Beginning inventory, purchases, and sales data for personal organi.docx
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This document provides beginning inventory, purchase, and sales data for personal organizers for the month of January. It then instructs to prepare perpetual inventory records using FIFO, LIFO, and weighted average costing methods and identify the ending inventory balance and cost of goods sold for June under each method. Finally, it provides transactions for Lawlor Lawn Service in June and instructs to prepare journal entries assuming a perpetual inventory system is used.
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PROBLEM 5-5BPrepare a correct detailed multiple-step income st.docx
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement. Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amo.
PROBLEM 5-5BPrepare a correct detailed multiple-step income stat.docx
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement.
Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods.
Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of .
Week 3 Homework TemplateInstructions Only enter data in th.docx
Week 3 Homework Template
Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.
Save the file as follows: lastnamewk1.docx
Submit to the assignment box before the due date. (Late assignments will receive a late penalty).
Remember to show your calculations where necessary! (Use empty space under the tables to do so).
Exercise 5-2
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
Sept. 6
9
10
12
12
14
14
20
20
Exercise 5-6 is on the next page
Exercise 5-6
(a) Prepare an income statement using the format presented on page 245. Assume a 25% tax rate.
(b) Calculate the profit margin ratio and gross profit rate.
ZHOU COMPANY
Income Statement
For the Month Ended January 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Amount (Total)
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income before income taxes
Amount
Income tax expense
Amount
Net Income
Amount
(b) Profit Margin Ratio
Enter text answer here.
Gross Profit Rate
Enter text answer here.
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement. Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit C.
E8-13Altira Corporation uses a periodic inventory system. The fo.docx
E8-13
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug 1 Inventory on hand - 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each.
Aug 14 Sold 8,000 units for $12.00 each.
Aug 18 Purchased 60,000 units for $5.00 each.
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-14
[This is a variation of Exercise 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Aug 1 Inventory on hand – 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each
Aug 14 Sold 8,000 units for $12.00 each
Aug 18 Purchased 6,000 units for $5.00 each
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-18
Steelcase, Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
5. Inventories ($in millions)
February 27, 2009
February 29, 2008
Raw Materials
$61.3
$67.5
Work-in-Process
15.9
20.9
Finished Goods
79.9
87.9
157.1
176.3
LIFO reserve
(27.2)
(29.6)
$129.9
$146.7
The company’s income statement reported cost of goods sold of $2,236.7 million for the fiscal year ended February 27, 2009.
Required:
1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009 adjusting entry to make the cost of goods sold adjustment.
2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?
P 8-5
Ferris Company began 2011 with 6,00o units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$9
$45,000
Jan. 18
6,000
10
60,000
Totals
11,000
$105,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
2,000
Jan. 20
4,000
Total
9,000
8,000 units were on hand at th ...
1 The ending merchandise inventory for 2007 is the same as the be.docx
1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008.
True
False
2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars.
Also an example in the lecture notes. 2500 x .02 = $50.
True
False
3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand.
True
False
4: From PR 6-5B, which of the following journal entries is correct for April 3?
a. (Debit) Merchandise Inventory 25,200 dollars
(Credit) Accounts Payable—Prescott Co. 25,200 dollars
b. (Debit) Merchandise Inventory 42,200 dollars
(Credit) Accounts Payable—Prescott Co.$42,200 dollars
c. (Debit) Merchandise Inventory 25,000 dollars
(Credit) Accounts Payable—Prescott Co. 25,000 dollars
d. (Debit) Merchandise Inventory 42,000 dollars
(Credit) Accounts Payable—Prescott Co. 42,000 dollars
5: From PR 6-5B, which of the following journal entries is correct for April 24?
a. (Debit) Accounts Receivable—Alma Co.8,200 dollars
(Credit) Sales 8,200 dollars
b. (Debit) Accounts Receivable—Alma Co.9,200 dollars
(Credit) Sales 9,200 dollars
c. (Debit) Accounts Receivable—Alma Co.10,200 dollars
(Credit) Sales 10,200 dollars
d. (Debit) Sales 9,200 dollars
(Credit) Accounts Receivable—Alma Co.9,200 dollars
6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is:
a. 19,000 dollars
b. 19,100 dollars
c. 19,200 dollars
d. 19,300 dollars
7: From EX 7-8, the inventory cost by (b) the LIFO method is:
a. 6,515 dollars
b. 6,313 dollars
c. 6,715 dollars
d. 6,414 dollars
8: From EX 7-8, the inventory cost by (C) the Average Cost method is:
a. 7,250 dollars
b. 7,350 dollars
c. 7,360 dollars
d. 7,390 dollars
9: Appendix EX 7-19, the April 30 cost of merchandise inventory is:
a. 161,000 dollars
b. 163,000 dollars
c. 165,000 dollars
d. 167,000 dollars
10: Appendix EX 7-21, estimated ending merchandise inventory is:
a. 270,000 dollars
b. 271,000 dollars
c. 272,000 dollars
d. 273,000 dollars
2.
(No template needed)
a.
b.
3.
(No template needed)
a.
b.
c.
4.
Merchandise available for sale
Less cost of merchandise sold
Estimated ending merchandise inventory $
5.
