Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. presented below is information related to kingbird

Presented below is information related to Kingbird Incls inventory, assuming Kingbird uses lower-of-LIFO cost-or-market. (per...

80.2K

Verified Solution

Question

Accounting

image
image
Presented below is information related to Kingbird Incls inventory, assuming Kingbird uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 301.04 205.90 104.73 Selling price Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18 Determine the following: (a) The two limits to market value i.e. 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, ez 52.75.) Celling Limit $ Floor Limit $ (b) The amount that should be used in the lower-of-cost-or market comparison of boots. (Round answers to 2 decimal places, eg. 52.75.) (a) The two limits to market value (.e., 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, eg, 52.75.) Ceiling Limit $ Floor Limit $ (b) The amount that should be used in the lower-of-cost-or-market comparison of boots. (Round answers to 2 decimal places, es 52.75.) $ (c) The amount that should be used to value parkas on the basis of the lower of-cost-or-market. (Round answers to 2 decimal places, eg. 52.75.) $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Phosphorus pentachloride decomposes according to the chemical equation PCl5(g) - PCl3(g) + Cl2(g) A 0.213 mol...

Chemistry
Q

Integrative Urinary Case Study While working as a general practitioner, your patient Lamar comes to your office...

Medical Sciences
Q

principles of corporate finance chapter 9 1. Suppose a firm uses its company cost of capital...

Finance
Q

1 This is a 2 Find x and y X y Special Ri

Geometry
Q

Assignment4 Problem 26 1 point Find the inverse of the matrix The inverse is 1...

Basic Math
Q

The measure of one side of a square is (s+3) inches long. Which pair of...

Basic Math
Q

Select all that apply DA f x B 1 x c f x 2x 1...

Calculus
Q

Assume S 0 9Y 17 describes the projected relationship between S sales of a company...

Algebra
Q

Operating Leverage Decatur Co. reports the following data: Determine Decatur Co.'s operating leverage. Round your...

Accounting
Q

Rambler, Inc. reported sales revenue for 2019 of $900,000. The products were sold with a...

Accounting
Q

5) Bell Company had the following operating results: Inx rate Income Tax Paid Year Taxable...

Accounting
Q

Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4...

Accounting