Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kingbird company manufactures desks. most of the c

Kingbird Company manufactures desks. Most of the company's desks are standard models and are sold...

80.2K

Verified Solution

Question

Accounting

image
Kingbird Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the following finished desks (10 desks in each category) appear in the company's inventory B c D $49 $ 52 $ 97 $ 113 Finished Desks 2020 catalog selling price FIFO cost per inventory list 12/31/20 Estimated cost to complete and sell 2021 catalog selling price 51 49 90 104 5 12 28 22 54 58 97 130 The 2020 catalog was in effect through November 2020, and the 2021 catalog is effective as of December 1: catalog prices are net of the usual discounts. At what amount should each of the four desks appear in the company's December 31, 2020, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis? Item A $ Item B $ Item C $ Item D $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Given the joint distribution from the previous example Employee 96 1 0 1 0 W

Basic Math
Q

Samson Equipment Ltd. is a company that manufactures an abdominal exerciser called The Ab Rippler. The...

Accounting
Q

Discuss why the constituents of an aqueous solution can only be separated by evaporation and the...

Chemistry
Q

A bathysphere used for deep-sea exploration has a radius of 1.52 m and a mass of...

Physics
Q

How do you envision being able to impact the healthcare delivery system as a future Administrator?...

Operations Management
Q

25 If S is stress and Y is young s modulus of material of a...

Physics
Q

An experiment involves selecting a numbered chip, some black and some white, from a bag...

Basic Math
Q

2 Find the equations of the tangent lines to the curve y x x 2...

Calculus
Q

4 A package of silicon This is 7 less than the cost of a package...

Algebra
Q

When demand far exceeds a factory's capacity, to maximize profit, management should rank...

Accounting
Q

In an interim balance sheet of a governmental fund, the fund equity section would not...

Accounting
Q

The Stationery Company purchased merchandise on account from a supplier for $12,600, terms 1/10, n/30....

Accounting