solve asap for this general account questions.... The following information pertains to inventory held by a company atDecember 31, 2013.Historical cost$ 25,000Replacement cost$ 20,000Net realizable gain$ 21,000Normal profit margin20%What amount of inventory should be reported under U.S. GAAP?

Explanation of Historical Cost: Historical cost represents the original purchase price or…

Answered: The following information pertains to…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 31E

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The inventory footnate from Deere & Company's 2018 10-K follows. Inventories A majority of Inventory owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining Inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value. The value of gross inventories on the LIFO basis at October 28, 2018, and October 29, 2017, represented 54 percent and 61 percent, respectively, of worldwide gross inventories at FIFO value. If all Inventories had been valued on a FIFO basis, estimated Inventories by major classification at October 28, 2018, and October 29, 2017, in millions of dollars would have been as follows: 2018 2017 $2,233 $1,688 776 4,777 3,182 7,786 5,365 1,637 1,461 $ millions Raw materials and supplies Work-in-process Finished goods and parts Totalvelue Less adjustment to LIFO value 1,637 Inventories 495 $6,149 $3,904 This footnote reveals that not all of…
General Accounting
Analyzing an Inventory Footnote Disclosure The inventory footnote from Deere & Company's 2018 10-K follows. Inventories A majority of inventory owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost, on the "last-in, first- out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value. The value of gross inventories on the LIFO basis at October 28, 2018, and October 29, 2017, represented 54 percent and 61 percent, respectively, of worldwide gross inventories at FIFO value. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 28, 2018, and October 29, 2017, in millions of dollars would have been as follows: S millions 2018 2017 Raw materials and supplies $2,233 $1,688 Work-in-process 776 495 4,777 3,182 7,786 5,365 Finished goods and parts Total FIFO value Less adjustment to LIFO value 1,637 1,461 Inventories $6,149…
Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.
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PROBLEM 11-5 Proportionate Method-Complete Equity Method LO 4 This problem is a continuation of the problem in Section 11.5 of the chapter. In the chapter, the workpaper was prepared for the year of the acquisition. In this problem, the consolidated statements are prepared for the second year after acquisition. On January 1, 2019, P Company, a European based-company, purchased 80% of S Company for €200,000 (when the common stock account was 80,000, other contributed capital was 50,000, and retained earnings were 40,000). The trial balances at the end of 2020 are reported below. P Company acquired S Company because it wanted to expand its operations geographically. S Company is located in the United States and will be classified as a CGU. P Company elects to test for impairment on December 31 of each year. Because both P Company and S Company sell similar inventory, their inventory policies must conform for consolidation purposes. P Company uses average cost for inventories and S…
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es w TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? F2 Year-End Cost $ 250,000 259,000 Multiple Choice O # The amount reported for ending inventory should be calculated as $250,000+ ($9,000 + 1.06). The amount reported for ending inventory should be calculated as $259,000 + 1.06. The amount reported for ending inventory is correct. 20 F3 $ 000 F4 % F5 < Prev A S F6 16 of 16 & # K F7 Next * * O DII F8 44 F9 A F10 A FIT

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The following information pertains to inventory held by a company at December 31, 2013. Historical cost $ 25,000 Replacement cost $ 20,000 Net realizable gain $ 21,000 Normal profit margin 20% What amount of inventory should be reported under U.S. GAAP?