Answer?? The following information pertains to inventory held by a company onDecember 31, 2013.Historical cost$ 30,000Replacement cost$20,000Net realizable value$27,000Normal profit margin20%What is the amount of inventory loss shown on the income statementunder IFRS?

Calculate the inventory loss under IFRS, we apply the lower of cost or net realizable value (NRV)…

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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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Assuming a companys year-end inventory were understated by $16,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: Equity
Assuming a companys year-end inventory were overstated by $5,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: Equity
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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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The LIFO Inventory Reserve Waterloo Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records for the year: y₁ met nes Fi Pr Current assets (under FIFO) $18,000,000 Current liabilities 15,500,000 7,000,000 7,700,000 Inventory under LIFO. Inventory under FIFO Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming (i) FIFO and (i) LIFO, If the company's LIFO gross profit was $10,000,000 and the change in the LIFO inventory reserve from the prior year to the current year was $1,200,000 calculate the company's gross profit under FIFO. Round current ratio to two decimal points a LIFO inventory reserves 1,200,000 * FIFO b. Current ratio 1.33 X Gross profit under FIFO- $ 11,400,000 * LIFO 1,25 x
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The following information pertains to inventory held by a company on December 31, 2013. Historical cost $ 30,000 Replacement cost $20,000 Net realizable value $27,000 Normal profit margin 20% What is the amount of inventory loss shown on the income statement under IFRS?