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Question 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.
Question 2
Sadowski Video Center accumulates the following cost and
market data at December 31.
Inventory
Categories
Cost
Data
Market
Data
Cameras $11,475 $12,565
Camcorders 8,599 9,289
DVDs 11,359 10,039

2. Compute the lower-of-cost-or-market valuation for Sadowski
inventory.
The lower-of-cost-or-market value $
Question 3
The financial statements of Tootsie Roll are presented below.
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%.)

3. 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
Catt Company has the following internal control procedures
over cash disbursements.
Identify the internal control principle that is applicable to each
procedure.

4. 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
Which method of inventory costing is prohibited under IFRS?
FIFO.
Average-cost.
Specific identification.
LIFO.