Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 7.00

Fiedler Co.

Lower-of-Cost-or-Market Fiedler Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2010.Greg Forda is an accounting clerk in the accounting department of Fiedler Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant.
(a) Calculate the lower-of-cost-or-market using the ?oindividual item?? approach.
(b) Show the journal entry he will need to make in order to write down the ending inventory from cost to market.
(c) Then write a memo to Greg explaining what designated market value is as well as how it is computed. Use your calculations to aid in yourexplanation.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 10:07 PM My Price 7.00

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