A particular production process requires two types of raw materials to produce the end product. Each unit of finished product requires three units of raw material A and 2 units of raw material B, plus processing costs of $35. The following provides information on inventories at fiscal 2011 year-end:
Required:
a. Evaluate these inventories to determine the amount of write-down, if any.
b. If the entry required in part (a)is not made in fiscal 2011, what is the effect on
i)2011 and 2012 inventory on the balance sheet
ii)2011 and 2012 cost of goods sold
iii)2011 and 2012 net income
iv)2011 and 2012 retained earnings
Definitions:
Conceptions
Ideas, notions, or theories about something, typically formed through mental understanding and thought processes.
Social Reality
Constructs created by society and individuals that are perceived as real, influencing understanding and behavior in the social world.
Self-consciousness
The awareness of oneself as an individual, especially the consciousness of one's own thoughts, feelings, and identity.
Counterargument
An argument offered in opposition to another argument, typically used to weaken or refute an original claim.
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