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Inventory

Calculating Equivalent units in process costing

Units Costs Work in process, march 1st 100 1,500 Work in process march 31st. 200 (a) During March 1,000 units were started and costs incurred during the month were $18,500. Ending inventory was 50% complete. Based on the information given, (a) would be what amount?

FIFO and LIFO using periodic and perpetual systems.

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 December 31, 2005: Number of Unit Total Units Cost Cost Inventory, January 1 150 25 3750 Purchases: 30-May 250 26 6

Auditing: accounts payable, inventory, subsequent events, evidence

REQUIRED: 1. Discuss the auditors' approach to the verification of liabilities and assets. 2. Which do you consider the more significant step in establishing strong internal control over accounts payable transactions: the approval of an invoice for payment or the issuance of check in payment of an invoice? Discuss. 3. D

Big Pig Gig & Jig Inventory

Need to know how to calculate the attached problems. Big Pig Gig & Jig (BPGJ) is an incorporated (2005) restaurant for big eaters and has a room specially reinforced for line dancing. As you can imagine the specialty at BPGJ is BBQ pork, and when the house band, Slim Jim, plays their specialty number, Stay offa my feet 'caus

Auditing: inventory issues

REQUIRED: 1.Explain the complexities inherent in auditing inventory. 2.Discuss appropriate internal controls over inventory. 3.Discuss the procedures for testing the details of inventory and cost of goods sold

LIFo, FIFO, COGS, Moving Average

See attached Excel Given info: S Surfer Inc. is a retailer operating in Gothum, PA. S Surfer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; a

ETHICS CASE: S R Marsh Wholesale LIFO pricing of inventory to lower income

S. R. Marsh Wholesale Corp. uses the LIFO method of inventory costing. In the current year, profit at S. R. Marsh is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline significantly next year. In an effort to lower the current year's net income and to take advantage of the chang

A Company sells inventory to C Corporation.

* A Company sells inventory to C Corporation. Several months after the sale, C Corporation gains control of A Company in a purchase transaction. C still holds the inventory purchased from A. After examination of the transaction, it is determined that it was the result of arms'-length bargaining. For purposes of preparing conso

At the end of the month the company had 1800 units on hand.

I tried to start working on this but I am confused, is this using cost of goods equation? However I do not have the ending inventory... Basic data regarding purchases and sales: Date Activity Units Unit costa 2/1 Begin invent 600 1.50 2/9 Purchase 1300 1.70 2/15

Cost of inventory on hand

Instructions Given the following data, prepare a neat, labeled schedule showing the computation of the cost of inventory on hand at 12/31/07. Cost Retail Inventory 1/1/07 $ 28,900 $ 40,000 Purchases 353,600 610,000 Purchases Returns 9,000 20,000 Purchase Discounts 7,000 Sales (Gross) 615,000 Sales Returns

Develop a Bill of Materials and a Material Structure Tree

Develop a Bill of Materials and a Material Structure Tree for a simple product of your choosing. The tree should have at least three levels (0, 1 and 2) and at least 10 components. Construct a gross and a net material requirements plan. Assume that you have some of the items on hand.

FIFO Perpetual Inventory System Calculations

1. ABC uses a FIFO perpetual inventory system and has the following inventory transactions during 2007. Purchases of $3,000,000. The physical inventory count at the beginning and ending of 2007 consisted of the following: Beginning Ending Raw materials $500,000 $400,000 Work-in-process $95,000 $85,000 Finished G

Determining Kanbans Systems

Please read the problem below and answer the question. Please show/explain the work-steps as to how the answer to the problem was derived. ------------------------------------------------------------------------- Problem: Leblanc Electronics, Inc., in Nashville, produces short runs of custom airwave scanners for the defe

FIFO, LIFO, Average Cost Inventory - Shania Twain Company

E8-15 (FIFO, LIFO, Average Cost Inventory) Shania Twain Company was formed on December 1, 2006. The following information is available from Twain's inventory records for Product BAP. Units Unit Cost January 1, 2007 (beginning inventory) 600 $ 8.00 Purchases: January 5, 2007 1,200 9.00 January 25, 2007 1,300 10.00 February

Finance Questions: Inventory, Acquisition Costs, Account Balances

I need a better understanding of these two problems. Dollar-value LIFO. Day Company adopted the dollar-value LIFO inventory method on 12/31/06. On this date, its inventory consisted of the following items. Item Number of Units Cost Per Unit Total Cost X 200 $2.00 $ 400 Y 600 4.50 2,700 $3,100 Additional in

Cost of Goods and Ending Inventory

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

Table chart on inventory affects of credit purchase and cash

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

Evaluation of internal controls-raw materials and supplies inventory

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

Inventory Costing Method and Inventory Method

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

Schilling Limited

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

Microsoft's Inventory Records for Software

Microsoft Corporation's inventory records for a particular software program show the following at October 31: Oct. 1 Beginning inventory 5 units @ $160 Oct. 8 Purchase 4 units @ $160 Oct. 15 Purchase 11 units @ $170 Oct. 26 Purchase 5 units @ $180 1. Compute cost of goods sold and ending inventory, using each of the follo

Sherper Co.

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