90.2K

Verified Solution

Link Copied!

urnover of 4.5 1. What is Moyer's days' sales in inventory? 19. In an annual report, Craftmade International, Inc., describes its inventory accounting policies a Inventories are stated at the lower-of-cost-or-net realizable value, with inventory cost determined using the first-in, first-out (FIFO) method. The cost of inventory includes freight-in and duties on imported goods. Also in an annual report, Kaiser Aluminum Corporation made the following statement in discussing i its inventories: The Company recorded pretax charges of approximately $19.4 million because of a reduction in the carrying values of its inventories caused principally by prevailing lower prices for alumina, primary aluminum, and fabricated products. What accounting principle did Craftmade International follow when it included the costs of freight-in imported goods in its Inventory account? Briefly describe how a firm determines and duties on whichsts to include in its inventory account. What accounting principle did Kaiser Aluminum fol- low wher it recorded the $19.4 million urnover of 4.5 1. What is Moyer's days' sales in inventory? 19. In an annual report, Craftmade International, Inc., describes its inventory accounting policies a Inventories are stated at the lower-of-cost-or-net realizable value, with inventory cost determined using the first-in, first-out (FIFO) method. The cost of inventory includes freight-in and duties on imported goods. Also in an annual report, Kaiser Aluminum Corporation made the following statement in discussing i its inventories: The Company recorded pretax charges of approximately $19.4 million because of a reduction in the carrying values of its inventories caused principally by prevailing lower prices for alumina, primary aluminum, and fabricated products. What accounting principle did Craftmade International follow when it included the costs of freight-in imported goods in its Inventory account? Briefly describe how a firm determines and duties on whichsts to include in its inventory account. What accounting principle did Kaiser Aluminum fol- low wher it recorded the $19.4 million

Answer & Explanation Solved by verified expert

See Answer