Cost
Retail
Merchandise inventory, April 1
$ 180,000
$ 300,000
Purchases in April (net)
1,200,000
2,000,000
Merchandise available for sale
Ratio of cost to retail price:
=
Sales for September (net)
Merchandise inventory, April 30, at retail
Multiply by ratio of cost to retail price:
x
Merchandise inventory, April 30, at estimated cost
The following were selected from among the transactions completed by Calworks Company during April of ...
Recommended
PROBLEM 5-5BPrepare a correct detailed multiple-step income st.docx
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement. Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amo.
PROBLEM 5-5BPrepare a correct detailed multiple-step income stat.docx
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement.
Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods.
Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of .
Week 3 Homework TemplateInstructions Only enter data in th.docx
Week 3 Homework Template
Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.
Save the file as follows: lastnamewk1.docx
Submit to the assignment box before the due date. (Late assignments will receive a late penalty).
Remember to show your calculations where necessary! (Use empty space under the tables to do so).
Exercise 5-2
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
Sept. 6
9
10
12
12
14
14
20
20
Exercise 5-6 is on the next page
Exercise 5-6
(a) Prepare an income statement using the format presented on page 245. Assume a 25% tax rate.
(b) Calculate the profit margin ratio and gross profit rate.
ZHOU COMPANY
Income Statement
For the Month Ended January 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Amount (Total)
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income before income taxes
Amount
Income tax expense
Amount
Net Income
Amount
(b) Profit Margin Ratio
Enter text answer here.
Gross Profit Rate
Enter text answer here.
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement. Assume a tax rate of 25%.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit C.
E8-13Altira Corporation uses a periodic inventory system. The fo.docx
E8-13
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug 1 Inventory on hand - 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each.
Aug 14 Sold 8,000 units for $12.00 each.
Aug 18 Purchased 60,000 units for $5.00 each.
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-14
[This is a variation of Exercise 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Aug 1 Inventory on hand – 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each
Aug 14 Sold 8,000 units for $12.00 each
Aug 18 Purchased 6,000 units for $5.00 each
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-18
Steelcase, Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
5. Inventories ($in millions)
February 27, 2009
February 29, 2008
Raw Materials
$61.3
$67.5
Work-in-Process
15.9
20.9
Finished Goods
79.9
87.9
157.1
176.3
LIFO reserve
(27.2)
(29.6)
$129.9
$146.7
The company’s income statement reported cost of goods sold of $2,236.7 million for the fiscal year ended February 27, 2009.
Required:
1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009 adjusting entry to make the cost of goods sold adjustment.
2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?
P 8-5
Ferris Company began 2011 with 6,00o units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$9
$45,000
Jan. 18
6,000
10
60,000
Totals
11,000
$105,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
2,000
Jan. 20
4,000
Total
9,000
8,000 units were on hand at th ...
1 The ending merchandise inventory for 2007 is the same as the be.docx
1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008.
True
False
2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars.
Also an example in the lecture notes. 2500 x .02 = $50.
True
False
3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand.
True
False
4: From PR 6-5B, which of the following journal entries is correct for April 3?
a. (Debit) Merchandise Inventory 25,200 dollars
(Credit) Accounts Payable—Prescott Co. 25,200 dollars
b. (Debit) Merchandise Inventory 42,200 dollars
(Credit) Accounts Payable—Prescott Co.$42,200 dollars
c. (Debit) Merchandise Inventory 25,000 dollars
(Credit) Accounts Payable—Prescott Co. 25,000 dollars
d. (Debit) Merchandise Inventory 42,000 dollars
(Credit) Accounts Payable—Prescott Co. 42,000 dollars
5: From PR 6-5B, which of the following journal entries is correct for April 24?
a. (Debit) Accounts Receivable—Alma Co.8,200 dollars
(Credit) Sales 8,200 dollars
b. (Debit) Accounts Receivable—Alma Co.9,200 dollars
(Credit) Sales 9,200 dollars
c. (Debit) Accounts Receivable—Alma Co.10,200 dollars
(Credit) Sales 10,200 dollars
d. (Debit) Sales 9,200 dollars
(Credit) Accounts Receivable—Alma Co.9,200 dollars
6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is:
a. 19,000 dollars
b. 19,100 dollars
c. 19,200 dollars
d. 19,300 dollars
7: From EX 7-8, the inventory cost by (b) the LIFO method is:
a. 6,515 dollars
b. 6,313 dollars
c. 6,715 dollars
d. 6,414 dollars
8: From EX 7-8, the inventory cost by (C) the Average Cost method is:
a. 7,250 dollars
b. 7,350 dollars
c. 7,360 dollars
d. 7,390 dollars
9: Appendix EX 7-19, the April 30 cost of merchandise inventory is:
a. 161,000 dollars
b. 163,000 dollars
c. 165,000 dollars
d. 167,000 dollars
10: Appendix EX 7-21, estimated ending merchandise inventory is:
a. 270,000 dollars
b. 271,000 dollars
c. 272,000 dollars
d. 273,000 dollars
2.
(No template needed)
a.
b.
3.
(No template needed)
a.
b.
c.
4.
Merchandise available for sale
Less cost of merchandise sold
Estimated ending merchandise inventory $
5.
Cost
Retail
Merchandise inventory, April 1
$ 180,000
$ 300,000
Purchases in April (net)
1,200,000
2,000,000
Merchandise available for sale
Ratio of cost to retail price:
=
Sales for September (net)
Merchandise inventory, April 30, at retail
Multiply by ratio of cost to retail price:
x
Merchandise inventory, April 30, at estimated cost
The following were selected from among the transactions completed by Calworks Company during April of ...
