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)…

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

See similar textbooks

Similar questions

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
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
solve asap for this general account questions....
general account solution wanted
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.
General Accounting
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
company's account details are given below. solve it
Compute the lower-of-cost-or-net realizable value valuation for Gantner Company's total inventory based on the following: Inventory Categories Cost Data Net Realizable Value Data $18,000 $16,900 13,900 A B с 21,000 Lower-of-cost-or-market valuation $ 14,600 20,500
Computing and Evaluating Inventory and PPE TurnoversIntel Corporation reports the following financial statement amounts in its 10‑K reports. Cost of Plant, Property and $ millions Sales Goods Sold Inventories Equipment, Net 2016 $71,264 $18,376 $5,553 $36,171 2017 75,313 18,822 6,983 41,109 2018 85,018 21,871 7,253 48,976 a. Compute the inventory and PPE turnover ratios for both 2017 and 2018.Note: Do not round until your final answer.Note: Round your final answers to one decimal place (for example, enter 6.8 for 6.77555). 2017 2018 Inventory turnover Answer Answer PPE turnover Answer Answer b. What changes are evident in the turnover rates of Intel for these years?Inventory turnover AnswerPPE turnover Answer

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

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?