ACCT 304 Quiz 5 - Complete A+ rated solutions

Document Content and Description Below

QUIZ 5 1. Question : (TCO 8) In applying LCM, market cannot be Question 2. Question : (TCO 8) Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pe ... rtaining to that inventory is as follows: Selling price $620,000 Disposal costs 30,000 Normal profit margin 80,000 Replacement cost 520,000 What should be the carrying value of Montana's inventory? Question 3. Question : (TCO 8) On July 8, a fire destroyed the entire merchandise inventory on hand at Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through July 8 $700,000 Inventory, January 1 130,000 Purchases, January 1 through July 8 640,000 Gross profit ratio 30% What is the estimated inventory on July 8 immediately prior to the fire? Question 4. Question : (TCO 8) Included in the computation of the cost-to-retail percentage for the LIFO retail method are Question 5. Question : (TCO 8) When applying the lower of cost or market rule to inventory valuation according to International Financial Reporting Standards, market is always [Show More]

Last updated: 3 years ago

Preview 1 out of 3 pages

Buy Now

Instant download

We Accept: