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Final Exam ACC 422




Question;Presented below is information;related to Rembrandt Inc.'s inventory.;(per unit);Skis;Boots;Parkas;Historical cost;$255.93;$142.78;$71.39;Selling price;292.30;195.32;99.34;Cost to distribute;25.59;10.78;3.37;Current replacement cost;273.44;141.44;68.70;Normal profit margin;43.10;39.06;28.62;Determine the following;(a);the two limits to market value (e.g., the ceiling and the floor);that should be used in the lower of cost or market computation for;skis,(Round answers to 2 decimal places, e.g.;20.25.);Ceiling;$;Floor;$;(b);the cost amount that should be used in the lower of cost or;market comparison of boots,(Round answer to 2;decimal places, e.g. 20.25.);Cost amount;$;(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.);Market amount;$;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


Paper#45105 | Written in 18-Jul-2015

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