Raleigh Co. has the following products in its ending inventory. Compute the lowe

Question

Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied separately to each product. Quantity Cost per Market per unit Product Jelly Jam Marmalade 150 370 260 $2.00 $2.65 $3.10 2.15 2.50 3.05 29) A) $2,018.00. B) $2,086.50. C) $2,109.00. D) $2,040.50 E) $2,053.50. 30) A debit to Sales Returns and Allowances and a credit to Accounts Receivable: A) Recognizes that a customer returned merchandise and/or received an allowance. B) Reflects a decrease in amount due to a supplier. C) Reflects an increase in amount due from a customer. D) Is recorded when a customer takes a discount. E) Records the cost side of a sales return. 30)

Explanation / Answer

Dear student, only one question is allowed at a time. I am answering the first question

So, option A is the correct option

Calculations A B C D = Lower of B and C E = A x D Product Quantity Cost Market price Relevant cost Value Jelly 150 2.00 2.15 2.00 300.00 Jam 370 2.65 2.50 2.50 925.00 Marmalade 260 3.10 3.05 3.05 793.00 Value 2018.00

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.