Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pillow distribution co. has determined its decembe

Pillow Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at...

90.2K

Verified Solution

Question

Accounting

image

Pillow Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $881,000. Information pertaining to that inventory follows: Estimated selling price $910,000 Estimated cost of disposal 35,000 Normal profit margin 89,000 Current replacement cost 821,000 Pillow records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Pillow should recognize is O $881,000 O $60,000 O $6,000 O $95,000

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

What are five key characteristics of the family Violaceae?

Biology
Q

1.Symbiosis means “living together” and we talked about several types of symbiotic interactions that happen in...

Biology
Q

Recall that the set {0,1}? is the set of all finite-length binary strings. Let f:{0,1}??{0,1}? to...

Advance Math
Q

Read the following case and answer the questions below. McDonald’s When a customer drives up to the...

General Management
Q

Angel Inc. recently hired you as a consultant to estimate the company’s WACC. You have obtained...

Finance
Q

When men came home from World War 1 work opportunities Odecreased O increased O remained...

Biology
Q

4 Move towards ve x axis a current PQ is part of a very long...

Physics
Q

2 is produced by burning fossil fuels such as oil and natural gas and has...

Statistics
Q

The region enclosed by the lemniscate = 2 cos 20 is thebase of a...

Algebra
Q

Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation...

Accounting
Q

Zeke Company sells 25,600 units at $15 per unit. Variable costs are $7 per unit,...

Accounting
Q

When a volunteer is identified as violating one or more of the Volunteer Standards of...

Accounting