Text:24.
Norway Company owned two investment properties with the following details:
Fair Value Dec. 31,2020
3,000,000
4,000,000
Fair Value Dec. 31, 2021
3,200,000
3,800,000
Initial Cost
Property 1
Property 2
2,700,000
3,500,000
Each property was acquired in 2020 with a useful life of 10 years. The policy is to use the
fair value model for investment property.
What is the gain or loss to be recognized in 2021?
200,000
500,000
300,000
A.
В.
C.
D.
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