write down short answer for this account questions Green Leaf Company had the following information available on December 31:ItemUnits Cost Total cost Market value Total market valueWheel barrows 100$32.10 $3,210$33.00$3,300Shovels32014.004,48012.003,840Gloves808.606889.40752Hoses14011.001,54010.501,470$9,918$9,362Management applies the LCM rule on the basis of the total inventory. What is the write-down required?Select one:a. $864.b. $556.c. $576.d. $710.

Step 1: Understanding the LCM RuleThe Lower of Cost or Market (LCM) rule requires that inventory is…

Answered: Green Leaf Company had the following…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.16E: Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

See similar textbooks

Similar questions

Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12
The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is provided below: Product Quantity Cost Per Unit Replacement Cost Estimated Disposal Cost Expected Selling Price Normal Profit on Sales A 1,200 $ 25 $ 22 $ 6.5 $ 40 20% B 800 $ 42 $ 40 $ 12 $ 47 25% C 900 $ 120 $ 115 $ 25 $ 190 30% D 1,000 $ 18 $ 15.8 $ 3 $ 26 10% Instructions Using the lower-of-cost-or-market applied on an individual product basis, compute the inventory valuation that should be reported for each product on December 31, 2020.
Hi someone tutor can you solve it? subject is account
Radakrishnan Corporation begins business in 20X5, decides to use LIFO costing, and makes the following purchases in 20X5: Purchase Date Units Purchased February 12 May 4 July 18 September 11 November 1 December 8 Total AO B 600 C 2,300 2,900 2,200 $128,423 4,800 $112,874 1,100 13,900 $122,481 Unit Cost $105,741 $32 $34 $35 $38 $40 $44 Total Cost $19,200 Radakrishnan's 20X5 year-end physical count yields 4,600 units, and its 20X6 physical count yields 3,100 units. What is Radakrishnan's 20X6 ending inventory? When calculating the cost per unit, round the calculated result to two decimal places (for example, $30.10). 78,200 101,500 83,600 192,000 48,400 $522,900
Need help with this question
Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.
Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year, Barnard Company incurred the following costs: Barnard produced and sold 10,000 units at a price of 31 each. 2-15 Refer to the information for Barnard Company on the previous page. The cost of goods sold per unit is a. 7.00. b. 20.00. c. 15.00. d. 5.00. e. 27.60.
Accurate answer
Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
Jigu9
on Given the following data, calculate the cost of goods sold using the FIFO costing method: Jan Beginning inventory 110 units at $30 per unit, Feb 25 Purchased 100 units at $32 per unit; June 15 Purchased 80 units at $33 per unit; Sept 20 Purchased 75 units at $31 per unit; Dec 31 Ending inventory 125 units. It might help to make a table. Select one: O a $11,465 O b. $4,965 Oc: $7,490 Od. $3,975
Riverbed Corp reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 129 $ 5 $ 645 12 Purchases 344 6 2,064 23 Purchases 203 7 1,421 30 Inventory 234 Correct answer icon Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ enter weighted-average unit cost in dollars rounded to 3 decimal places Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places The cost of goods sold $ enter a dollar amount rounded to 0…

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS