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If the cost of an item of inventory is 60 the current replacement cost is 65 and the selling price is 95 the amount included in inventory according to the lower of cost or market concept is?
Inventory is generally carried on the balance sheet at its historical cost to the firm. This represents the most accurate value since it was an amount actually paid by the firm, not an estimate. If the market value changes upwards, the balance sheet value is not changed since accounting principles generally favor the more conservative (lower) value. If however the market value of inventory decreases (through obsolescence for example), then the inventory value is adjusted downward to accurately reflect this and ensure the value is not materially overstated on the firm's balance sheet. The retail price is never used for inventory valuation. The retail price will be used only for the income statement. So, using your example, the amount included in inventory would be 60.
The amount of money paid for something?
The cost
What is the amount paid for something?
Cost
What are the disadvantages of fair trade?
People working their get paid less
What is the amount of money remaining after the costs of a business have been paid?
Profit
What is Amount payable by insurance company for insurance?
This is the amount paid by the insurance company to the doctor. It is the negotiated rate less the amount that you paid in the form of a copay, a coinsurance, or a deductible.
Should purchase of inventory be reported net of discount and net of vat?
Yes, the purchase of inventory should be reported net of discounts, as these discounts represent reductions in the purchase price that effectively lower the cost of inventory. However, inventory should be reported at its gross amount before VAT, as VAT is typically recoverable and does not form part of the cost of inventory for accounting purposes. Thus, the reported inventory value reflects the actual amount paid after discounts but excludes VAT.
What is an description of equity?
Equity is the dollar amount of value in an investment. It can be more or less than the actual amount paid for the item.
What is the best description of straight pay?
the amount of money a person receives when paid a certain amount per hour
How much does junior hairstylists get paid in Australia more or less?
they get paid more because our economy is going to hell so we don't get paid as much as we used to but they get the same amount they always did
Why do women get paid less amount of money in sports?
Most of the time women aren't as talented as men
Car repo in 1999 agreed to pay 70 percent of the amount owed creditor wants to list on credit as paid repo what should you insist they list it as?
Paid repossession would be the best option. This, even though it is a negative mark, is less so due to the satisfaction of the debt. Count yourself fortunate, as the lender could list it as paid-settlement, which would be less positive.
how long does it take after you settle on the amount to be paid before you are paid?
It all depends, for the best legal standpoint you should contact an attorney.
What is the best description of straight time pay?
the amount of money a person receives when paid a certain amount per hour
What is one word for the amount to be paid?
The amount to be paid in a purchase is the cost or price. An amount remaining to be paid is a balance.
An accrued expense such as accrued wages can best be described as an amount?
not paid and currently matched with earnings.
The insurance company payoff is less the the amount of the car loan?
The loan still has to be paid, according to the law in most countries.
