1. A business organized as a corporation a. is not a separate legal entity in most states. b. requires that stockholders be personally liable for the debts of the business. c. is owned by its stockholders. d. has tax advantages over a proprietorship or partnership. 2. Which of the following is the most appropriate and
Inventory records for Herb's Chemicals revealed the following: March 1, 2009, inventory - 1,000 gallons @ $7.20 = $7,200 Purchases: Sales: Mar. 10 - 600 gals @ 7.25 Mar. 5 - 400 gals Mar. 16 - 800 gals @ 7.30 Mar. 14 - 700 gals Mar. 23 - 600 gals @ 7.35 M
Excell Spread Sheet on Uncle Larry's video game collection data that will enable the sorting of the items to be placed in fields by Name, Date Purchased, Purchase Price, Color, Size, and Location for each of his video games.
Your Uncle Larry has entered all of his video game collection data into an Excel workbook. He took your advice and used headings to organize the information. He now wants to have the information sorted in the fields Name, Date Purchased, Purchase Price, Color, Size, and Location for each of his video games. In addition, his wife
P6-7A This information is available for the Automotive and Other Operations Divisions of General Motors Corporationfor 2004. General Motors uses the LIFO inventory method. (in millions) 2004 Beginning inventory $10,960 Ending inventory 11,717 LIFO reserve 1,442 Current assets 55,515 Current liabilities 74,892 C
The following data concerning the retail inventory method are taken from the financial records of Stone Company. Cost Retail Beginning inventory $ 49,000 70,000 Purchases 224,000 320,000 Freight-in 6,000 - Net markups -
Judith Thompson is the manager of the student center cafeteria. She is introducing pizza as a menu item. The pizza is ordered frozen from a local pizza establishment and baked at the cafeteria. Judith anticipates a weekly demand of 10 pizzas. The cafeteria is open 45 weeks a year, 5 days a week. The ordering cost is $15 and the
A company has decided to order 360 units whenever the on-hand inventory falls to 100 units. There appears to be no seasonal fluctuation to the demand, but it does fluctuate daily and is approximately normally distributed. Historically, the lead time has been four days, and the average sales during this four day period are 80 uni
Haley, Inc. makes coffee tables. Each table needs 28 pounds of lumber to make. The sales forecast for March is 1,600 tables. Estimated beginning and desired ending inventories for March are: Tables --- Estimated Beginning Inventory = 500 Tables --- Desired Ending Inventory = 720 Lumber (pounds) --- Estimated Beginning Inve
A retailer experiences a seasonal demand pattern for its services. Labor requirements over a typical six-month period follow. Period 1 2 3 4 5 6 Requirement 7 8 9 11 12 7 Costs associated with operations are as follows: Wages = $2,000 per worker per month Hiring cost = $1,000 per worker Layoff cost = $1,500 per
The following information is available concerning Stillwater Inc.: Units Unit Cost Beginning inventory 200 $10 Purchases: March 5 300 11 June 12 400 12 August 23 250 13 October 2 150 15 Stillwater, which uses a perpetual system, sold 1,000 units for $22 each during the year. S
See the attached problem file. Determine the proper balance in the allowance to reduce inventory to market at May 31, 2007. For the fiscal year ended May 31, 2007, determine the amount of gain or loss that would be recorded due to the change in the allowance to reduce inventory to market.
(Compute FIFO, LIFO and Average Cost?Periodic and Perpetual) Some of the information found on a detail inventory card for David Letterman Inc. for the first month of operations is as follows. From data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only
Easy E company has an ending inventory at end-of-year prices of $100,000 at Dec. 31, 2005; $123,200 at Dec. 31, 2006; and $134,560 at Dec 31, 2007. The year-end price indexes were 100 as 12/31/06; 110 at 12/31/07, and 116 at 12/31/07. Compute the ending inventory for 2005 through 2007 using the dollar-value LIFO method.
