Suppose Compass Box had whisky that they had bought 6 years ago as a new...
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Accounting
- Suppose Compass Box had whisky that they had bought 6 years ago as a new fill whisky with inventoriable costs incurred to date (i.e. historic cost) of 300, completion cost of 130, and an expected selling price of 600. Assume that the cost to buy comparable whisky on the spot market (i.e. replacement cost) is more than 300. What journal entries would be required if:
- The selling price dropped to 500?
- The selling price dropped to 400?
- The selling price remained at 600, but the replacement cost dropped to 100?
- The selling price dropped to 400 and the replacement cost dropped to 100?
- The selling price previously dropped to 400 and then recovered to 650?
- The selling price dropped to 500?
- The selling price dropped to 400?
- The selling price remained at 600, but the replacement cost dropped to 100?
- The selling price dropped to 400 and the replacement cost dropped to 100?
- The selling price previously dropped to 400 and then recovered to 650?
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