Free Essay

Acc 422 Week 3 Wileyplus Assignment Exercises

In: Other Topics

Submitted By hwsoloutions
Words 457
Pages 2
ACC 422 WEEK 3 WILEYPLUS ASSIGNMENT EXERCISES

A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-3-wileyplus-assignment-exercises Visit Our website: http://hwsoloutions.com/
Product Description
ACC 422 Week 3 WileyPlus Assignment Exercises,
E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011,consistsofthe following items.
Part No. Quantity Cost per Unit Cost to Replace per Unit
110 600 $95 $100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
121a 1,600 16 14
122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $0.50 each as scrap.
Instructions
(a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
E9-12 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000
Purchases (gross) 640,000
Freight-in 30,000
Sales 1,000,000
Sales returns 70,000
Purchase discounts 12,000
Instructions
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011,consistsofthe following items.
Part No. Quantity Cost per Unit Cost to Replace per Unit
110 600 $95 $100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
121a 1,600 16 14
122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $0.50 each as scrap.
Instructions
(a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
E9-12 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000
Purchases (gross) 640,000
Freight-in 30,000
Sales 1,000,000
Sales returns 70,000
Purchase discounts 12,000
Instructions
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.

,

Similar Documents

Premium Essay

Acc 422 Week 3 Individual Assignment

...This paperwork - ACC 422 Week 3 Discussion Questions - consists of: DQ 1: What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not. DQ 2: What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements? DQ 3: What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer. General Questions - General General Questions ACC 422 Week 1 Individual Assignment Disclosure Analysis Paper ACC 422 Week 1 WileyPLUS Week Two Assignment ACC 422 Week 2 Learning Team Assignment Weekly Reflection ACC 422 Week 2 Learning Team Textbook Assignments 1 ACC 422 Week 3 Individual Assignment WileyPLUS Week Three Assignment ACC 422 Week 3 Learning Team Assignment Textbook Assignments 2 ACC 422 Week 3 Learning Team Assignment Weekly Reflection ACC 422 Week 4 Individual Assignment WileyPLUS Week Four Assignment  ACC 422 Week 4 Learning......

Words: 349 - Pages: 2

Premium Essay

Acc 291 Week 2 Individual Wileyplus Assignment

...In this file ACC 291 Week 2 Individual WileyPLUS Assignment you can find right answers on the following questions: 1. Exercise E8-3. The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. 2. Exercise BE9-13. Correct. Information related to plant assets, natural resources, and intangibles at the end of 2011 for Spain Company is as follows: buildings $1,100,000; accumulated depreciation-buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depletion-coal mine $108,000. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first. Enter all amounts as positive amounts and subtract where necessary.) 3. Exercise Do It! 9. Match the statement with the term most directly associated with it. 4. Exercise E9-9. Presented below are selected transactions at Ingles Company for 2011. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) 5. Exercise E9-10. Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5......

Words: 375 - Pages: 2

Premium Essay

Acc 422 Week 3 Dqs

...This paperwork - ACC 422 Week 3 Discussion Questions - consists of: DQ 1: What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not. DQ 2: What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements? DQ 3: What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer. General Questions - General General Questions ACC 422 Week 1 Individual Assignment Disclosure Analysis Paper ACC 422 Week 1 WileyPLUS Week Two Assignment ACC 422 Week 2 Learning Team Assignment Weekly Reflection ACC 422 Week 2 Learning Team Textbook Assignments 1 ACC 422 Week 3 Individual Assignment WileyPLUS Week Three Assignment ACC 422 Week 3 Learning Team Assignment Textbook Assignments 2 ACC 422 Week 3 Learning Team Assignment Weekly Reflection ACC 422 Week 4 Individual Assignment WileyPLUS Week Four Assignment  ACC 422 Week 4 Learning......

Words: 361 - Pages: 2

Premium Essay

Acc 291 Week 3 Individual Wileyplus Assignment Week Three

...In this file ACC 291 Week 3 Individual WileyPLUS Assignment Week Three you can find right answers on the following questions: 1. Exercise E9-7. Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method. (Round cost per mile to 2 decimal places, e.g. 10.50. Use rounded amount for future calculations. Round final answers to 0 decimal places, e.g. 125.) Assume that Brainiac uses the straight-line method. (1) Prepare the journal entry to record 2011 depreciation. (2) Show how the truck would be reported in the December 31, 2011, balance sheet. (Enter all amounts as positive amounts and subtract where necessary.) 2. Exercise E10-5. Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. What was Walls's net pay for the week? (Round answer to 2 decimal places, e.g. 10.50.) Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries Payable; not Cash.) (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 2 decimal places, e.g...

