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Author Question: The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an ... (Read 146 times)

@Brianna17

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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?


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blakcmamba

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Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

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


@Brianna17

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Reply #2 on: Jul 5, 2018
Thank you :)


blakcmamba

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Reply #3 on: Jul 5, 2018
Happy to help you


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