vith high rate of return on sales consider isierwr donumstankes sholda comny w 1

Question

vith high rate of return on sales consider isierwr donumstankes sholda comny w 15. Under wht that the goods won't be returned the inventory sold? B When the goods are sold on insalment C) When the payment for goods is received A) When the retailer gives a confimation D) When i can reasonably estimate the amount of returns 16. Opera Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Inventory at $650,000 1260,000 la o Price Index 1.00 1.05 1.10 Year ended End-of-year Prices 2016 2017 2018 1,350,250 laa7so What is the 2018 inventory balance using dollar-value LIFO? A) 1.227,500. B) $1.257,750. C) S1.285,000. D) $1,350,250 17. Morgan Manufacturing Compeny has the following account balances at year end: Office supplies Raw materials Work-in-process Finished goods Prepaid insurance -$4,000- 27,000 59,000 97,000 6,000 What amount should Morgan report as inventor A) $183,000. B) $97,000. C) $187,000. D) S101,000. ies in its balance sheet? buy

Explanation / Answer

Option D: When it can reasonably estimate the amount of returns we get high return on sales.

Option A: As inventory at Year end prices are given that should be taken value by dividing price index i.e 1350250/1.10 = $1,227,500

Option A: $183,000 i.e Raw Materials + work-in-process + Finished Goods

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