Words: 399 - Pages: 2

Premium Essay

Acc 422 Week 3 Wileyplus Assignment Exercises

...A++PAPER;http://www.homeworkproviders.com/shop/acc-422-week-3/ ACC 422 WEEK 3 WILEYPLUS ASSIGNMENT EXERCISES ACC 422 Week 3 WileyPlus Assignment E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011,consistsofthe following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121a 1,600 16 14 122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $0.50 each as scrap. Instructions (a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item. (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. E9-12 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales 1,000,000 Sales returns 70,000 Purchase discounts 12,000 Instructions (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. E10-5 (Treatment of Various Costs) Allegro Supply Company, a newly formed corporation,incurred the following expenditures related to Land, to Buildings, and to......

Words: 698 - Pages: 3

Premium Essay

Acc 422 Week 4 Wileyplus Assignment

...A++PAPER;http://www.homeworkproviders.com/shop/acc-422-week-4/ ACC 422 WEEK 4 WILEYPLUS ASSIGNMENT ACC 422 Week 4 WileyPlus Assignment E11-4 (Depreciation Computations—Five Methods) Instructions From the information given, compute the depreciation charge for 2011 under each of the following methods. (Round to the nearest dollar.) (a) Straight-line. (b) Units-of-output. (c) Working hours. (d) Sum-of-the-years’-digits. (e) Double-declining-balance. P11-6 (Depletion and Extraordinary Loss) Instructions (a) Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno. (b) Prepare the journal entry to record the depletion prior to the eruption. (c) If this tract represents approximately half of the timber holdings of O’Brien, determine the amount of the extraordinary loss due to the eruption of Mount Leno for the year ended December 31, 2010. E12-16 (Accounting for R&D Costs) Instructions (a) What account should be charged for the $325,000, and how should it be shown in the financial statements? (b) The project is completed in 2010, and a successful patent is obtained. The R&D costs to complete the project are $130,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2010 total $24,000. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2010. (c) In 2011, the......

Words: 368 - Pages: 2

Free Essay

Acc 560 Week 3 Assignment 1

...A++PAPER;http://www.homeworkproviders.com/shop/acc-560-week-3-assignment-1/ ACC 560 WEEK 3 ASSIGNMENT 1 ACC 560 WeeK 3 Assignment 1, Hilton Worldwide Management Services Hilton Worldwide Management Services is the brains and brawn behind the Hilton brand. The Hilton brand consists of hotel chains across the Americas like Hilton, Hampton, Embassy Suites, Waldorf and more. This management services group has a portfolio of over 340 properties in the Americas with nearly 69,000 team members. Hilton worldwide. (n.d.) The support functionof this group is fairly extensive. They have legal services, supply management, HR & Training, finance, technology, architecture and construction, owner relations and communications. The last note on the company is they created a specialist global ecommerce force to manage the online presence of their partners. Hilton worldwide. (n.d.) Discuss how a time driven ABC cost system can be implemented in thecompany you researched and the benefits that the use will yield to the business performance First, this service company uses a hub and spoke concept so they are always in the right place to assist their partners.This tells me that HMS has already looked at TDABC and understands that moving services closer to their partners saves time and money. Even with this concept in place, there is always room for improvement, and this is how HMS can design TDABC to improve their services. After you have buy-in from management, the...

Words: 311 - Pages: 2

Free Essay

Acc 573 Week 3 Assignment 1

...ACC 573 WEEK 3 ASSIGNMENT 1 To purchase this visit here: http://www.activitymode.com/product/acc-573-week-3-assignment-1/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 573 WEEK 3 ASSIGNMENT 1 ACC 573 Week 3 Assignment 1 - Financial Statement Restatement and Ethics Write a two to three (2-3) page paper in which you: 1. Assess the factors that contributed to the financial statement restatement, signifying the executive management team’s attitude toward the restatement. Suggest how the restatement may have been avoided during the initial reporting process. 2. Explain the impact to the company’s stock price when the restatement was released and to future earnings forecast, indicating whether or not you believe the impact to the stock price was justified. 3. Evaluate the restatement in terms of management’s ethical violations according to the requirements of the Sarbanes-Oxley Act, providing recommendations to management on how to avoid these problems in the future. Provide support for your recommendations. 4. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. 5. Activity mode aims to provide quality study notes and tutorials to the students of ACC 573 Week 3 Assignment 1 in order to ace their studies. ACC 573 WEEK 3 ASSIGNMENT 1 To purchase this visit here: http://www.activitymode.com/product/acc-573-week-3-assignment-1/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC......

Words: 1261 - Pages: 6

Free Essay

Acc 290 Week 3 Individual Wileyplus Assignment

...ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace their studies. ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace their studies. ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-3-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 3 INDIVIDUAL WILEYPLUS ASSIGNMENT Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P4-3A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 3 Individual WileyPLUS Assignment in order to ace...

