23. Never Company develo ped the following information about its inventories in

Question

23. Never Company develo ped the following information about its inventories in applying the lower-of. cost-or-market (LCM) basis in valuing inventories Market $120,000 Product Cost $114,000 80,000 160,000 162,000 Ir Never applies the LCM basis, the value of the invento A) $354,000. B) S358,000. C) $362,000. D) $350,000. ry reported on the balance sheet would be 24. Manufa cturer susually classify inventory into all the following general categories except: B) work in process C) finished goods D) merchandise inventory A) raw materials 25. Recording depreciation each period is an application of the matching A) True B) False 26. On March 1, 2011, Joe Miles purchased a suit at Calvin's Fine Apparel Store. The suit cost r month interest if payment on credit Joe used his Calvin credit card. Calvin charges 2% pe not made within 30 days. On April 30, 2011, Joe had not yet made his payment. What enuy Calvin make on April 30th? A) Accounts Receivable $250 and charges is should Interest Revenue Sales B) Accounts Receivable Interest Revenue Bad Debts Expense Interest Expense C) 245 Accounts Receivable D) Uncollectible Account Accounts Receivable 27. Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. A) True B) False 28. Collusion may result when one individual circumvents prescribed controls and may significantly impair the effectiveness of a system. A) True B) False Use the following to answer question 29: Unitech has the following inventory information. July Beginning Inventory 30 units at $19 S 570 2,100 7 Purchases 22 Purchases 105 units at $20 15 units at $22 $3,000 29. A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is A) $2,130. B) $930. C) $2,070. D) $870.

Explanation / Answer

Calculate value of inventory under LCM metod :

so answer is d) $350000

Note : These all are indenpendent question so please submit each question as individual question

Cost Market value Value of inventory under LCM Product A 114000 120000 114000 Product B 80000 76000 76000 Product C 160000 162000 160000 Total 350000

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