# Final Exam ACC 422

\$53.00

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## Description

Presented below is information
related to Rembrandt Inc.’s inventory.

 (per unit) Skis Boots Parkas Historical cost \$255.93 \$142.78 \$71.39 Selling price 292.30 195.32 99.34 Cost to distribute 25.59 10.78 3.37 Current replacement cost 273.44 141.44 68.70 Normal profit margin 43.10 39.06 28.62

Determine the following:

 (a) the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis;(Round answers to 2 decimal places, e.g. 20.25.)

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 Ceiling \$.gif” alt=”pixel”> .gif” alt=”Text box: “> Floor \$.gif” alt=”pixel”> (b) the cost amount that should be used in the lower of cost or market comparison of boots;(Round answer to 2 decimal places, e.g. 20.25.)

 Cost amount \$.gif” alt=”pixel”> (c) the market amount that should be used to value parkas on the basis of the lower of cost or market.(Round answer to 2 decimal places, e.g. 20.25.)

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 Market amount \$.gif” alt=”pixel”>

3.
Matlock Company uses a perpetual inventory system. Its beginning inventory
consists of 55 units that cost \$33 each. During June, the company purchased 166
units at \$33 each, returned 7 units for credit, and sold 138 units at \$55 each.
Journalize the June transactions.

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