[jeff]

We are doing some necessary maintenance. There really isn’t a “good” time to do it, so we opted to do it late Friday night (11pm-ish ET).

I decided it was better Friday night so people can plan for it and have Saturday to study (assuming things go as planned) 🙂

To make it up to the MCQ ninjas, I’m opening NINJA BLITZ access during the maintenance.

jeff

[A]

I hate to look a gift horse in the mouth, but it seems like the BLITZ topics in FAR that I need to review aren't available? I could only view videos above the IFRS section, and the rest say “members only” access. I've covered those topics and I'd really like to check out the NFP, statement of cash flows and pensions sections…

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[jeff]

Thanks for the heads-up…try now please.

[A]

Looks like they are unlocked now, thanks mucho!

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Anonymous]

Garcel, Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to complete. The normal profit margin is 30% of sales. The replacement cost of the inventory was $75,000. What amount should Garcel report as inventory on balance sheet?

A.
$114,500

Incorrect B.
$85,000

C.
$77,000

D.
$75,000

Per Ninja, the correct answer is C. Under the new rules i.e. lower of cost or NRV, shouldn't the answer be B.?

[jeff]

The question doesn't say whether they use LIFO, FIFO, Weighted avg, retail, etc.

[Author]

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