Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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cost account
Transcribed Image Text:The following data relates to Bands Are Us. Inc. for the
31, 2015:
Ending inventory at cost
$ 54,000
Ending inventory at NRV
$ 52,700
Ending inventory at fair value
$ 59,000
COGS before any adjustment for NRV
$ 67,000
year
ended December
Which of the following is the adjusted COGS balance for Bands Are Us Inc.
after NRV adjustment?a. $65,700b. $68,300c. $67,000d. $72,000e.
$62,000Korte Company's Account reported the following information for
2014:
Sales revenue
Cost of goods sold
Operating expenses
Cash dividends received on the securities
$ 15,00,000
10,50,000
1,65,000
6,000
For 2014, Korte would report a gross profit of:a. $291,000b. $285,000
c. $241,000d. $450,000
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