3. inventories
Perpetual and Periodic inventory valuation methods are discussed in this presentation. The systems are explained using the different valuations methods (FIFO, LIFO and AVG).
Periodic Inventory by Three Methods; Cost of Merchandise Sold The un.pdf
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available
for sale during the year were as follows: Jan. 1 Inventory 30 units @ $124 Mar. 10 Purchase 60
units @ $134 Aug. 30 Purchase 10 units @ $140 Dec. 12 Purchase 100 units @ $146 There are
40 units of the item in the physical inventory at December 31. The periodic inventory system is
used. Determine the inventory cost and the cost of merchandise sold by three methods. Round
interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO)
$
$
Last-in, first-out (LIFO)
Weighted average cost
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO)
$
$
Last-in, first-out (LIFO)
Weighted average cost
Solution
Working:
Cost of Goods Available for Sale:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
60
$ 134
$ 8,040
Aug. 30
10
$ 140
$ 1,400
Dec. 12
100
$ 146
$ 14,600
Cost of Goods Available for Sale =
$ 27,760
Cost of Merchandise Inventory and Cost of Merchandise Sold:
1
First-in, first-out (FIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Dec. 12
40
$ 146
$ 5,840
Cost of Merchandise Inventory:
$ 5,840
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,840)
Cost of Merchandise Sold
$ 21,920
2
Last-in, first-out (LIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
10
$ 134
$ 1,340
Cost of Merchandise Inventory:
$ 5,060
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,060)
Cost of Merchandise Sold
$ 22,700
3
Weighted average cost:
Cost of Goods Available for Sale
$ 27,760
Total Units Available for Sale =
200
Weighted average cost per unit = 27760 /200
$ 138.80
Cost of Merchandise Inventory: = 40 units *138.80 =
$ 5,552
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,552)
Cost of Merchandise Sold
$ 22,208
Working:
Cost of Goods Available for Sale:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
60
$ 134
$ 8,040
Aug. 30
10
$ 140
$ 1,400
Dec. 12
100
$ 146
$ 14,600
Cost of Goods Available for Sale =
$ 27,760
Cost of Merchandise Inventory and Cost of Merchandise Sold:
1
First-in, first-out (FIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Dec. 12
40
$ 146
$ 5,840
Cost of Merchandise Inventory:
$ 5,840
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,840)
Cost of Merchandise Sold
$ 21,920
2
Last-in, first-out (LIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
10
$ 134
$ 1,340
Cost of Merchandise Inventory:
$ 5,060
Cost of Merchandise S.
AC1220 ACCOUNTING ILab 3.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
1-FIFO and LIFO inventory methods.During June, the following.docx
1-
FIFO and LIFO inventory methods.
During June, the following changes in inventory item 27 took place:
June
1
Balance
1,400 units @ $36
14
Purchased
800 units @ $54
24
Purchased
700 units @ $45
8
Sold
400 units @ $75
10
Sold
1,000 units @ $60
29
Sold
500 units @ $66
Perpetual inventories are maintained.
Instructions
What is the cost of the ending inventory for item 27 under the following methods? (show calculations)
(a)
FIFO.
(b)
LIFO.
1-
Lower-of-cost-or-market.
Determine the proper unit inventory price in the following independent cases by applying the
lower of cost or market rule.
Circle your choice.
1
2
3
4
5
$7.80
$10.50
$11.80
$6.00
$7.20
8.85
10.00
12.20
4.25
6.90
8.15
9.00
11.40
3.75
6.50
7.90
10.10
12.50
4.00
5.40
Cost
Net realizable value
Net realizable value less normal profit
Market replacement cost
2-
Lower-of-cost-or-market
The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below.
Replacement
Estimated
Expected
Normal Profit
Product
Original Cost
Cost
Disposal Cost
Selling Price
on Sales
A
$24.00
$22.00
$6.50
$40.00
20%
B
$42.00
$40.00
$10.00
$48.00
25%
C
$120.00
$115.00
$25.00
$190.00
30%
D
$19.00
$15.80
$4.00
$26.00
10%
Instructions
Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017.
1-
Relative sales value method.
Doran Realty Company purchased a plot of ground for $1,900,000 and spent $4,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $120,000, $90,000, and $60,000 each, respectively.
Instructions
Complete the table below to allocate the cost of the lots using a relative sales value method.
No. of
Selling
Total
% of
Apportioned cost
Grade
Lots
Price
Revenue
Total Sales
Total
Per Lot
Highland
20
$
$
$
$
Midland
40
$
$
Lowland
100
$
_______
_______
$
160
$_______
$_______
2-
A major difference between GAAP and IFRS with respect to accounting for inventories pertains to:
a.
Guidelines on ownerships of goods.
b.
Costs to include in inventories.
c.
The use of LIFO cost flow assumption.
d.
The use of LCNRV.
1-
Calculate depreciation.
A machine which cost $500,000 is acquired on October 1, 2017. Its estimated salvage value is $40,000 and its expected life is eight years.
Instructions
(1)
Calculate depreciation expense for 2017 and 2018 by each of the following methods, showing the figures used.
