See attached. Shippers Inc. had the following inventory situations to consider at January 31, its year end. a. Goods held on consignment for Mailboxes Corp. since December 12. b. Goods shipped on consignment to Rinehart Holdings Inc. on January 4. c. Goods shipped to customer, FOB destination, on January 29 that are still
Milokimball Company had a beginning inventory on January 1 of 100 units of Product WD-44 at a cost of $21 per unit. During the year, the following purchases were made. Mar 15 300 units at $24 Sept 4 300 units at $28 July 20 200 units at $25 Dec 2 100 units at $30 700 units were sold. Milokimball
Because of the possibility that Calliope might open an online bookstore, it is important to understand how inventory would be reported in Calliope's books and accounts. What are the allowable methods for recording inventory? How does each method affect the expense of cost of goods sold, and consequently, tax expense and net inco
16-26 (Evaluation of internal controls-raw materials and supplies inventory) The Jameson Company produces a variety of chemical products for use by plastics manufacturers. The plant operates on two shifts, five days per week, with maintenance work performed on the third shift and on Saturdays as required. An audit conducted b
1. Golf Away Corporation is a retail sport stores carrying golf apparel and equipment. The store is at the end of its second year of operation and is struggling. A major problem is that its cost of inventory has continually increased in the past two years. In the first year of operations, the store assigned inventory costs using
Please see attached file. Problem 6-1A Schilling Limited is trying to determine the value of its ending inventory as of February 28, 2007, the company's years end.. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation of 48,000. However, she didn't
This information relates to Sherper Co. 1) On April 5 purchased merchandise from Newport Co. for $22,000, terms 2/10, n/30 2) On April 6 paid freight costs of $900 on merchandise purchased from Newport Co. 3) On April 7 purchased equipment on account for 26,000. 4) On April 8 returned some of April 5 merchandise to n
Demand for an item is 1,000 units per year. Each order placed costs $10; the annual cost to carry items in inventory is $2 each.
Demand for an item is 1,000 units per year. Each order placed costs $10; the annual cost to carry items in inventory is $2 each. a. In what quantities should the item be ordered? b. Supposing a $100 discount on each order is given if orders are placed in quantities of 500 or more. Should orders be placed in quantities of 500,
As officers of One-Hundred-Percent Vitamin Co., Sally and Ed have hired you as an outside accountant to advise them on how the accounting treatment can affect their revenues and expenses. The accounting issues of interest include cash versus accrual basis of accounting, inventory costing methods, inventory valuation methods, lea
After doing all of the closing entries, with the exception of the entry to close the dividends account, the Income Summary Account has a Credit balance of $17, 600. What does this number represent? Would the answer change depending on the inventory method that we were using?
Some multiple choice from the text Advance Accounting-Hoyle, Shaefer, Doupnik pag-79 and 80. Choose the best answer, please. 11 and 12- are based in the following information Hampstead Inc. haa only three assets: Book Value Fair Value Inventory........................... $110,000 $150,000 La
Your company is considering the possible acquisition of ABC Company. Financial statements of ABC Company follow. Balance Sheet. 2004 2003 Assets Current assets: Cash $64,346 $11,964 Accounts receivable less
Cost-flow assumptions-FIFO and LIFO using periodic and perpetual systems. The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2004: Number of Units Cost Total Cost Inventory, January 1 100 $13 $1,300
Questions 64-65 and 66-68 Use the following information for questions 64-65. The income statement and balance sheet columns of Grant Company's work sheet reflects the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr. Totals $58,000 $50,000
An auto shop performs a monthly inventory count for auto parts it carries. Assume 30 days per month. Determine the number of auto parts that should be ordered using the following information: (10 points) Average daily demand: 20 units Standard deviation of demand: 25 units/month Desired service probability: 98% Current inv
For your convenience, I have attached a formatted MS Excel spreadsheet containing the solutions to the inventory problems of the Staley Watch Company, with a detailed income statement data for the 2-year reporting period posed in the origianl question.
Compute FIFO, LIFO and Average. Please give detailed explanations on how/why each answer was found. Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units @ $9 Aug. 12 300 units @ $11 May 5 500 units @ $10 Dec. 8 200 units
The demand for barbeque grills has been fairly large in the past several years, and Morrison's Home Supplies, Inc., usually orders new barbeque grills five times a year. It is estimated that the ordering cost is $60 per order. The carrying cost is $10 per grill per year. The lead-time is 12 working days. Furthermore, Morrison's
Inventory systems and Calculating revenues, Expense and income see attachment
Problem 1. Tappan industrial sells machinery on the installment plan.On September 1 2005, Tappan entered into an installment sale contract with Western Productions for a six year period. Equal annual payments under the installment sale are $187,500 and are due on August 31 of each year beginning in 2006
E22-2 (Change in Principle?Inventory Methods) Holder-Webb Company began operations on January 1, 2005, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2008. The following information is available for the years 2005-2007. Net Income Computed Using Average Co
Western Outfitters is a prominent manufacturer of casual denim clothing in Durango, Colorado. The denim used daily in their manufacturing process to produce jeans is normally distributed with an average of 3,000 yards of denim and a standard deviation of 600 yards. The lead time to receive an order of denim cloth from Long Isl
Dear OTA, Please explain with steps Thanks 52. The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $61 First purchase 25 units at $63 Second purchase 30 units at $64 Third purchase 15 units at $73 The firm uses the periodic system and there a
Advance Products, Inc. has just organized a new division to manufacture and sell specially designed tables for mounting and using personal computers. The company's new plant is highly automated and thus requires high monthly fixed costs, as shown in the schedule below: Manufacturing costs: Variable costs per unit:
Please see the attached file.... I have filled out a template for the items listed, but am unsure of the outcome. Can you advise? Thank you. Marks Manufacturing Company has the following beginning balances: Materials inventory $100,000 Work in process $370,000 Finished Goods
Is there a simple equation or way in which to determine what the minimum and maximum inventory levels should be in a hypothetical warehouse? What information must be known in order to determine the Kmin and Kmax inventory levels? Is the determination if min/max inventory levels at all like determining the upper and lower cont
1. The office manager for the Metro Life Insurance Company orders letterhead stationery from an office products firm in boxes of 500 sheets. The company uses 6,500 boxes per year. Annual carrying costs are $3.00 per box, and ordering costs are $28.00. The following discount price schedule is provided by the office supply comp
Electronic Heaven, Inc., sells electronic merchandise, including a personal computer offered for the first time in September, which retails for $695. Sales of this personal computer for the next six month period (ending February 28) totaled $52, 125. Purchase records indicate the following on the amounts purchased and prices and
1. In 1995 Chrysler has a return on equity of 20 percent, whereas Ford's return is only 8 percent. Use the decomposed ROE framework to provide possible reasons for this difference. 2. In a period of rising prices, how would the following ratios be affected by the accounting decision to select LIFO, rather than FIFO, for inven
1 What are the differences between the periodic and the perpetual methods for tracking inventory? What are some advantages and disadvantages to each method? 2 Describe the differences between the FIFO and LIFO methods of inventory valuation. What might be some reasons a company would pick one method over another?