Can you help me get started with this assignment? (Dollar-Value LIFO) Presented below is information related to Dino Radja Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2004 $ 80,000 100 December 31, 2005 115,500 105 December 31, 2006 108,000 120 December 31, 2007 122,200 130 December
In preparing closing entries a. each revenue account will be credited. b.each expense account will be credited. c. the Retained Earnings account will be debited if there is net income for the period. d. the Dividends account will be debited. The closing entry process consists of closing a. all asset and liability account
The following information is available for October for Horton Company. Beginning inventory $100,000 Net purchases 300,000 Net sales 600,000 Percentage markup on cost 66.67% A fire destroyed Horton's October 31 inventory, leaving undamaged inventory with a cost of $6,000. Using the gross
Kiner Co. has the following data related to an item of inventory: Inventory, March 1 100 units @ $4.20 Purchase, March 7 350 units @ $4.40 Purchase, March 16 70 units @ $4.50 Inventory, March 31 130 units (a) What is the value assigned to ending inventory if Kiner uses LIFO? (b) What is the value assign
(Please show works and formulas) 2a. Running Inventory Ramsey's Green Acres sells custom made horse blankets. Fall & winter are strong months for blanket sales. Each blanket is considered a unit. Units sold are anticipated to be: # of Month Units October 200 November 400 December 800 January 600 2000 Total u
See the attached file. Princess Retail Stores started doing business on January I, 2005. The following data reflect its inventory purchases and sales during the year: (see the attachment for the data) Required: 1. Compute gross margin and cost of ending inventory using the periodic FIFO cost flow assumption. 2. Compute
Question: What is the main distinction between perpetual and periodic inventory systems? Which type of system provides better internal control over inventory? Explain why. Describe in words the journal entries that are made in a perpetual inventory system when inventory is sold on credit.
Jedi Company imports a chemical called RS2D from Aleraan. It processes R2D2 into three products in a joint process. These products are Solo, Reti and Nym. The following facts apply to July 2009: (see attachment) a. Allocate the joint costs of the three products using the estimated NRV method b. Calculate the value of the endin
I Understand most of the flow but i am having some difficulty pleale complet and help me check my work. MUST COMPLET ALL FOR CREDIT. PAGE 3636 Student objective page 363 E8-1 Sue Ernesto is the owner of Ernesto's Pizza. Ernesto's is operated strictly on a carryout basis. Customers pick up their orders at a counter where
Describe the kinds of inventory that Wal-Mart holds. What are the costs associated with each kind of inventory?
The inventory record for Item S9 reveals the following for Year 4. The firm uses a periodic inventory system. Units Per Unit Cost Total Inventory, January 1, Year 4 1,800 1.60 2,880 Purchases: February 18 600 1.68 1,008 May 2 900 1.72 1,548 July 26 1,500 1.80 2,700 September 29 1,200 1.84 2,208 December 3 1
Prepare journal entries for each of the following unrelated transactions. You may omit explanations for the journal entries. a. A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash. b. A firm acquires a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25-ye
Deal is a product of the Digby company. Digby's sales forecast for Deal is 2012 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.)
Novi Co was formed in December 1, 2006. The following information is available from Novi's inventory record for product x: Units Unit cost Jan 1, 2007 1,600 $18.00 beg. inventory Purchases: 1/5/07 2,600 $20.
Can you help me get started with this assignment? Chapter 6: E6-9 PAGE 272 (SO 5 PAGE 255) E6-9 Delhi Hardware reported cost of goods sold as follows. Compute inventory and cost of Determine effects of inventory errors. (SO 5) E6-6 Zambia Company reports the following for the month of June. Delhi made two errors: (1
Can you help me get started with this assignment? If a company's per unit cost of inventory purchases increased during the year yet cost of goods sold as a % of sales revenues was lower than the prior year, then the current year a) gross margin as a % of sales revenues must have decreased b) sales price per unit must have
1) Give some examples of process improvement opportunities within your organization or one with which you are familiar. How would you implement these improvements? What would be the benefits? What would be the risks? What are some of the more common elements of risk in managing a project? How can risk be mitigated? 2) How doe