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 $ 59,000 COGS before any adjustment for NRV $ 67,000 Ending inventory at fair value 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
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 $ 59,000 COGS before any adjustment for NRV $ 67,000 Ending inventory at fair value 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
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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provide answer this account questions. NO

Transcribed Image Text: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
$ 59,000
COGS before any adjustment for NRV
$ 67,000
Ending inventory at fair value
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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