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www.assignmentcloud.comQuestion 1
In its first month of operation, Kuhlman Company
purchased 310 units of inventory for $5, then 410
units for $6, and finally 350 units for $7. At the
end of the month, 380 units remained. Compute
the amount of phantom profit that would result if
the company used FIFO rather than LIFO.

2. Question 2
Sadowski Video Center accumulates the following
cost and market data at December 31.
Inventory Cost Market
Categories Data Data
Cameras $11,475
$12,56
5
Camcorders 8,599 9,289
I rnm
Compute the lower-of-cost-or-market valuation for
Sadowski inventory.
The lower-of-cost-or-market value $
DVDs 11,359 10,039
Question 3
The financial statements of Tootsie Roll are
presented below.

3. Answer the following questions. (Give the amounts
in thousands of dollars, as shown in Tootsie Roll's
annual report.)
What did Tootsie Roll report for the amount of
inventories in its Consolidated Balance Sheet at
December 31, 2011? At December 31, 2010?
(Round amounts to thousands.)
Compute the dollar amount of change and the
percentage change in inventories between 2010
and 2011. (Round percentages to 1 decimal place,
e.g. 15.4% and other answer to thousands.)
Compute inventory as a percentage of current
assets for 2011.(Round answer to 1 decimal place,
e.g. 15.4%.)
What are the (product) cost of goods sold reported
by Tootsie Roll for 2011, 2010, and 2009?
Compute the ratio of (product) cost of goods sold
to net (product) sales in 2011. (Round percentage
to 1 decimal place, e.g. 15.2%.)

4. Question 4
The financial statements of The Hershey Company
and Tootsie Roll are presented below.
Based on the information in the financial
statements, compute these 2011 values for each
company. (Do not adjust for the LIFO reserve.)
(Round answers to 1 decimal place, e.g. 15.2.) (1)
Inventory turnover. (Use product cost of goods
sold and total inventory.)
(2) Days in inventory.
Question 5
Halleran Company has the following internal
control procedures over cash receipts.
Identify the internal control principle that is
applicable to each procedure.
Question 6

5. Catt Company has the following internal control
procedures over cash disbursements.
Identify the internal control principle that is
applicable to each procedure.
Question 7
Which of the following should not be included in
the inventory of a company using IFRS?
None of the these
Goods shipped on consignment to another
company.
Goods held on consignment from another
company.
Goods in transit from another company
shipped
FOB shipping point.
Question 8

6. Which method of inventory costing is prohibited
under IFRS?
FIFO.
Average-cost. Specific
identification. LIFO.

7. Which method of inventory costing is prohibited
under IFRS?
FIFO.
Average-cost. Specific
identification. LIFO.