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Inventory

Compute Press Corporation Depreciation

3. Press Corporation purchased a truck for $40,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $4,000 at the end of that time. During the first year, the truck was drive 27,500 miles. Compute the depreciation for the first year under each of the following methods: (a

FIFO and LIFO are explicated.

FIFO and LIF0 Analyze the following scenario: The Hospital for Ordinary Surgery uses pharmaceuticals for its patients. It started the year on January 1, with an inventory of 1,000 doses of an antibiotic drug that cost $17 per dose. On January 2, it purchased another 300 does for $21 each. From January 3 through June 30 it u

Request for Proposal (RFP) for catalog seed company

I sell seeds from a catalog, and business is good. However, my inventory tracking system is not adequate. When busy we have seen supply outages and customers complain about delays. I worry about the business folding unless something is done and soon. I want to hire a management consultant to design a new inventory tracking sys

LIFO/FIFO

Model Inventory Purchase Invoices Inventory Costs Jan 1 1st 2nd 3rd Dec 31st BB900 27 at $213 21 at $215 18 at $222 18 at $225 30 C911 10 at 60 6 at 65 2 at 65

Dollar LIFO for Norman Television

Norman's Televisions produces television sets in 3 categories: portable, midsize , and flat-screen. On Jan 1, 2010, Norman adopted dollar value LIFO and decided to use a single inventory pool. Jan 1 inventory is: Category Quantity cost per Unit Total Cost Portable 6,000

Accounting for Perpetual Inventory Transactions

Information related to Steffens Co. is presented below. 1. On April 5, purchased merchandise from Bryant Company for $43,300 terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $1,059 on merchandise purchased from Bryant. 3. On April 7, purchased equipment on account for $31,690.

Which is best? LIFO, FIFO or Weighted Average

Financial Statements/ LIFO, FIFO and Weighted Average There are several different methods for measuring inventory cost flow on the financial statements - LIFO, FIFO, Weighted Average (forget physical flow). The purpose of the financial statements is to give investors information about the business, which of the flow methods

Eccles finished good inventory; Yimron ending WIP; Raulot

See attached file for proper format of the tables. 1. Eccles Corporation uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. During the year the company's Finished Goods inventory account was debited for $383,000 and credited for $329,900. The ending balance in the Finished Goods

Tangier Industries: Report for choosing between LIFO and FIFO inventory methods

You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost of goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He has heard that LIFO migh

Parson Valve Corp total Manufacturing cost; allocate total costs to inventory

The Parson Valve Corporation was recently formed to produce a brass valve that forms an essential part of a compressor manufactured by a major corporation. The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. September is Parson's firs

FIFO, LIFO, Avg cost for Iowa Company under periodic

(Compute FIFO, LIFO, Average Cost - Periodic and Perpetual) Iowa Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,000 $

Interest on Note and Inventory Flows

On April 1, 2011, Hope Co. accepted a $5,000 face value note as evidence of a loan it made to Cannon Company. The note had a 12 percent interest rate and a on year-year term. What was the amount of interest revenue Hope recognized on the company's December 31, 2011 income statement? The following data apply to the next thre

Calculate inventory cost using FIFO, LIFO, average cost

Problem 1. Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 unit at $165 50 units of the item in the physical inventory at Dec 31. The periodic inventory system should be used to determine the inventory cost by: 1. The first in, first

Falwell Computing & Jones lifo fifo problems

Problem #5 On May 12, 2011, Falwell Computing sold computers to Computing Plus for $10,000, subject to terms 3/10, n/30. Falwell uses the net method of accounting for sales discounts. Required: a. Prepare the journal entry to record the sale. b. Prepare the journal entry to record receipt of the payment, assuming the

Carlson Auto Dealers, Inc: Calculate Inventory Cost

Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the bginning of 2011, Carlson had three cars in inventory, as follows: Car ID Cost 203 $60,000 207 $60,000 210 $63,000 During 20

P 8-1 James Company periodic inventory system; prepare journal entries

James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: 1. The company purchased merchandise on account for $22,000 on October 12, 2011. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was ship

CPA 1-5 LIFO FIFO INVENTORY Here Co., Dixon Menswear Shop, Esquire Corp.

1. Here Co.'s inventory at December 31, 2011, was $1,500,000 based on a physical count priced at cost, and before any necessary adjustment for the following: ? Merchandise costing $90,000, shipped f.o.b. shipping point from a vendor on December 30, 2011, was received and recorded on January 5, 2012. ? Goods in shipping area we

Local Retailer Analysis

Consider a local retailer and analyze its inventory policy (as best you can). Make some determination of the retailer's policy on inventory levels, stock-outs, backorders, and safety stock. Provide reasons why you chose those policies for that particular retailer.

Auditing

You encountered the following situations during the December 31, 2007, physical inventory of Latner Shoe Distributor Company: a. Latner maintains a large portion of the shoe merchandise in 10 warehouses through - out the eastern United States. This ensures swift delivery service for its chain of stores. You are assigned alon