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.
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Financial Accounting Question please solve this problem
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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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General Accounting Question please answer
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. $215 b. $230 C. $203 d. S167

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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