This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an ... (Read 107 times)

@Brianna17

  • Hero Member
  • *****
  • Posts: 550
on: Jul 5, 2018
The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item byitem, by major classification of inventory, or by the total inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Perfuncto, Inc. built a machine. The costs for the new machine were:
 
  Parts for the machine 80,000
  Delivery costs for the machine parts 2,000
  Labor costs to build the machine 20,000
  Maintenance cost incurred to keep the machine running 10,000
 
  What should Perfuncto, Inc. record as the cost of the machine?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blakcmamba

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

80,000 + 2,000 + 20,000 = 102,000


@Brianna17

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jul 5, 2018
Thank you :)


blakcmamba

  • Sr. Member
  • ****
  • Posts: 335
Reply #3 on: Jul 5, 2018
Happy to help you


« previous next »
 

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Application of an ostomy bag or pouch: E, A clamp is applied to the bottom of the bag once it is in Application of an ostomy bag or pouch: E, A clamp is applied to the bottom of the bag once it is in
Instilling an eye ointment into the lower conjunctival sac Instilling an eye ointment into the lower conjunctival sac
Retrograde Tracing Method Retrograde Tracing Method
Performing Venipuncture Using the Vacutainer Method Performing Venipuncture Using the Vacutainer Method
Linear programming problems using the simplex method. Linear programming problems using the simplex method.
The outcome of a mating between individuals heterozygous at two genes determining their ABO blood ty The outcome of a mating between individuals heterozygous at two genes determining their ABO blood ty
Video: Protein Structure - Primary, Secondary, Tertiary and Quaternary

For a complete list of videos, visit our video library