(a)
Double-declining balance
(b)
Sum-of-the-years’-digits
(2)
At the end of 2018, which method results in the larger accumulated depreciation amount?
2-
Calculate depreciation.
A machine cost $900,000 on April 1, 2017. Its estimated salvage value is $90,000 and its expected life is eight years.
I.
Chapter-6-inventory.pptx
Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items. There are different types of inventory management, each with its pros and cons, depending on a company’s needs.
The Benefits of Inventory Management
A company's inventory is one of its most valuable assets. In retail, manufacturing, food services, and other inventory-intensive sectors, a company's inputs and finished products are the core of its business. A shortage of inventory when and where it's needed can be extremely detrimental.
At the same time, inventory can be thought of as a liability (if not in an accounting sense). A large inventory carries the risk of spoilage, theft, damage, or shifts in demand. Inventory must be insured, and if it is not sold in time it may have to be disposed of at clearance prices—or simply destroyed.
For these reasons, inventory management is important for businesses of any size. Knowing when to restock inventory, what amounts to purchase or produce, what price to pay—as well as when to sell and at what price—can easily become complex decisions. Small businesses will often keep track of stock manually and determine the reorder points and quantities using spreadsheet (Excel) formulas. Larger businesses will use specialized enterprise resource planning (ERP) software. The largest corporations use highly customized software as a service (SaaS) applications.
Appropriate inventory management strategies vary depending on the industry. An oil depot is able to store large amounts of inventory for extended periods of time, allowing it to wait for demand to pick up. While storing oil is expensive and risky—a fire in the U.K. in 2005 led to millions of pounds in damage and fines—there is no risk that the inventory will spoil or go out of style.
1
For businesses dealing in perishable goods or products for which demand is extremely time-sensitive—2021 calendars or fast-fashion items, for example—sitting on inventory is not an option, and misjudging the timing or quantities of orders can be costly.
For companies with complex supply chains and manufacturing processes, balancing the risks of inventory glut and shortages is especially difficult. To achieve these balances, firms have developed several methods for inventory management, including just-in-time (JIT) and materials requirement planning (MRP).
Analyze MVPIThe motives, values, and preferences inventory (MV.docx
Analyze MVPI
The motives, values, and preferences inventory (MVPI) is used to identify the motives and values most important to an individual. Understanding the personal values of the individuals who make up a team can be useful in understanding the team dynamics and help a manager build and sustain teamwork within the organization.
Refer to the 10 core values (listed below) evaluated on the MVPI.
Rank order the traits according to the value you assign to them, with 1 being the trait you value the most in a team member and 10 being the trait you value the least.
Explain the rationale for your ranking. Give an example of each trait drawn from your experience or observations.
MVPI Values
Recognition:
Desire for attention, approval, and praise
Power:
Desire for success, accomplishment, status, competition, and control
Hedonism:
Desire for fun, pleasure, and recreation
Altruism:
Concern about the welfare of others and contribution to a better society
Affiliation:
Desire for enjoyment of social interaction
Tradition:
Concern for established values of conduct
Security:
Desire for certainty, order, and predictability in employment and finance
Science:
quest for knowledge, research, technology, and data
Aesthetics:
need for self-expression, concern over look, feel, and design of work products
Commerce:
interest in money, profits, investment, and business opportunities
.
Analyze and interpret the following quotation The confrontation of.docx
Analyze and interpret the following quotation: “The confrontation of Western civilization with other peoples whose values were often dramatically opposed to the West’s…suggests that by the dawn of the twentieth century, the tradition and sense of centeredness that had defined indigenous cultures for hundreds, even thousands, of years was either threatened or in the process of being destroyed. Worldwide, non-Western cultures suddenly found that they were defined as outposts of new colonial empires developed by Europeans, resulting in the weakening of traditional cultural practices, political leadership, and social systems that had been in place for centuries.” (Sayre, 2013, pp. 410-411).
In the later nineteenth and early twentieth century, what would this “loss of centeredness” of culture have meant for a given cultural group? Select from among the non-Western cultural groups noted in the text (Native American, Chinese, Indian, Japanese, or African) and research the impact of Western or European cultures on that group.
What was the selected non-Western culture like prior to the late nineteenth century? How did it change as a result of European expansion? How is this change representative of what Sayre calls a “loss of centeredness?” Be sure to use specific examples and details.
Submit your findings in a 4-page essay in APA format.
.
Analyze and prepare a critique of the following situationMary h.docx
Analyze and prepare a critique of the following situation:
Mary has worked for Bob for two years. About 6 months ago, Bob asked Mary out to dinner. They had a good time together and agreed that they had some real interests in common outside of work. The pair dated for two months. Mary initially liked Bob, but he was beginning to get annoying. He called her all the time, was very pushy about her seeing him, and wanted to control all aspects of her life; both at work and at home. Mary decided to call it off. When she told Bob that she did not want to see him personally anymore, he went crazy on her. He told her she would be sorry and that he would see to it that she regretted it. Bob began to make life miserable for Mary at work. She suddenly started to get poor performance evaluations after two years of exemplary reviews. Even the managers above Bob were beginning to make comments about her poor attitude. Mary decided it was time to act. She was worried she would be fired, all because Bob wanted her to continue to date him. She loved her job and knew she did quality work. She made an appointment with the HR manager.
