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Assignment on Financial Accounting

Blue Demon Company has the following inventory, purchases and sales data for the month of June 2008. Inventory: June 1 400 units @ $4.00 $1,600 Purchases: June 10 1,000 units @ $4.50 4,500 June 20 800 units @ $4.75 3,800 June 30 600 units @ $5.00 3,000 Sales: June 15 1,000 units Sales Price $8 each June 25 8

Computing Equivalent Units for a Second Department

Please see the attached file (P4) for the problem, for the solution, please use the attached Excel document (CH_4_26A). P4-26A computing equivalent units for a second department with beginning inventory; preparing a production cost report and recording transactions on the basis of the report's information - weighed-average me

Inventory Managment: Cost Accounting

Larsen inc. uses 160000 plastic housing units each year in its production of paper shredders. The cost of placing an order is $60. The cost of holding one unit of inventory for one year is $7.50. Currently Larsen places 40 orders of 4000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compu

Retail Inventory Method for Greene Company

Part 1 Gross Profit Method Horton, Inc. suffered an inventory loss due to a flood. The following information is available to you. Beginning inventory $100,000 Net purchase 400,000 Sales 400,000 Inventory salvaged from flood 50,000 Instructions Use the gross profit method for estimating inventory to determine the lo

Accounting 4

1. Please select the right answer and explain in a few words why: In the buyer's records, the purchase of merchandise on account would: a. Increase assets and increase liabilities. b. Increase liabilities and increase paid-in capital. c. Increase assets and increase expenses. d. Have no effect on total assets. 2

Internal control weaknesses in inventory of raw materials

Pontex Co. produces a variety of chemical products for use by synthetics manufacturers.The plant operates on two shifts, five days per week, with routine maintenance work performed on the third shift and on Sundays, as required. Pontex's new internal audit department has recently completed a series of audits and the comments

Inventory issues for Gleason, Murphy Supply, Sweet Creations

G) Gleason Corporation's fiscal year ends on December 31. Gleason determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Goods pu

Lifo, Fifo, Lower cost or market, and depreciation.

21.The following information is available from the financial statements of Bluebird Enterprises for the years ended on December 31, 2004 and 2005: 2005 2004 Buildings $1,500,000 $2,250,000 Accumulated depreciation 550,000 660,000 Loss on sale of building in 2005 was $10,000. The book value of the building sold was $

Lower-of-cost-or-market, retail inventory method

1. Lower-of-cost-or-market. At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and at market, respectively. Following is data relative to the 12/31/11 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory

FIFO and LIFO Periodic and Perpetual

Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24 11 Purchased 800 units @ $11 15 Sold 500 units @ $25 20 Purchased 500 units @

Lifo Fifo Weighted Average

A companys inventory records showed the following data relative to a particular item sold regularly ( assume that the transactions take place in the order given and inventory is valued using a periodic not perpetual system) Units Unit Cost 1

Gross Profit and Ending Inventory FIFO and LIFO

Converse Supplies produces a product with the following costs as of July 1, 2009. Material $6 Labor $4 Overhead $2 Beginning inventory at these costs on 1 July was 5,000 units. From 1 July to 1 December, Converse produced 15,000 units. These units had a material cost of $10 per unit. The costs for labor and


The following transactions were incurred concerning a small lawn mower business during April: April 1 Beginning Inventory 15 mowers @$110 per mower April 5 Purchased 20 mowers @ $115 per mower April 12 Sold 20 @ $160 per mower April 20 Purchased 10 mowers @ $120 per mower April 28 Sold 16 @ $160 per mower

This case study is about a furniture company owner that needs to encourage sales of current inventory as well as obtain an increase in its line of credit in order to replenish and expand the furniture stock.

Franklyn Furniture (FF) is a midsized owner operated business that was started 25 years ago by Fred Franklyn. The retail furniture business is cyclical, with business dropping off in times of economic downturn, as is the case currently. In order to encourage sales, the store offers its own credit cards to good customers. FF has

(FIFO and LIFO Effects)

Problem attached in best format. You are the vice-president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2010. These schedules appear below. Sales ($5 per unit) Cost of Goods Sold Gross Margin Schedule 1 $154,600

Influence Tactics Inventory: Factors, Patterns

See the attached data file. Instruction: Review the class results for the influence tactics Inventory. Compare the influence tactics your fellow learners used with superiors, subordinates, and co-workers. 1. How do the tactics vary in how frequently they are used and why does this pattern occur? 2. Which influenc

Gotham Company: Calculate the correct balance for ending inventory

Gotham Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: The ending inventory balance of $412,000 included $72,000 of consigned inventory for which Gotham was the consignor. The ending inventory balance of $412,000 included $22,000 of office suppl

Case - Which method shall we use? LIFO FIFO

The White Wove Corporation began operations in 2011. A summary of the firs quarter appears below: Purchases: January 2...............250 units...............$23,250 February 11............100 units...............$9,500 February 20.............400 units.........$38,400 March 21................200 units..............

Manufacturing Company: Reconstruct inventory values after flood

A flood recently destroyed many of the financial records of Yak Manufacturing Company. Management has hired you to re-create as much financial information as possible for the month of July. You are able to find out that the company uses an average cost inventory valuation system. You also learn that Yak makes a physical cout

T-account cost flow diagram: Inventory and cost of goods sold

In the T-account cost flow diagram of balance sheet inventory accounts and the income statement cost of goods sold account: a. cost of goods sold is debited to finished goods inventory. b. cost of goods manufactured is debited to finished goods inventory. c. direct labor costs are credited to work in process. d

3 Problems: high low inventory method; CGS for first year; average cost per unit

1. Production in 2009 for Jensen Jet Ski was at its highest point in the month of June when 40 units were produced at a total cost of $600,000. The low point in production was in January when only 15 units were produced at a cost of $340,000. The company is preparing a budget for 2008 and needs to project expected fixed cost for

how do you value PPE, bonds, AR, inventory and AP

1-When a company cannot justify applying the going concern assumption, different measurement attributes may be required. Identify the most likely measurement. 1. Plant and equipment would be valued at _______________________________________________ 2. Bonds Payable would be valued at _______________________________________