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Why are inventories valued at the lower-of-cost-ormarket

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso ISBN: 9781118147290 164

Solution for problem 3 Chapter 9

Intermediate Accounting | 15th Edition

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Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

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Problem 3

Why are inventories valued at the lower-of-cost-ormarket? What are the arguments against the use of the LCM method of valuing inventories?

Step-by-Step Solution:
Step 1 of 3

 Ento 2010 Week 12 Notes  April 4, 2016 o Mantids can “hear” the sonar of bats  Mantids dive to avoid the bats o Importance of “behavior” in mimicry:  Caterpillars avoid birds  Birds see leaf damage and find caterpillars  Cryptic caterpillars look like leaf or twig  Caterpillar eats leaf symmetrically= “no damage” o Hides behind leaf while eating o Eats part of leaf; then clips leaf= “no damage” o Order: Mantodea  Mantis=prophet  Common name: Mantis or mantid  Species: 1,800 o Mantids  Incomplete metamorphosis  Chewing mouthparts  0.5-6 in. long  raptorial forelegs  carnivorous  long thorax  eggs laid in ootheca  cryptic coloration o Mantis:  Sways back and forth prior to attack  Has spines on front legs to hold prey  Has elaborate chewing mouthparts  WHEN THEY CATCH IT THEY DON’T LET GO! o Why do female mantids eat their mates  Theories:  It releases male “inhibitions” and his sperm  He provides mated female with nutrients o But male is smaller-hard to eat him while mating o Preying mantis  Eggs are laid in an egg case=ootheca o Order: Phasmida  Phasma=apparition  Common name: walking sticks  Species: 2,500 o Walking sticks  Incomplete metamorphosis  Chewing mouthparts  Long and slender body  Cryptic coloration  Feed on plants  Feign death when threatened  Autotomy: loss of a leg to escape o Mantis:  Is a generalist predator  Uses antennae to recognize prey  Exerts selective pressure: prey with best mimicry survive  April 6, 2016 o Ethnoentomology : cultural importance of insects o African Desert  Dig toxic beetle pupae from soil  Squish insects onto arrows o Darrel Posey  P.h.D.-UGA 1979  Ethnoentomology of the Kayapo of Central Brazil o Kayapo  Agricultural-but few insect pests  Main pest=mosquito (body paint)  Eat: ants, bee larvae, wasp larvae o Kayapo use of insects  Place ant colony near crop  Cultivate ant plants  Wasp colony in banana tree o Kayapo  Ceremony to acquire power of wasps  Young men hit large wasp nest  Wasp nest=the Universe o Vincent Holt  Why Not Eat Insects  1885 o Insects are nutritious  Protein  Fat  Vitamins (A and D) o Australian Aborigines eat:  Beetle larvae:  Witchetty Grubs (taste like chicken) o New Guinea  Sago Palm provides:  Starch=80% calories  Larvae of Capricorn beetle=protein snack o Insects are rich in in protein!  Botswana-charcoal grilled caterpillars  Thailand-steamed bamboo worms  Waterbugs  Steamed hornet grubs o Scott O’Grady  Shot down over Bosnia  Survived by eating bugs o 1995  Chinese female runners broke many track records  Were they using illegal drugs o No-they ate a caterpillar infected with a fungus o South American Indians eat:  Tarantulas:  Capture tarantulas-avoid venom and toxic hairs  Barbecue tarantulas-taste like shrimp  April 8, 2016 o Insects in the Arts  Butterflies are favorable subject o Bubonic Plague  Ring around the rosies  A pocket full of posies  Ashes ashes  We all fall down o Ogden Nash: Fleas  Adam had ‘em o Poetry: Robert Frost  Fireflies in the Garden  Design (Spider & Moth)  Departmental (Ants)  The Road Not Taken (Silent Spring) o Insects in language:  Busy as a bee  Grubby  Roach  Social butterfly  Waspish o Insects in music  “Flight of the Bumble Bee”  Rimsky-Karsakov o Mariah Carey- ‘Butterfly” o Maria Merian  Combined art and entomology  Born in Germany  Went to South America at age 52  Painted: larvae, pupae, and adult insects with hostplant o Humor  Gary Larson  Ento 2010 at Washington State University Far Side  Insects appear in cartoons more often in winter o Insects in movies  Friendly “insects” humanized  People use no common sense  Frequent biological errors: very large insects can’t breathe o Greatest insect movie:  THEM (1954)  Giant ants mutated by H-bomb invade Los Angeles sewers

Step 2 of 3

Chapter 9, Problem 3 is Solved
Step 3 of 3

Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

The full step-by-step solution to problem: 3 from chapter: 9 was answered by , our top Business solution expert on 11/23/17, 05:08AM. Intermediate Accounting was written by and is associated to the ISBN: 9781118147290. The answer to “Why are inventories valued at the lower-of-cost-ormarket? What are the arguments against the use of the LCM method of valuing inventories?” is broken down into a number of easy to follow steps, and 21 words. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. This full solution covers the following key subjects: inventories, Lower, cost, against, lcm. This expansive textbook survival guide covers 24 chapters, and 633 solutions. Since the solution to 3 from 9 chapter was answered, more than 265 students have viewed the full step-by-step answer.

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