Using the Civil Rights Acts of 1964 and 1991, discuss the type of sexual harassment Mary thinks she is experiencing. What are the obligations of the HR manager once Mary reports this? Discuss the likelihood that Bob would be found guilty of sexually harassing Mary. If the HR manager investigates and finds Mary is telling the truth, what should s/he do to handle the situation so that the company is not found complicit by the EEOC if further complaint is made? If found in Mary's favor, what options does the HR manager have to remedy the situation?
.
Analyze the anthropological film Jero A Balinese Trance Seance made.docx
Analyze the anthropological film Jero: A Balinese Trance Seance made by Linda Connor, Patsy Asch and Timothy Asch. Choose two or three significant concepts covered in our readings and lectures to analyze the film (cultural relativism, visual imperialism). You will need to explore these concepts in a thorough manner, select your anthropological concepts to best serve your thesis statement and interest in the film.
Think about the approach to the subject matter. How do the filmmakers construct the culture they present? What is the significance of this film? Who is Jero and why is she featured in this film? What did you learn? What questions are raised by this film? What is left unanswered?
Do the filmmakers privilege their own culture or do they employ cultural relativism? Can you see how the shift in anthropology, from studying the "native" may have impacted the filmmakers approach Could they have been more effective in their approach? Describe how? What worked well and why? What are some ethical implications that you see raised in this film?
These questions serve as guideline for you but you should choose specific concepts that you find interesting to explore how ethnicity and culture are presented in this film.
Hi, can you please make use of the terms "cultural baggage" and "politics of representation" in the essay
.
analyze and synthesize the financial reports of an organization of t.docx
analyze and synthesize the financial reports of an organization of their choice and present their findings in a PowerPoint presentation (with completed Notes section providing details of analysis and synthesis of information to presented points. You must also provide a separate document of exhibits of financial reports analyzed for the Presentation).
Projects will include:
Organization overview
Financial statements analysis
Analysis of cash flow
Stock performance analysis
Cost of capital or required return on investment
Value of the organization: book value, common stock value
Discussion of appropriate organizational development options with the inclusion of general risk and return scenarios from a management perspective
.
Analyze financial statements using financial ratios.• .docx
Analyze financial statements using financial ratios.
•
Analyze and evaluate cash flows over time.
•
Use technology and information resources to research issues in financial management.
•
Write clearly and concisely about financial management using proper writing mechanics.
This project requires that you conduct a financial analysis of two, comparable organizations. You
may select any organizations that produce publicly available financial statements employing IFRS
or U.S. GAAP (both companies must follow the same GAAP). Let your professor know which two
companies you plan to study before the end of Week 2, as your selection must be approved. The
professor reserves the right to limit the number of students comparing the same two
organizations.
Assignment:
1. Carefully review the annual reports for both organizations. Comment on what approach
each company has taken in reporting to its shareholders.
(This requirement is purposely
broad to give you the freedom to talk about anything that comes under the broad title of
“reporting to shareholders”).
2. Prepare a ratio analysis for both companies including a trend analysis for three years.
Comment on the significance of the ratios for each company (do they indicate that things
are all right, do they suggest that problems exist, or is it likely that problems will occur in
the future?). Comment specifically on the similarities and differences among the ratios
calculated for both companies and comparison to any benchmark.
3.
Prepare an analysis of the cash flow statements for both companies.
4. List and discuss the importance of the two most significant accounting policies adopted
by the two organizations (you should select the same two policies for both organizations).
Explain the options selected by both companies and comment on any differences that
you see. Explain what other policies the organizations could have selected and state why
you think they selected one policy over another.
5. Provide the URL’s for each company’s Annual Report.
Your assignment should adhere to these guidelines:
•
Write in a logical, well-organized conventional business style. Use Times New Roman
font size 12 or similar, double space, and leave ample white space per page.
•
All references must follow JWMI style guide and works must be cited appropriately.
Check with your professor for any additional instructions on citations.
•
On the first page or in a header, include the title of the assignment, the student’s name,
the professor’s name, the course title, and the date. Reference pages are not included in
the assignment page length.
•
Faculty members have discretion to penalize for assignments that do not follow these
guidelines. Check with your individual professor if you feel the assignment r
much longer or shorter treatment than recommended.
The two companies are: Walm.
Analyze and prepare a critique of the following situationMary has.docx
Analyze and prepare a critique of the following situation:
Mary has worked for Bob for two years. About 6 months ago, Bob asked Mary out to dinner. They had a good time together and agreed that they had some real interests in common outside of work. The pair dated for two months. Mary initially liked Bob, but he was beginning to get annoying. He called her all the time, was very pushy about her seeing him, and wanted to control all aspects of her life; both at work and at home. Mary decided to call it off. When she told Bob that she did not want to see him personally anymore, he went crazy on her. He told her she would be sorry and that he would see to it that she regretted it. Bob began to make life miserable for Mary at work. She suddenly started to get poor performance evaluations after two years of exemplary reviews. Even the managers above Bob were beginning to make comments about her poor attitude. Mary decided it was time to act. She was worried she would be fired, all because Bob wanted her to continue to date him. She loved her job and knew she did quality work. She made an appointment with the HR manager.
