The following information is available for Oriole Company's patents: Cost Carrying amount $3590000 2070000 Expected future net cash flows 1747000 Fair value 1375000 Oriole would record a loss on impairment of $323000. $695000. $2070000. $1843000.
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Impairment loss = Carrying amount - Fair value Impairment loss = $2070000 - $1375000 Impairment loss = $695000 Show more…
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On January 1, 2012, Oriole Company purchased for $786000, equipment having a useful life of ten years and an estimated salvage value of $48000. Oriole has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Oriole should recognize a gain of $160000. $38200. $0. $86200.
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Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit 1320 1,400 $3.84 $3.60 $5.40 $0.42 $1.50 1333 1,100 3.24 2.76 4.20 0.60 0.60 1426 1,000 5.40 4.44 6.00 0.48 1.20 1437 1,200 4.32 3.72 3.84 0.30 1.08 1510 900 2.70 2.40 3.90 0.96 0.72 1522 700 3.60 3.24 4.56 0.48 0.60 1573 3,200 2.16 1.92 3.00 0.90 0.60 1626 1,200 5.64 6.24 7.20 0.60 1.20 From the information above, determine the amount of Oriole Company inventory. The amount of Oriole Company's inventory $ 30263
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