Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item. Item A Item B Item C Cost $8,100 $9,300 $7,500 Replacement cost as of end of year $8,600 $8,200 $7,100 Expected selling price (no disposal costs) $8,800 $9,000 $7,200 Normal profit $1,200 $600 $300 Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the balance sheet? Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet? Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet? Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold. Please do not use any punctuation in your answers. Each box should have just a number in it. please do not give handwritten answer thanku
Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item. Item A Item B Item C Cost $8,100 $9,300 $7,500 Replacement cost as of end of year $8,600 $8,200 $7,100 Expected selling price (no disposal costs) $8,800 $9,000 $7,200 Normal profit $1,200 $600 $300 Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the balance sheet? Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet? Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet? Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold. Please do not use any punctuation in your answers. Each box should have just a number in it. please do not give handwritten answer thanku
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item.
| Item A | Item B | Item C | |
| Cost | $8,100 | $9,300 | $7,500 |
| Replacement cost as of end of year | $8,600 | $8,200 | $7,100 |
| Expected selling price (no disposal costs) | $8,800 | $9,000 | $7,200 |
| Normal profit | $1,200 | $600 | $300 |
Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the
Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet?
Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet?
Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold.
Please do not use any punctuation in your answers. Each box should have just a number in it.
please do not give handwritten answer thanku
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
Expert Answers to Latest Homework Questions
Q: At 9:00 A.M., a thermometer reading 70°F is taken outside where the temperature is 15°F. At 9:05…
Q: Assume that the CAPM is a good description of stock price returns. The market expected return is 7%…
Q: what is the product?
Η
+
Q: 7.2.3 Use the differential equation approach to find i,(t) for t> 0 in
the network in Fig. P7.2.3.…
Q: + Automatic Zoom
Weight (tons)
70
60
50
40
30
ROSA200
16, 17,
10
20 40 60 80 100
Length (feet)
X4…
Q: which is the right answer
Q: Describe the concept of process scheduling in an operating system. Discuss various scheduling…
Q: Dynamics of a current controller DC motor is given as follows:
Ktim = Jmẞ +bmẞ
where, ẞ denotes the…
Q: In civil engineering, what is the term for the gradual downward movement of soil due to the removal…
Q: العنوان
solle
Le
sin²(3x) cos²(sx) dx
/1
8 tan'x dx
で
CIC
Q: العنوان
solike Ъ
sin (3x) cos² (5x) dx
2
8 tan ³ x dx
>
Q: Consider the equivalent \pi circuit illustrated in the figure below, used to model elements of…
Q: Using figure 1 (below)as a guide, analyse the main team members using Belbin’s team roles as a…
Q: "Alternating current transmission lines can vary in length from a few meters to around a thousand…
Q: 34. What is the role of a civil engineer in the design of a wastewater treatment plant
Q: Question 1
(a) Determine if the systems with the known properties below are completely specified in…
Q: Suppose Nittany Bakery rents a building for $120 per day, and they can hire workers for $75 per day.…
Q: can you solve this question step by step in very detail and answer those a,b,c. this is so important…
Q: "For planning purposes, it is important to know the power transfer capacity of transmission lines to…
Q: can you solve this question with an detailed solution I mean step by step and answer those a,b,c.…
Q: The symmetric component method (also known as Fortescue's Theorem) is used to study unbalanced…