Using the Civil Rights Acts of 1964 and 1991, discuss the type of sexual harassment Mary thinks she is experiencing. What are the obligations of the HR manager once Mary reports this? Discuss the likelihood that Bob would be found guilty of sexually harassing Mary. If the HR manager investigates and finds Mary is telling the truth, what should s/he do to handle the situation so that the company is not found complicit by the EEOC if further complaint is made? If found in Mary's favor, what options does the HR manager have to remedy the situation?
Site references in APA format
.
Analyze Alternative Exchange Rate RegimesThere are several argum.docx
Analyze Alternative Exchange Rate Regimes
There are several arguments for and against the alternative exchange rate regimes. Prepare a 2- to 4-page paper presenting both sides of the argument. In your paper:
List and explain the advantages of the flexible exchange rate regime.
Criticize the flexible exchange rate regime from the viewpoint of the proponents of the fixed exchange rate regime.
Refute the above criticism from the viewpoint of the proponents of the flexible exchange rate regime.
Discuss the impact the increased volatility in interest and foreign exchange rates has on global institutions.
Assignment 3 Grading Criteria
Maximum Points
Listed and explained the advantages of the flexible exchange rate regime.
24
Criticized the flexible exchange rate regime from the viewpoint of the proponents of the fixed exchange rate regime.
24
Refuted the above criticism from the viewpoint of the proponents of the flexible exchange rate regime.
20
Discussed the impact the increased volatility in interest and foreign exchange rates has on global institutions.
20
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
12
Total:
100
.
Analyze and evaluate the different leadership theories and behavior .docx
Analyze and evaluate the different leadership theories and behavior approaches, including the Tuckman four stages of group development model.
Evaluate the importance of the internal environmental factors that include the cultural, language, political, and technological differences.
Apply the necessary steps to overcome the identified challenges with the different sources of power that must be taken into account.
Deliverable Length:
4-5 Body Pages
.
Analytical essay report about polio 1ِ- An introductory paragraph .docx
Analytical essay report about polio
1ِ- An introductory paragraph
2 - A background paragraph that includes factual and historical information about polio
3 - three body paragraph that explain the epidemic and illustrate its significance
4- A concluding paragraph
5- An end of text reference page with reference for all source referred to as you wrote your report
.
More Related Content
Similar to Beginning inventory, purchases, and sales data for personal organi.docx
3. inventories
Perpetual and Periodic inventory valuation methods are discussed in this presentation. The systems are explained using the different valuations methods (FIFO, LIFO and AVG).
Periodic Inventory by Three Methods; Cost of Merchandise Sold The un.pdf
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available
for sale during the year were as follows: Jan. 1 Inventory 30 units @ $124 Mar. 10 Purchase 60
units @ $134 Aug. 30 Purchase 10 units @ $140 Dec. 12 Purchase 100 units @ $146 There are
40 units of the item in the physical inventory at December 31. The periodic inventory system is
used. Determine the inventory cost and the cost of merchandise sold by three methods. Round
interim calculations to one decimal and final answers to the nearest whole dollar.
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO)
$
$
Last-in, first-out (LIFO)
Weighted average cost
Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method
Merchandise Inventory
Merchandise Sold
First-in, first-out (FIFO)
$
$
Last-in, first-out (LIFO)
Weighted average cost
Solution
Working:
Cost of Goods Available for Sale:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
60
$ 134
$ 8,040
Aug. 30
10
$ 140
$ 1,400
Dec. 12
100
$ 146
$ 14,600
Cost of Goods Available for Sale =
$ 27,760
Cost of Merchandise Inventory and Cost of Merchandise Sold:
1
First-in, first-out (FIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Dec. 12
40
$ 146
$ 5,840
Cost of Merchandise Inventory:
$ 5,840
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,840)
Cost of Merchandise Sold
$ 21,920
2
Last-in, first-out (LIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
10
$ 134
$ 1,340
Cost of Merchandise Inventory:
$ 5,060
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,060)
Cost of Merchandise Sold
$ 22,700
3
Weighted average cost:
Cost of Goods Available for Sale
$ 27,760
Total Units Available for Sale =
200
Weighted average cost per unit = 27760 /200
$ 138.80
Cost of Merchandise Inventory: = 40 units *138.80 =
$ 5,552
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,552)
Cost of Merchandise Sold
$ 22,208
Working:
Cost of Goods Available for Sale:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
60
$ 134
$ 8,040
Aug. 30
10
$ 140
$ 1,400
Dec. 12
100
$ 146
$ 14,600
Cost of Goods Available for Sale =
$ 27,760
Cost of Merchandise Inventory and Cost of Merchandise Sold:
1
First-in, first-out (FIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Dec. 12
40
$ 146
$ 5,840
Cost of Merchandise Inventory:
$ 5,840
Cost of Merchandise Sold
Cost of Goods Available for Sale
$ 27,760
Less: Cost of Merchandise Inventory:
$ (5,840)
Cost of Merchandise Sold
$ 21,920
2
Last-in, first-out (LIFO) :
Cost of Merchandise Inventory:
Date
Units
Rate
Cost
A
B
A*B
Jan. 1
30
$ 124
$ 3,720
Jan. 10
10
$ 134
$ 1,340
Cost of Merchandise Inventory:
$ 5,060
Cost of Merchandise S.
AC1220 ACCOUNTING ILab 3.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
1-FIFO and LIFO inventory methods.During June, the following.docx
1-
FIFO and LIFO inventory methods.
