The following data are taken from the books of a dealer in securities: How mu ch is theoutputtax using 12% rate?Share held as inventoryShare held as investmentSelling price3,000,0002,000,000Acquisition cost1,000,0001,500,000Oth er Income200,000

Name: The following data are taken from the books of a dealer in securities
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data are taken from the books of a dealer in securities: How mu ch is theoutputtax using 12% rate?Share held as inventoryShare held as investmentSelling price3,000,0002,000,000Acquisition cost1,000,0001,500,000Oth er Income200,000

Answered: pllowing data are ttax using 12% ra eld…

Business

Accounting

pllowing data are ttax using 12% ra eld as inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) JFW1 70 $30 $34 SAW9 148 14 11
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
Lower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) IA17 80 $39 $42 O5T4 150 20 16 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $
12. All else constant, identify the effect of each of the following on the level of inventory: 1.Decrease in DIH 2.Increase in daily CGS 3.Increase in DIH and decrease in CGS. (Be specific please)
Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory at Lower-of-Average-Cost-Or-Market $ ____________
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in…
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1: Model A 300 $140 $125 Model B 500 90 112 Model C 150 60 59 Class 2: Model D 800 120 115 Model E 400 140 145 a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net Realizable Value) Cost Market Lower of Cost or Market Model A $ $ $ $ $ Model B Model C Model D Model E Total $ $ $ b. Determine the value of the…
Lower-of-cost-or-market method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Commodity InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) JFW1 53 $39 $34 SAW9 108 19 23 fill in the blank 1 of 1$
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity Cost per Unit Market Value per Unit (Net Realizable Value) JFW1 5,750 $9 $10 SAW9 1,040 27 24 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. 76,710
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Market Value per Unit (Net Realizable Value) Cost per Inventory Quantity Item Unit JFW1 6,330 $10 $11 SAW9 1,140 36 34