Which of the following values is considered the market value when valuing inventory at lower-of-cost-or-market?
A) sales price less the company's normal mark-up percentage
B) current replacement cost
C) cost plus the company's normal mark-up percentage
D) historic cost
B
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Below is financial data for Fawnsworth Industries' current year. Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 Refer to the data for Fawnsworth Industries. Based on this information, what is Fawnsworth's
number of days' sales in inventory (assuming a 360 day year)? a. 132 days b. 216 days c. 1,091 days d. 120 days
By placing bad news in the first paragraph, receiver support is more likely than when it is presented after giving reasons
Indicate whether the statement is true or false
The inventory conversion period refers to the average length of time required:?
A. to convert raw materials into finished goods.? B. ?to sell all the finished goods. C. ?to convert materials into finished goods and then to sell those goods. D. ?to collect cash following the sale of inventory. E. ?to provide payment in cash for the purchase of raw materials and labor.
Over a 10-week period the cumulative sales are forecast at 10,000 units, the opening inventory is
200 units and the closing inventory is to be 100 units. What should be the weekly planned production for level production? A) 990 B) 1030 C) 1000 D) 1010 E) none of the above