During June, the following changes in inventory item 27 took place:
June
1
Balance
1,400 units @ $36
14
Purchased
800 units @ $54
24
Purchased
700 units @ $45
8
Sold
400 units @ $75
10
Sold
1,000 units @ $60
29
Sold
500 units @ $66
Perpetual inventories are maintained.
Instructions
What is the cost of the ending inventory for item 27 under the following methods? (show calculations)
(a)
FIFO.
(b)
LIFO.
1-
Lower-of-cost-or-market.
Determine the proper unit inventory price in the following independent cases by applying the
lower of cost or market rule.
Circle your choice.
1
2
3
4
5
$7.80
$10.50
$11.80
$6.00
$7.20
8.85
10.00
12.20
4.25
6.90
8.15
9.00
11.40
3.75
6.50
7.90
10.10
12.50
4.00
5.40
Cost
Net realizable value
Net realizable value less normal profit
Market replacement cost
2-
Lower-of-cost-or-market
The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below.
Replacement
Estimated
Expected
Normal Profit
Product
Original Cost
Cost
Disposal Cost
Selling Price
on Sales
A
$24.00
$22.00
$6.50
$40.00
20%
B
$42.00
$40.00
$10.00
$48.00
25%
C
$120.00
$115.00
$25.00
$190.00
30%
D
$19.00
$15.80
$4.00
$26.00
10%
Instructions
Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017.
1-
Relative sales value method.
Doran Realty Company purchased a plot of ground for $1,900,000 and spent $4,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $120,000, $90,000, and $60,000 each, respectively.
Instructions
Complete the table below to allocate the cost of the lots using a relative sales value method.
No. of
Selling
Total
% of
Apportioned cost
Grade
Lots
Price
Revenue
Total Sales
Total
Per Lot
Highland
20
$
$
$
$
Midland
40
$
$
Lowland
100
$
_______
_______
$
160
$_______
$_______
2-
A major difference between GAAP and IFRS with respect to accounting for inventories pertains to:
a.
Guidelines on ownerships of goods.
b.
Costs to include in inventories.
c.
The use of LIFO cost flow assumption.
d.
The use of LCNRV.
1-
Calculate depreciation.
A machine which cost $500,000 is acquired on October 1, 2017. Its estimated salvage value is $40,000 and its expected life is eight years.
Instructions
(1)
Calculate depreciation expense for 2017 and 2018 by each of the following methods, showing the figures used.
(a)
Double-declining balance
(b)
Sum-of-the-years’-digits
(2)
At the end of 2018, which method results in the larger accumulated depreciation amount?
2-
Calculate depreciation.
A machine cost $900,000 on April 1, 2017. Its estimated salvage value is $90,000 and its expected life is eight years.
I.
Chapter-6-inventory.pptx
Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items. There are different types of inventory management, each with its pros and cons, depending on a company’s needs.
The Benefits of Inventory Management
A company's inventory is one of its most valuable assets. In retail, manufacturing, food services, and other inventory-intensive sectors, a company's inputs and finished products are the core of its business. A shortage of inventory when and where it's needed can be extremely detrimental.
At the same time, inventory can be thought of as a liability (if not in an accounting sense). A large inventory carries the risk of spoilage, theft, damage, or shifts in demand. Inventory must be insured, and if it is not sold in time it may have to be disposed of at clearance prices—or simply destroyed.
For these reasons, inventory management is important for businesses of any size. Knowing when to restock inventory, what amounts to purchase or produce, what price to pay—as well as when to sell and at what price—can easily become complex decisions. Small businesses will often keep track of stock manually and determine the reorder points and quantities using spreadsheet (Excel) formulas. Larger businesses will use specialized enterprise resource planning (ERP) software. The largest corporations use highly customized software as a service (SaaS) applications.
Appropriate inventory management strategies vary depending on the industry. An oil depot is able to store large amounts of inventory for extended periods of time, allowing it to wait for demand to pick up. While storing oil is expensive and risky—a fire in the U.K. in 2005 led to millions of pounds in damage and fines—there is no risk that the inventory will spoil or go out of style.
1
For businesses dealing in perishable goods or products for which demand is extremely time-sensitive—2021 calendars or fast-fashion items, for example—sitting on inventory is not an option, and misjudging the timing or quantities of orders can be costly.
For companies with complex supply chains and manufacturing processes, balancing the risks of inventory glut and shortages is especially difficult. To achieve these balances, firms have developed several methods for inventory management, including just-in-time (JIT) and materials requirement planning (MRP).
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Periodic Inventory by Three Methods; Cost of Merchandise Sold The un.pdf
Periodic Inventory by Three Methods; Cost of Merchandise Sold The un.pdf
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MVPI Values
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Maximum Points
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24
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24
Refuted the above criticism from the viewpoint of the proponents of the flexible exchange rate regime.
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Analysis Essay 1
DUE: Feb 23, 2014 11:55 PM
Grade Details
Grade
N/A
Gradebook Comments
None
Assignment Details
Open Date
Feb 3, 2014 12:05 AM
Graded?
Yes
Points Possible
100.0
Resubmissions Allowed?
No
Attachments checked for originality?
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Analogías
Complete the analogies. Follow the model.
