Arthur, Inc plans to develop a shopping center
In the first quarter, the following amounts were spent:
Acquisition of land $23,000
Surveys and legal fees 1,400
Land clearing 1,100
Fencing 8,000
Install lighting and signage 11,060
What amount should be recorded as the land improvement cost?
A) $9,100
B) $10,500
C) $19,060
D) $2,500
C .Fencing $8,000
Lighting and signage 11,060
Cost of land improvement $19,060
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Derrik is the manager of a large restaurant. Three times a week, he shadows his servers to observe their flow of work and see how they service the customer. Derrik is understanding the basic elements of the server's job by participating in job _____.
Fill in the blank(s) with the appropriate word(s).
Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Equipment | Surgical Supplies | Rehab Equipment | Rehab Supplies | |
Selling price | $260 | $120 | $340 | $165 |
Cost | 179 | 90 | 250 | 162 |
Replacement cost | 240 | 80 | 25 | 158 |
Costs to sell | 30 | 5 | 25 | 10 |
Normal gross profit ratio | 30% | 30% | 30% | 20% |
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
A. $75
B. $100
C. $80
D. $90