The Regal Plumbing Shop had 18 bathroom sinks in their ending inventory. The cost of each sink was $182.55. They valued this ending inventory at $3,238.56. If the lower-of-cost-or-market rule was used, what was the market price per unit of this inventory?


$179.92

Business

You might also like to view...

Uichiro Niwa, former president of Japan's ITOCHU Corp, took steps to ensure that more of the trading company's $115 billion in annual transactions were conducted online

He also radically changed the way he communicated with employees and began relying more on e-mail, a practice that until recently was virtually unknown in Japan. Indicate whether the statement is true or false

Business

If a restrictive covenant is valid, it binds only the original grantee in the deed that created the covenant

Indicate whether the statement is true or false

Business

Sid burned his own warehouse in an attempt to collect on a fire insurance policy. Sid has committed

A. arson since he maliciously used fire to damage or destroy personal property. B. larceny since he committed an act intended to wrongfully obtain money from his insurance company. C. a crime called "burning to defraud insurers" since the crime of arson only applies to property owned by another person. D. an intentional tort, but not a crime since a person has a right to destroy his own property.

Business

A corporation may alternate between S corporation and C corporation status each year, depending on which results in more tax savings

a. True b. False Indicate whether the statement is true or false

Business