Words: 730 - Pages: 3

Free Essay

Acc 300 Week 3 Team Assignment Problem

...ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM To purchase this visit here: http://www.nerdypupil.com/product/acc-300-week-3-team-assignment-problem/ Contact us at: nerdypupil@gmail.com ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM Part II Complete problem set P4-2A in Ch. 4 of Financial Accounting. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 300 Week 3 Team Assignment problem in order to ace their studies. ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM To purchase this visit here: http://www.nerdypupil.com/product/acc-300-week-3-team-assignment-problem/ Contact us at: nerdypupil@gmail.com ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM Part II Complete problem set P4-2A in Ch. 4 of Financial Accounting. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 300 Week 3 Team Assignment problem in order to ace their studies. ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM To purchase this visit here: http://www.nerdypupil.com/product/acc-300-week-3-team-assignment-problem/ Contact us at: nerdypupil@gmail.com ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM Part II Complete problem set P4-2A in Ch. 4 of Financial Accounting. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 300 Week 3 Team Assignment problem in order to ace their studies. ACC 300 WEEK 3 TEAM ASSIGNMENT PROBLEM To purchase this visit......

Words: 547 - Pages: 3

Free Essay

Acc 291 Week 5 Individual Wileyplus Assignment

...ACC 291 WEEK 5 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-291-week-5-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 291 WEEK 5 INDIVIDUAL WILEYPLUS ASSIGNMENT Resource:WileyPLUS Complete the following Week Five WileyPLUSExercises and Problems: • Exercise E13-1 • Exercise E13-8 • Exercise E14-1 • Problem P13-9A • Problem P13-10A Problem P14-2A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 291 Week 5 Individual WileyPLUS Assignment in order to ace their studies. ACC 291 WEEK 5 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-291-week-5-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 291 WEEK 5 INDIVIDUAL WILEYPLUS ASSIGNMENT Resource:WileyPLUS Complete the following Week Five WileyPLUSExercises and Problems: • Exercise E13-1 • Exercise E13-8 • Exercise E14-1 • Problem P13-9A • Problem P13-10A Problem P14-2A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 291 Week 5 Individual WileyPLUS Assignment in order to ace their studies. ACC 291 WEEK 5 INDIVIDUAL WILEYPLUS ASSIGNMENT To purchase this visit here: http://www.nerdypupil.com/product/acc-291-week-5-individual-wileyplus-assignment/ Contact us at: nerdypupil@gmail.com ACC 291......

Words: 559 - Pages: 3

Free Essay

Acc 363 Week 3 Learning Team Assignments

...ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-learning-team-assignments/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS ACC 363 Week 3 Learning Team Assignments from Readings Problem P11-6A and Problem P11-7A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 Learning Team Assignments in order to ace their studies. ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-learning-team-assignments/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS ACC 363 Week 3 Learning Team Assignments from Readings Problem P11-6A and Problem P11-7A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 Learning Team Assignments in order to ace their studies. ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-learning-team-assignments/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS ACC 363 Week 3 Learning Team Assignments from Readings Problem P11-6A and Problem P11-7A Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 Learning Team Assignments in order to ace their studies. ACC 363 WEEK 3 LEARNING TEAM ASSIGNMENTS To......

Words: 487 - Pages: 2

Premium Essay

Acc 290 Week 3 Wileyplus – 100% Correct

...ACC 290 Week 3 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-3-wileyplus-new Question 1 Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 | | | Debit | | Credit | Cash | | $ 6,850 | | | Accounts Receivable | | 7,000 | | | Supplies | | 2,044 | | | Prepaid Insurance | | 3,480 | | | Equipment | | 15,000 | | | Accounts Payable | | | | $ 4,280 | Unearned Service Revenue | | | | 5,200 | Common Stock | | | | 22,134 | Service Revenue | | | | 8,000 | Salaries and Wages Expense | | 4,000 | | | Rent Expense | | 1,240 | |    | | | $39,614 | | $39,614 | In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. | | Supplies on hand at June 30 total $850. | 2. | | A utility bill for $181 has not been recorded and will not be paid until next month. | 3. | | The insurance policy is for a year. | 4. | | Services were performed for $4,370 of unearned service revenue by the end of the month. | 5. | | Salaries of $1,338 are accrued at June 30. | 6. | | The equipment has a 5-year life with no......

Words: 908 - Pages: 4

Premium Essay

Acc 290 Week 4 Wileyplus – 100% Correct

...ACC 290 Week 4 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-4-wileyplus-new Question 1 Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1        Issued 12,023 shares of common stock for $12,023 cash. 1        Purchased used truck for $8,023, paying $2,050 cash and the balance on account. 3        Purchased cleaning supplies for $917 on account. 5        Paid $2,280 cash on a 1-year insurance policy effective July 1. 12        Billed customers $4,890 for cleaning services. 18        Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies. 20        Paid $2,070 cash for employee salaries. 21        Collected $1,753 cash from customers billed on July 12. 25        Billed customers $2,620 for cleaning services. 31        Paid $370 for maintenance of the truck during month. 31        Declared and paid $616 cash dividend. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.) Prepare a trial balance at July 31. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not......

Words: 845 - Pages: 4

Premium Essay

Acc 290 Week 5 Wileyplus – 100% Correct

...ACC 290 Week 5 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-5-wileyplus-new 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......

Words: 466 - Pages: 2