Modelo
muerte : morir :: nacimiento :
nacer
muerte : nacimiento :: divorciarse de : [removed]
pareja : amor :: amigos : [removed]
tener una cita : salir con :: separarse de : [removed]
juntos : separados :: divertirse : [removed]
estudiar : graduarse :: niñez : [removed]
Completar
Complete the conversations. Make any necessary changes. Two words will not be used.
cambiar
edad
pastel
regalar
relajarse
romper
—¿Piensas [removed] de trabajo?
—Sí, estoy buscando algo más interesante.
—De postre vamos a servir [removed].
—¡Qué rico!
—¿Qué hacen ustedes en las fiestas?
— Bailamos, comemos, hablamos y en general [removed].
—¿Qué le vas a [removed] a tu padre en Navidad?
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SR. GONZÁLEZ Mucho (6) , Antonio.
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Requirement 1:
If the discount rate is zero, what is the NPV?
(
Do not round intermediate calculations.
)
NPV
$
(c)
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(
Do not round intermediate calculations.
Enter your answer as a percentage r
ounded to 2 decimal
places (e.g., 32.16).)
Minimum growth rate
[removed] %
9 years ago
11.11.2013
20
Report Issue
Answer
(
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Assignment 2: LASA 1—Business Case and Proposal for Project Selection
You work for Centervale Apparel, a large clothing manufacturing firm....
Topic sentance in chapter 9 of Harry Houdini bio
which is greater 66 2/3 of 480 or80%of400
(x-9)(x+9)=0
15x^2y^2+57xy^2-90y^2
final exam (for ASMA only)
The what assimilated dissolved food
what are opposite numbers?
adv algebra financial application
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An investment has an installed cost of $673,658. The cash flows over the four-year life of the investment are projected to be $228,701, $281,182, $219,209, and $190,376.
Requirement 1:
If …
8 years ago
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An incomplete Punnett square There are three possible phenotypes fo.docx
An incomplete Punnett square: There are three possible phenotypes for wing color in the species of Moon moth. Some of these moths have a red wings, others have yellow wings and some have orange wings. What type of inheritance is illustrated by the species of moth? What are the genotypes that coincide with the three phenotypes given? In a cross between two orange winged moths that produced 100 offspring how many of the offspring will be a yellow? ALSO DRAW OUT PUNNETT SQUARE!!
.
An expanded version of the accounting equation could be A + .docx
An expanded version of the accounting equation could be:
A + Rev = L + OE - Exp
A - L = Paid-in Capital - Rev - Exp
A = L + Paid-in Capital + Beginning Retained Earnings + Rev - Exp
A = L + Paid-in Capital - Rev + Exp
In the seller's records, the sale of merchandise on account would:
Increase assets and increase expenses.
Increase assets and decrease liabilities.
Increase assets and increase paid-in capital.
Increase assets and decrease revenues.
In the buyer's records, the purchase of merchandise on account would:
Increase assets and increase expenses.
Increase assets and increase liabilities.
Increase liabilities and increase paid-in capital.
Have no effect on total assets.
A debit entry will:
Decrease an asset account.
Increase a liability account.
Increase paid-in capital.
Increase an expense account.
A credit entry will:
Increase an asset account.
Increase a liability account.
Decrease paid-in capital.
Increase an expense account.
A credit entry to an account will:
Always decrease the account balance.
Always increase the account balance.
Increase the balance of a revenue account.
Increase the balance of an expense account.
A debit entry to an account will:
Always decrease the account balance.
Always increase the account balance.
Increase the balance of a revenue account.
Increase the balance of an expense account.
Sage, Inc. has 20 employees who each earn $100 per day and are paid every Friday. The end of the accounting period is on a Wednesday. How much wages should the firm accrue at the end of the period?
$2,000.
$1,000.
$0.
$6,000.
Which of the following is not one of the 5 questions of transaction analysis?
What's going on?
Which accounts are affected?
Is this an accrual?
Does the balance sheet balance?
Does my analysis make sense?
The effect of an adjustment is:
To correct an entry that was not in balance.
To increase the accuracy of the financial statements.
To record transactions not previously recorded.
To close the books.
A journal entry recording an accrual:
Results in a better matching of revenues and expenses.
Will involve a debit or credit to cash.
Will affect balance sheet accounts only.
Will most likely include a debit to a liability account
Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom's books at the end of every month that the loan is outstanding to record the:
Amount of interest paid during the month.
Amount of total interest to be paid when the note is paid off.
Amount of principal payable at the maturity date of the note.
Accrued interest expense for the month.
The accounting concept/principle being applied when an adjustment is made is usually:
matching revenue and expense.
consistency.
original cost.
materia.
An Evolving IndustryHow are the Internet and other technologies cu.docx
An Evolving Industry
How are the Internet and other technologies currently affecting the ways in which movies are produced, distributed, and exhibited? Are the changes having an impact on the quality or depth of the films? Provide specific examples as you explain your point of view.
Your initial post should be at least 150 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references
.
An essay addressing the definition or resemblance concerning categor.docx
An essay addressing the definition or resemblance concerning categorical placement or criteria-match reasoning. The Term is Inner Peace. This is going to be a rough draft only. APA format
3-5 pages;
3-5 scholarly sources. I would like to address inner peace as the state of living in harmoney with the enviroment, restrained from war and living peacefully. I woud like to tie into figures like Mandela and Ghandi as examples of people that have attained it.
.
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