Final Exam ACC 422

Question # 00003809 Posted By: bestwritter Updated on: 11/20/2013 10:04 PM Due on: 11/20/2013
Subject Accounting Topic Accounting Tutorials:
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Presented below is information related to Rembrandt Inc.'s inventory.

(per unit)

Skis

Boots

Parkas

Historical cost

$255.93

$142.78

$71.39

Selling price

292.30

195.32

99.34

Cost to distribute

25.59

10.78

3.37

Current replacement cost

273.44

141.44

68.70

Normal profit margin

43.10

39.06

28.62

Determine the following:

(a)

the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis;(Round answers to 2 decimal places, e.g. 20.25.)

Text box:

Ceiling

$pixel

Text box:

Floor

$pixel

(b)

the cost amount that should be used in the lower of cost or market comparison of boots;(Round answer to 2 decimal places, e.g. 20.25.)






Cost amount

$pixel

(c)

the market amount that should be used to value parkas on the basis of the lower of cost or market.(Round answer to 2 decimal places, e.g. 20.25.)






Text box:

Market amount

$pixel




3. Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 55 units that cost $33 each. During June, the company purchased 166 units at $33 each, returned 7 units for credit, and sold 138 units at $55 each. Journalize the June transactions.


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