Name and briefly describe each of the inventory methods that are generally accepted in the United States. Which one is the best? Why? this is for an accounting class so i am assuming that it would be related to that field.
Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory).
1. Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory). The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $28 Feb. 4 Purchase
Explain perpetual and periodic inventory methods of reording merchandise inventory. Record the following transactions in general journal in perpetrual and periodic inventory methods.Give necessary working for cost of goods sold and ending inventory in support of your solution. Jan 1, 2005 nventory on hand 1-1-2005
The four unique characteristics of professional service organizations are "(1) an absence of an inventory of sale able merchandise, (2) the importance of professional employees, (3) difficulty in measuring the quantity and quality of output, and (4) small size". Out of these 4 which one causes the greatest problem for a professi
100 Units @ $10.00 200 Units @ 10.50 200 Units @ 11.50 100 Units @ 12.00 Each company sold 400 units but A company uses LIFO inventory costing and Z company uses FIFO inventory costing. Assume there was no beginning inventory. Calculate the value of ending inventory for both companies and the cost of goods sold for both
See attached file for full problem description. Question 1 The following information is available for Franco Company for the month of March, 2006. Beginning Inventory 60 Units @ $40 First Purchase 90 Units @ $50 Second Purchase 50 Units @ $60 Third Purchase
1-1. Ray's Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has estimated the annual demand for this model at 1,000 units. His cost to carry one unit is $100 per year per unit, and he has estimated that each order costs $25 to place. Using the EOQ model, how many s
Quest 1. Most methods of pricing inventories are in accord with generally accepted accounting principles and generally are permissible for income tax purposes. One method that does not fall into this category is a. moving average. b. weighted average. c. LIFO. d. variable costing. Que
Dollar-Value LIFO calculation: Compute the ending inventory for 2004 through 2009 using the dollar-value LIFO method.
Need help learning how to calculate Dollar-Value using LIFO. Layer at Base-Year Prices Ending Inventory at LIFO Cost Ending Inventory Price Index DATE End-of-year prices December 31, 2004 80,000 100 December 31, 2005 115,500 105 December 31, 2006 108,000 120 December 31, 2007 122,200 130 Decemb
FIFO, weighted average, and LIFO methods 13. FIFO, weighted average, and LIFO methods are often used instead of specific identification for inventory valuation purposes. Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation.
13. FIFO, weighted average, and LIFO methods are often used instead of specific identification for inventory valuation purposes. Compare these methods with the specific identification method, discussing the theoretical propriety of each method in the determination of income and asset valuation.
The Green Thumb roadside fruit and vegetable stand much order its cherries from a nearby orchard before they are picked. The following probability distribution for seasonal cherry demand applies: Possible Demand Probability D = 100 boxed .15 D = 150 .20 D = 200 .30 D = 250 .20 D = 300 .15 Green Thumb
A warehouse sells 4 products with a different demand for each product. Each product has a different holding cost and requires a certain amount of space. What should the ordering policy for the warehouse be, given its limited storage capacity?
A retail company begins operations late in 2000 by purchasing $600,000 of merchandise. There are no sales in 2000. During 2001 additional merchandise of $3,000,000 is purchased. Operating expenses (excluding management bonuses) are $400,000, and sales are $6,000,000. The management compensation agreement provides for incentive b
E3: Paul's Farm Store recorded the following purchases and sales of fertilizer during the past year: Jan. 1 Beginning Inventory 250 cases @ $23 $5,750 Feb. 25 Purchase 100 cases @ $26 2,600 June 15 Purchase 400 cases @ $28 11,200 Aug. 15 Purchase 100 cases @ $26 2,600 Oct. 15 Purchase 300 cases @ $28 8,400 Dec. 15
Why do you think inventory is one of the more complex areas for and auditor to test? What kinds of inventories are performed at your organization? Have you ever taken part in them?
