Tagline is general account query Shelby Industries is ready to launch next year's model of their bestselling product. Unfortunately, they have found that customers areunwilling to pay more that $40 for last year's model. Based on thethird quarter inventory values below, by how much should Shelbyincrease the Lower of Cost or Market reserve before closing thebooks for September 30th? [General Account][02]DescriptionUnitsMarketValueInventoryCostRemaining stock of last year'smodel3,500$ 40.00$ 50.00

To determine the increase in the Lower of Cost or Market (LCM) reserve, we compare the inventory…

Answered: Shelby Industries is ready to launch…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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A company wishes to improve efficiency and have 28 days in inventory. If COGS is forecasted as $22,764, what is the targeted inventory amount? Enter your answer as a monetary amount rounded to four decimal places, but without the currency symbol. For example, if your answer is $90.1234, enter 90.1234. If your result is negative, enter a negative figure, like this: -90.1234 Type your answer...
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Hubble Space Incorporated has the following data which includes inventory conversion period or ICP of the firms against which it benchmarks. The firm's new manager is looking into the company on how he could reduce its inventory enough to reduce its ICP to the benchmarks' average. If this were done, by how much would inventories decrease? Assume a 365-day year. Cost of goods sold =P85,000; Inventory =P20,000; Inventory conversion period (ICP) =85.88; Benchmark inventory conversion period (ICP) =38.00 * P 7,316 P11,151 P 9,032 P10,036 O P 8,129
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Use the information given below to determine the number of orders that should be placed for the year, based on the economic order quantity. Information Abby Traders sells a product which has a steady monthly demand of 12 000 units. The product is purchased from a supplier at R50 per unit. The ordering cost is R6 per order. The holding cost is 5.4% of the unit purchase price. 2. Use the information provided below to calculate the value of closing inventory as at 31 March 2024, if the weighted average cost method is used to value inventories. Express the weighted average cost per unit in rands and cents. Units Cost price per unit Inventory on 01 March 5000 R10 Purchased on 10 March 15000 R11 Returned to supplier (see 10 March) 2000 ? Purchased on 25 March 7000 R12 Sales for March 22000 INFORMATION The following information was extracted from the records of Cargo Stores for March 2024 3. Study the information given below and advise whether Steffi Stores…
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