On May 7, Carpet Barn Company offered to pay 83,000 for land that had a selling price of 105,000 . On May 15,Carpet Barn accepted a counteroffer of 95,000 . On June 5, the land was assessed at a value of 115,000 forproperty tax purposes. On December 10, Carpet Barn Company was offered 135,000 for the land by anothercompany. At what value should the land be recorded in Carpet Barn Company's records?
Question 2
For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by ________.
A) marketing costs
B) allocated plant utility costs
C) the purchase costs of direct and indirect materials
D) customer-service costs
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