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Sunday 8 October 2017

Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger​ patties:

Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger patties:
 

At DecemberDecember 31 , the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $ 430$430. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on DecemberDecember 31 ? 

Make any adjusting entry needed to apply the lower-of-cost-or-market rule.

No entry required 

Merchandise inventory would be reported on the balance sheet at what value on December 31 ?
In this case, RocketRocket Burger's balance sheet would report the inventory as follows:




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Material requisition is a document that supports the requirement of the material. This document is sent to store in charge and approved by:

Material requisition is a   document   that supports the   requirement   of the material. This   document   is sent to store in charge and...