Entries by mary WAMBUGU

Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory:

August 24, 2019 in /by

Question 1. Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory: Historical cost $1,500 Estimated selling price 1,350 Estimated costs to complete and sell 75 Replacement cost 1,200 Required: What is the amount for inventory that Rensic Inc. […]

 

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AC Company manufactures quality water apparel. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $850,000

August 24, 2019 in /by

AC Company manufactures quality water apparel.  The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $850,000 Beginning Raw Material Inventory 74,000 Direct Material Purchased 308,000 Factory Overhead 90,000 Finished Goods Inventory – January 1 144,000 Work in Process – January 1 74,000 Work in Process – December 31 98,000 Ending […]

 

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Tracey Company, on March 1, 2019 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production.

August 24, 2019 in /by

Tracey Company, on March 1, 2019 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Tracey started into production 15,500 units. At the end of the month there were 12,000 units completed and […]

 

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AC Company manufactures quality water attire. The following selected financial information for the fiscal year 2018 is provided:

August 24, 2019 in /by

AC Company manufactures quality water attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 44,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process – January 1 60,000 Work in Process – December 31 30,000 Direct Material – December 31 20,000 Finished Goods […]

 

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