# Acc 290 Week 5 Wileyplus – 100% Correct

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ACC 290 Week 5 WileyPLUS – 100% Correct

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Question 1
In its first month of operation, Kuhlman Company purchased 310 units of inventory for \$5, then 410 units for \$6, and finally 350 units for \$7. At the end of the month, 380 units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Question 2
Sadowski Video Center accumulates the following cost and market data at December 31.
Inventory Categories | | Cost Data | | Market Data |
Cameras | | \$11,475 | | \$12,565 |
Camcorders | | 8,599 | | 9,289 |
DVDs | | 11,359 | | 10,039 |
Compute the lower-of-cost-or-market valuation for Sadowski inventory.
The lower-of-cost-or-market value | | \$ |
Question 3
The financial statements of Tootsie Roll are presented below.
Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.)
What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.)
Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.)
Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.)
What are the (product) cost of goods sold reported by Tootsie Roll for 2011, 2010, and 2009?
Compute the ratio of (product) cost of goods sold to net (product) sales in 2011. (Round percentage to 1 decimal place, e.g. 15.2%.)
Question 4
The financial statements of The Hershey Company and Tootsie Roll are presented below.
Based on the information in the financial statements, compute these 2011 values for…...

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