Explain realizable value less than cost or cost greater than net realizable value?

Q: Plano Products manufactures a wide variety of chemical compounds and liquids for Industrial uses.…

A: Direct Material Variance is the difference between the Total Cost of actual materials used for the…

Q: During 2019, Carol, Inc.’s net income was $2,450,000. Its common stockholders’ equity was $3,240,000…

A: Return on common stockholders' equity indicates the rate of return earned by the common…

Q: Starting from the separate inventory balances of the affiliates, the consolidated inventory balance…

A: Consolidation of accounting books means combination of accounts of parent company and subsidiary…

Q: 1.) Explain one difference between manufacturing and merchandising business. 2.) Why is it that…

A: Solution:- 1) Explanation of one difference between manufacturing and merchandising business as…

Q: Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively.…

A: The profits are distributed among partners on the basis of ratio as mentioned in partnership deed.…

Q: Financial statement of a company taken from the internet. O Primary data

A: Introduction: Data can be of two types: 1) Primary data. 2 ) Secondary data.

Q: ND 75% FOR ENDING INVENTORY.

A: Conversion cost refers to those costs involved in converting the direct material into finished…

Q: On December 31, 2020, Pina Company acquired a computer from Plato Corporation by issuing a $615,000…

A: A record is frequently recorded in the major ledger; however, it may alternatively be entered in a…

Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…

A: An income tax is kind a type of tax that governments impose on income generated by businesses and…

Q: how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the…

A: $6,231,105 amount do the contest sponsors have to deposit in the escrow account.

Q: Use the present value tables to calculate the issue price and make the journal entry of a…

A:

Q: In 2021, due to a change in marketing forecasts, Barney Corporation reduced the projected life of…

A: As per IAS 8 Accounting policies, Changes in accounting estimates and Errors A change is…

Q: 000 1000 750 -750 250 250 1000 -750 250

A: The IRR is shown below,

Q: 20 Home Office Expense. (Obj. 4) Rita op OF for this purpose constitute 30% of th the home during…

A: An expenditure is indeed the cost of doing business that a company incurs in order to generate…

Q: 1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of…

A: Current liabilities are those liabilities which are being settled or paid in short period of time,…

Q: ear in the consolidated adjusting journal entries for

A: Given as, Sales price = $820,000 Salvage value of equipment when sold = $520,000

Q: 1. What amount should be reported as net effect of the errors on net income for 2020? a. 250000…

A: Here discuss the details of the effect of errors which are incurred to the net income and retained…

Q: c., is a pork processor. Its plants, located in the Midwest, produce several products ts. The…

A: Gross profit refers to the sum value of money gained by a company by selling its products in the…

Q: Which of the following is not true in regard to selling fixed assets? a.If the selling price is more…

A: The journal entry for sale of fixed asset Cash A/C dr (sale amount) Loss on sale (if bookvalue >…

Q: . _______ A written order for a bank or other financial institution to pay a stated dollar amount to…

A: Money is very useful and important medium of exchange being used by two parties. If one party…

Q: 6 Power Manufacturing recorded operating data for its shoe division for the year. Sales Contribution…

A: Note: As per our guidelines, only the first question should be answered.   6. Controllable margin =…

Q: 4. The total share premium (additional paid in capital) is 5. The total shareholders' equity is

A: The following account balances related to shareholders' equity of Torrents Company for the year…

Q: A company's contribution margin per unit is $25. It the company increases its activity level from…

A: Introduction: Contribution margin: Deducting all the variable costs associated with the product from…

Q: Company contains (2) production centers (A, B), and (2) services centers (Maintenance and Fuel), and…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: Tyler, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five…

A: Cost of meals and beverages incurred for business  purposes will be deductible 100% for expense paid…

Q: The Murdock Corporation reported the following balance sheet data for 2021 and 2020:     2021…

A: The cash flow statement shows the cash inflow and cash outflow that includes the operating activity,…

Q: Enter your answer in the space provided below. (Do not enter a dollar sign, and round to the nearest…

A: Capital gains deduction is the deduction which is given to taxpayer in the country of Canada which…

Q: Kate Collins has always been good at putting together rhymes for any occasion. Kate is a recent…

A: Journal Entries- Journal entries are the visual representation of business transactions. T-accounts,…

Q: A taxpayer disposed of two homes in Ontario in 2021, (both of which met the qualifications of a…

A: A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450…

Q: Sofia won P700,000 in a raffle. She invests her winnings at 9% compounded quarterly with the…

A: The future value of P700,000 compounded quarterly at 9% for two years would be divided by present…

Q: 4) T The one The

A: Net present value is the difference between present value of cash inflows and present value of cash…

Q: XYZ Company, which applies overhead on the basis of direct labor hours. Two direct labor hours are…

A: Fixed costs are costs that do not change with the change in the level of output. Budgeted…

Q: Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net…

A: Return on total asset is a financial measure to calculate the net income earned by the company…

Q: A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable…

A: Introduction: Contribution margin per unit. Deduction of cost of goods sold from the total sales…

Q: ABC Ltd. is preparing a budget for 2018. Following are the information related to budget…

A: The flexible budget is prepared to estimate the expenses and revenue at different level of…

Q: Holly and Luke formed a partnership, investing $240,000 and $80,000, respectively. Determine their…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: Dynasty Corp. just completed its third year of operations. It has the following financial…

A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…

Q: On October 31, the stockholders' equity section of Manolo Company's balance sheet consists of common…

A: The stockholders' equity section records the transactions that relates to the shareholders of the…

Q: Throughput costing   • Treats all cost as period cost except for direct materials • Is very suitable…

A: Variable Costing: Variable Costing is technique of costing which does not considers the fixed cost…

Q: Question 3 Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an…

A: Trade discount is the discount, which is actually deduct from the original cost but it is not shown…

Q: Rudyard Corporation had 250,000 shares of common stock and 25,000 shares of 8%, $100 par convertible…

A: Earnings per share is the return that the company provides to its shareholders in return for capital…

Q: 1. Which of the following formulas is used to calculate break-even units? 1. Fixed Costs + Unit…

A: The break even sales are the sales where business earns no profit no loss during the period.

Q: On January 1, 2020, Miller Company purchased a machine for P2,750,000. The machine was depreciated…

A: Working: Total sum of 10 years = 1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 = 55 years Sum of Remaining…

Q: 2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding.…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Martinez Furniture started construction of a combination office and warehouse building for its own…

A: Long term debt is that kind of debt which is presented differently from short term debt and also…

Q: The carrying amount of 10% note issued to Supreme Inc. as of December 31, 2022.

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: ed. 300 shares for cash at $15 per share. easury shares for cash at $17 per share. asury shares for…

A: Treasury Stock is stock repurchased and held by the company. It is an contra equity account that is…

Q: Inventory costing method that treats all mfg cost, direct and indirect, FC or VC, as inventoriable…

A: The treatment relating to direct and indirect costs varies for different costing methods.

Q: 5 An investor has borrowed $126,000 in the current year at 4.5% interest rate, with a commitment…

A:

Q: Beto Company pays $5.10 per unit to buy a part for one of the products it manufactures. With excess…

A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.