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JamesLachoneus
01.08.2021 •
Business
Oriole Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows:
Product #1
Product #2
Historical cost
$9
$17
Replacement cost
7
11
Estimated cost to dispose
6
8
Estimated selling price
18
29
In pricing its ending inventory using the lower-of-cost-or-market, what unit values, rounded to the nearest dollar, should Oriole use for products #1 and #2, respectively?
$11 and $12.
$11 and $12.
$7 and $12.
$7 and $11.
Solved
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Ответ:
The match is as follow
1. Posting ⇒ E. Copying data from the journal to the ledger
2. Expense ⇒ A. The cost of operating a business; a decrease in stockholders' equity
3. Debit ⇒ K. Left side of an account
4. Trial Balance ⇒ L. The book of accounts and their balances
5. Equity ⇒ F. Assets - Liabilities
6. Net Income ⇒ G. Revenues - Expenses
7. Receivable ⇒ B. Always an asset
8. Chart of Accounts ⇒ H. Lists all accounts with their balances
9. Payable ⇒ I. Always a liability
10. Journal ⇒ D. Lists a company's accounts and account numbers (no account balances in this item)
11. Normal Balance ⇒ C. Side of an account where increases are recorded
12. Ledger ⇒ J. Record of transactions