The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV Ending inventory at fair value COGS before any adjustment for NRV $ 54,000 $52,700 $ 59,000 $67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment?

The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV Ending inventory at fair value COGS before any adjustment for NRV $ 54,000 $52,700 $ 59,000 $67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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The following data relates to Bands Are Us. Inc. for the 31, 2015: Ending inventory at cost $ 54,000 Ending inventory at NRV $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 year ended December Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment?a. $65,700b. $68,300c. $67,000d. $72,000e. $62,000Korte Company's Account reported the following information for 2014: Sales revenue Cost of goods sold Operating expenses Cash dividends received on the securities $ 15,00,000 10,50,000 1,65,000 6,000 For 2014, Korte would report a gross profit of:a. $291,000b. $285,000 c. $241,000d. $450,000
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Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000
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