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Category > Accounting Posted 18 Aug 2017 My Price 12.00

Garcia Home Improvement Company

Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2014, and Jim Alcide, controller for Garcia, has gathered the following data concerning inventory.

At May 31, 2014, the balance in GarciaAc€?cs Raw Materials Inventory account was $456,960, and Allowance to Reduce Inventory to Market had a credit balance of $27,240. Alcide summarized the relevant inventory cost and market data at May 31, 2014, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on GarciaAc€?cs May 31, 2014, financial statements for inventory under the lower-of-cost-or-market rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle.

   

Cost

  

Replacement Cost

  

Sales Price

  

Net Realizable Value

  

Normal Profit
Aluminum siding   $ 78,400   $ 70,000     $ 71,680     $ 62,720     $ 5,712  
Cedar shake siding   96,320   88,928     105,280     94,976     8,288  
Louvered glass doors   125,440   138,880     208,768     188,496     20,720  
Thermal windows   156,800   141,120     173,376     156,800     17,248  
      Total   $456,960   $438,928     $559,104     $502,992    

$51,968

1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2014.

Balance in the Allowance to Reduce Inventory to Market $_____________________

2. For the fiscal year ended May 31, 2014, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market.

The amount of the loss $_______________________

Please show work!!!!!

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 04:08 PM My Price 12.00

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