Hello tutor answer me Question: Lower Of Cost(Account)Commodity L sells for $12.00, selling expensesare $2.40, normal profit is $3.00. If the cost ofcommodity L is $7.80 and the replacement cost is$6.00, the lower of cost or market is:a) $5.40b) $6.60c) $6.00d) $7.80

Step 1: Understand the QuestionWe are given:Selling Price: $12.00Selling Expenses: $2.40Normal…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4MC: If goods are shipped FOB destination, which of the following is true? A. Title to the goods will...

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Assume in each case that the selling expenses are $9 per unit and that the normal profit is $6 per unit. Calculate the limits for each case. Then enter the amount that should be used for lower of cost or market. Selling Price Upper Limit Replacement Cost Lower Limit Cost LCM (a) $63 $ $44 $ $53 $ (b) 52 35 39 (c) 59 44 45 (d) 54 38 36
a seller's marginal cost of a unit of a good is $20, and a buyer’s marginal benefit from consuming the unit is $40, then the total surplus generated from trading the unit is ________. 1) $10 2) -$20 3) $20 4) Cannot be answered without information about the trading price.
company 1 sells a product for $24.30 with trade discount rates of 7% and 3%. company 2 sells the same product for $22.30 with two trade discount rates of 7% and 5%. a. Which company is offering it for a cheaper price? The company 1 The company 2 b. What further trade discount rate must the company with the higher price provide to match the lower price?
please help answer Complete the two tables below using the information provided and assume a VAT rate of 15%
Question 56: When using Solver, only one variable can be adjusted. Answer: A. TrueB. False Question 57: What is the net income value at the breakeven point? Answer: A. Maximum possible amount, given sales level B. Minimum possible amount, given sales level C. $0 D. $100,000
QUESTION 1 If the mark-up on cost is 20%, please and the selling price(Excl. VAT) is R600, which of the following amounts is the correct Cost Price(Excl. VAT)? O A. R100 OB. R580 O C. R575 O D. R500 QUESTION 2 Which one of the following statements with respect to VAT is false? O A. There is no indication of a VAT charge next to zero-rated item listed on an invoice. O B. In general, no input VAT claim is allowed by SARS on the purchase of a double-cab delivery vehicle. O C. The buyer of zero rated supplies will not get any refund from SARS for buying usch an item. O D. If a vendor sells only VAT exempt supplies, it may not register for VAT.
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Q.3.2 Complete the following table by calculating and filling in the missing amounts listed as A to F below: You are not required to redraft the table in your answer. Just write down the letter and the correct answer. Mark-up on cost Cost price Profit (VAT exclusive) (VAT exclusive) 1. 200 % A B (6) Selling Price (VAT exclusive) R6 000 Mark-up on Cost price Profit Selling Price selling price (gross margin) (VAT exclusive) (VAT exclusive) (VAT exclusive) 2. 25% с R100 D 3. E R2 500 R500 F
Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to distribute $42 Historical cost Normal profit margin Selling price $215 $36 $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a.
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Question:28 Given the historical cost of the product, Dominoe is $65, the selling price of product Dominoe is $90, costs to sell product Dominoe are $16, the replacement cost for product Dominoe is $60, and the normal profit margin is 20% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? a. $65. b. $56. c. $60. d. $74.

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Question: Lower Of Cost(Account) Commodity L sells for $12.00, selling expenses are $2.40, normal profit is $3.00. If the cost of commodity L is $7.80 and the replacement cost is $6.00, the lower of cost or market is: a) $5.40 b) $6.60 c) $6.00 d) $7.80