Answer Happy

The December 31, 2010 inventory of Dwyer Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Normal Profit Product Disposal Cost Cost on Sales $6.50 $40.00 $8.00 B $42.00 $40.00 $12.00 $48.00 $12.00 C $120.00 $115.00 $25.00 $190.00 $57.00 D $18.00 $15.80 $3.00 $26.00 $2.60 Instructions a) Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2010. Make that nice chart! b) Based on that nice chart you just made, make me the adjusting entry needed on December 31, 2010, using the direct method. Original Cost Selling Price A $25.00 $22.00
An-inventory-taken the morning after-a-large-theft-discloses-$60,000-of-goods-on-hand-as-of March 12.-.-The-following-additional-data-is-available-from-the-books:11 1 →> -> Inventory-on-hand,-March-1 ➜> Purchases-received, -March-1-11 $-84,0001 63,0001 120,0001 Sales-(goods-delivered-to-customers) 1 Past-records-indicate-that-sales-are-made-at-50%-above-selling price. 1 Instructions a) Estimate-the-inventory-of-goods-on-hand-at-the-close-of-business-on-March-11-by-the gross-profit-method-and-determine-the-amount-of-the-theft-loss.Show-appropriate-titles for-all-amounts-in-your-presentation. b) Now-based-on-your-wonderful-calculation, make-the-appropriate-journal-entry-for-the inventory-lost-in-the-theft.