Multiple choice questions on accounts: variance, standard deviation, net income, operating expenses , gross profit, current ratio, return on net sales ratio, asset turnover ratio, return on investment, series discount , markup, list price, interest, investments, accumulated straight-line depreciation, book value, MACRS, ending inventory, cost of goods sold, average cost method, LIFO, retail method, gross margin method, standard overtime method, gross earnings, property tax, total federal taxes due
1. Sample data on sales for small retailers are as follows: Sales ($ in 0000s) # of Retailers Lower sales < Upper 100-120 5 120-140 7 140-160 9 160-180 16 180-200 10 200-220 3 The mean sales level of the retailers is: a. $148,600 b. $152,500 c. $161,200 d. $164,490 For questions 2-3 use the fol
E7 On June 15, Tunnale Company sold merchandise for $ 1,300 on terms of n/30 to Whist Company. On June 20, Whist Company returned some of the merchandise for a credit of $ 300, and on June 25, Whist paid the balance owed. Give Tunnale's entries to record the sale, return, and receipt of payment under the perpetual inventory syst
SE 5 Record in journal form each of the following transactions, assuming the perpetual inventory system is used: August 2 - Purchased merchandise on credit from Bean Company, invoice dated August 1, terms n/10, FOB shipping point $2,300. 3 - Received bill from Ace Shipping Company for transportation costs on August 2 ship
Record transactions. Prepare the journal entry for each of the following transactions that occurred during the first year of operations at Sherman Co. Cost-flow assumptions - FIFO and LIFO using periodic and perpetual systems. The inventory records of Twilight, Inc., Reflected the following information for the year ended De
Choose the best answer for each of the following questions: 1. When should the loss on an uncollectible account receivable be recorded as an expense for accrual accounting purposes? a. When it is determined that an account cannot be collected. b. In the same period in which the sale on account occurs. c. When the balance
Effects of inventory errors. Following are condensed income statements for Uncle Bill's Home Improvement Center, for the years ended December 31, 2003, and 2002. (see attached) Uncle Bill was concerned about the operating results for 2003 and asked his recently hired accountant, "If sales increased in 2003, why was net inc
Logan Manufacturing has gone out on bid for a regular component. expected demand is 700 units per month. the item can be purchased from either allen manufacturing or baker manufacturing. their price lists are bellow. ordering cost is $50, and annual holding cost per unit is $5. allen mfg.
(See attached file for full problem description) to take beginning inventory into account. see attached file
E8-5 (Inventoriable Costs?Error Adjustments) Craig Company asks you to review its December 31, 2004, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Craig uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand a
XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $ 400 1/20 Purchase 400 $5 2,000 7/25 Purchase 300 $6 1,800 10/20 Purchase 200 $7 1,400 1,000 $5,600 A physical count of inventory on December 31 re
Smith Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 4 250 units at $13 Aug
Adventure Technology Balance Sheet December 31, 2005 ($thousands) 2001 2002 Assets Cash & Marketable Sec. $60 $49 Accts. Receivable 406 448 Inventory 600 640 Total Current Assets $1,066 $1,137 Fixed Assets Gross Fixed Assets 1,130 1,280 Less:Acc. Depreciation 307 384 Net Fixed A
DAZZLE BOOK WAREHOUSE DISTRIBUTES HARDBACK BOOKS TO RETAIL STORES AND EXTENDS CREDIT TERMS OF 2/10, N/30 TO ALL OF ITS CUSTOMERS. AT THE END OF MAY, DAZZLE'S INVENTORY COSISTED OF 240 BOOKS PURCHASED AT $1200. DURING THE MONTH OF JUNE THE FOLLOWING MERCHANDISING TRANSACTIONS OCCURRED. JUNE 1 PURCHASED 130 BOOKS ON ACCOUNT F
Inventory models:a problem on basic EOQ model including calculations for EOQ and ROP based on a service level desired
The problem is as follows: The Goodstone Tire Company produces a brand of tire called the Rainpath. The demand at its distribution center is 1,035 tires per month. The transport and handling costs are $2,600 each time a shipment of tires is ordered at the distribution center. The annual carrying cost is $3.75 per tire, wh
Johansen 's Ice Cream Shoppe purchases fresh-baked waf .e cones from the Myra Cone Company. The cones cost Johansen $0.28 each and are delivered once each day. Johansen 's charges customers who want their ice cream in a waffle cone an extra $0.40. If Johansen 's runs out of waf .e cones,it estimates that it suffers a customer go