Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item. Item A Item B Item C Cost $8,100 $9,300 $7,500 Replacement cost as of end of year $8,600 $8,200 $7,100 Expected selling price (no disposal costs) $8,800 $9,000 $7,200 Normal profit $1,200 $600 $300 Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the balance sheet? Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet? Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet? Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold. Please do not use any punctuation in your answers. Each box should have just a number in it. please do not give handwritten answer thanku
Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item. Item A Item B Item C Cost $8,100 $9,300 $7,500 Replacement cost as of end of year $8,600 $8,200 $7,100 Expected selling price (no disposal costs) $8,800 $9,000 $7,200 Normal profit $1,200 $600 $300 Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the balance sheet? Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet? Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet? Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold. Please do not use any punctuation in your answers. Each box should have just a number in it. please do not give handwritten answer thanku
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Company sells 3 different items regularly. At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item.
| Item A | Item B | Item C | |
| Cost | $8,100 | $9,300 | $7,500 |
| Replacement cost as of end of year | $8,600 | $8,200 | $7,100 |
| Expected selling price (no disposal costs) | $8,800 | $9,000 | $7,200 |
| Normal profit | $1,200 | $600 | $300 |
Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the
Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet?
Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet?
Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold.
Please do not use any punctuation in your answers. Each box should have just a number in it.
please do not give handwritten answer thanku
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