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Oakley Supply Company reports net income

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Oakley Supply Company reports net income 1 The Entertainment Center accumulates the following cost and market data (in 000) at December 31. Inventory Categories Cost Data Market Data Camera ¥11,000 ¥10,200 Camcorders 8,000 8,500 DVDs 14,000 13,000 What is the lower-of-cost-or-net realizable value of the inventory? Solution 1 (5 min.) Lower-of-cost- Inventory Categories Cost Data Market Data or-net realizable value Camera ¥11,000 ¥10,200 ¥10,200 Camcorders 8,000 8,500 8,000 DVDs 14,000 12,000 13,000 ¥31,200 2 Oakley Supply Company reports net income of $120,000 in 2011. The ending inventory did not include goods valued at $5,000 that Oakley had consigned to Roberta’s Gift Shop. (1) What is the correct net income for 2011? (2) What impact will this error have on the balance sheet at 12/31/11? Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Oakley Supply Company reports net income

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