Which inventory valuation model serves as a middle-of-the-road approach for taxes and income? a.Last-in, First-out b.First-in, First-out c.Average-cost d.Specific-unit-cost

Q: Determine the December 31, 2020 cash and cash equivalents amount for the 2020 statement of cash flow...

A: Cash equivalents refers to those short-term investment of the company which are easily converted int...

Q: Assuming the Parent entity elects to measure the NCI at proportionate basis, the computation of non-...

A: Non controlling interest (NCI) : A non-controlling interest, also known as a minority interest, is a...

Q: Bright Limited is considering whether or not to accept a special contract to supply 2,000 identical ...

A: Solution The relevant cost are those which cost which increases / decreases the total cost of carryi...

Q: A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000....

A: Equipment stolen of $ 3000.  Loss= $ 2000-$1000 = $1000

Q: Which of the following entries would be the appropriate entry for writing off an uncollectible accou...

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account...

Q: A PP&E asset with an acquisiton cost of $300,000 and accumulated depreciation of $285,000 is sold fo...

A: Gain/(loss) on disposal of fixed asset = Disposal proceeds - (Acquisition cost - Accumulated depreci...

Q: Tableau DA 16-1: Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign a...

A: The answer is stated below:

Q: A company has return on sales of 20%, income of $50,000, selling price of $10, and a contribution ma...

A: Solution..   Return on sales = 20%  Net income = $50,000 Selling price = $10  Contribution margin = ...

Q: Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: Directions: Complete the table below. The first item has been done for Decreased by Classification N...

A: All the assets, expenses, and losses have a nominal debit balance. All the liabilities, revenue, and...

Q: 31, 2021, Max Company committed to a plan to discontinue the fair value of the facilities was P1,000...

A: The loss from discontinued operations will include operating loss from operations and unrealized los...

Q: QUESTION ONE (1) Fresh Company produces a well-known perfume. The standard manufacturing cost of the...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years a...

A: Recoverable value = Fair value less cost of disposal for December 2022 = P3300,000 - P100,000 = P320...

Q: Flexibility is one of the principles of an efficient and effective accounting information system! Ex...

A: The accounting information system (AIS) is the system software used by businesses to keep their acco...

Q: ARIZONA CORP. manufactured 1,000 units during April with a total overhead budget of P12,400. However...

A: Introduction: Fixed overhead is a collection of costs that do not change as a result of changes in a...

Q: Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by s...

A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +...

Q: A company is preparing its budget for the upcoming fiscal year. Management has found out that 20% of...

A: Cash Budget - Budgeting is the great method of controlling expense that are not necessary in nature....

Q: n what date does this note 3. What is the amount of interest expense in the current year and the fol...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...

A: Depreciation expense per unit = (Cost of machine - Salvage value) / Total units of production Deprec...

Q: Exercise 8-18 Depletlon of natural resources LO P3 Montana Mining Co. pays $4,310,280 for an ore dep...

A: The correct answer for the above question is given in the following steps for your reference. 

Q: Which of the following statement is incorrect? * a. Trade payable are classified as current liabili...

A: Current Liability: Current liabilities are commitments or debts owed by a company that is due within...

Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...

A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending Supplies

Q: Boyce Company purchased office supplies costing $7.000 and debited Supplies for the full amount. At ...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Boyce Company purchased office supplies costing $7,000 and debited Supplies for the ful amount. At t...

A: The adjusting journal entry for correct option are as follows.

Q: roceeds for Keros' IPO. amount of the underwriting fee for Keros' IPO. eceeds for Keros' IPO. pitali...

A: Underpricing refers to the process when a company lists its IPO comparatively at a lower price than ...

Q: On January 1, Power House Co. prepaid the annual rent of $22,600. Journalize this transaction. If an...

A: Prepaid annual rent = $22600  

Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...

A: A budget is a predefines estimates of all the income and expenses to be earned and incurred during a...

Q: The following represents the financial information for Domingo Corporation for two months. April S39...

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Q: On January 1, 2019, Pharoah Inc., a construction company, leased an excavator from Leaselt Inc. The ...

A: The right of use asset is calculated as present value of annual lease payments and residual value at...

Q: The "Budget" column of a flexible budget report reflects: budgeted costs at the budgeted level of ac...

A: Flexible budget shows the difference between Budgeted cost and Actual Cost The Budget column of flex...

Q: Question: The statements of financial position of Grand Company at the beginning and end of 2017 inc...

A: Cash paid for acquisition of property, plant and equipment = Ending balance of property, plant and e...

Q: A company purchased equipment, incurring the following costs: Invoice price $55,000 Sales taxes. 3,2...

A: The equipment includes all the costs that are incurred in making equipment available to use. It incl...

Q: Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in ...

A: Variance refers to the difference between the estimated data and the actual results obtained by the ...

Q: The expected total capital budget for the year is? 2. Assuming the company has 200,000 ordinary sha...

A: Dividend per share is the dividend amount which has been paid by the company to the one per share wh...

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for...

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased ...

Q: During 2020, Lomi, Co.filed suit against Ocean, Inc seeking damages for patent infringement. At Dece...

A: Contingent asset refer to such assets whose existence is uncertain because it is dependent of happen...

Q: Oki Company pays $283,500 for equipment expected to last four years and have a $30,000 salvage value...

A: Any expenditure that increases the performance or life of the equipment should be capitalized (i.e.,...

Q: How much gain or loss will Bill recognize on the distribution? What is Bill's basis in the inventory...

A: The calculation of gain or loss on distribution and basis in inventory and capital asset is shown he...

Q: One of examples of contingent liability is an: * a. Obligations related to product warranties b. Po...

A: As per IFRS 37 provisions, contingent liabilities and Contingent assets. A provision is an present o...

Q: On February 1, 20x1, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The in...

A: Working paper elimination entries are prepared in the consolidation process of group companies’ acco...

Q: Plz answer inside the trial balance Box

A: A trial balance is the statement of debits credits that can only be prepared in case of double-entry...

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A: Source of raising funds includes: Equity capital Debt capital Long term loans from financial instit...

Q: On July 1, 2022, Damlen Jurado Company pays $12.000 to its insurance company for a 2-year insurance ...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Directions: Complete the table below. The first item has been done 101 List of Accounts Decreased by...

A: Here we are given with different types of accounts. We need to determine what type of account is thi...

Q: Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of m...

A:

Q: Pamela borrows $2500 at 12% per annum simple interest for 2 years. In addition, a few of $200 is cha...

A: Simple interest refers to the simplest method of calculating the financier charges applied on the lo...

Q: Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus o...

A: Solution..     Manager bonus = P280,000  Manager bonus = 10% of income after bonus and tax   

Q: On January 2, 20x1, Paul Corp. acquired 20% ownership interest in Simon Corp. for P1,350,000 and the...

A: Goodwill in Consolidation To Calculate the goodwill in the consolidation procedures first to taken u...

Q: A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry requi...

A: Introduction:- At the time of purchase the insurance policy, debit the Prepaid Expense account to sh...

Q: Jane wants to buy a new car but has decided that by the time she saves $33000 to buy the new car she...

A: Option 1- Loan from Bank: Annual Interest Rate  8.50% Years 4 Payment per year 1 Amount 330...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.