Inside-The-Lines Painting Company has the following two items in inventory. The company uses LIFO (last-in first-out). Item Total Cost (using LIFO) Normal Profit margin Replacement Cost Net Realizable Value Brushes $10,000 $4,000 $3,000 9,000 Canvases $15,000 $5,000 $10,000 12,000 Determine the loss recognized under the lower of cost or market method using the item-by-item approach.

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)

Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,000 from hopkins. on july 10, the entry or entries gideon makes to record the recovery of the bad debt is