Final Exam ACC 422

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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

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Floor

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(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

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(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

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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.

All Question Attached

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