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Acc211 Homework Chapter 9

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ACC211 Homework Chapter 9
Click Link Below To Buy: Brief Exercise 9-2 Your answer is correct.
Floyd Corporation has the following four items in its ending inventory.
Brief Exercise 9-2
Brief Exercise 9-4 Your answer is correct.
Bell, Inc. buys 1,200 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $14,900. Bell will group the CDs into three price categories for resale, as indicated below

Brief Exercise 9-4

Brief Exercise 9-7 Your answer is correct. Brief Exercise 9-8 Your answer is correct.
Boyne Inc. had beginning inventory of $17,900 at cost and $23,500 at retail. Net purchases were $143,420 at cost and $181,700 at retail. Net markups were $12,800; net markdowns were $7,200; and sales revenue was $148,100. Compute ending inventory at cost using the conventional retail method.
Brief Exercise 9-8 Cost Retail
Beginning inventory $17,900 $23,500
Exercise 9-9 Your answer is correct.
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2014, at an agreed price of $570,120. At December 31, 2014, the raw material had declined in price to $543,070.

Exercise 9-4 Your answer is correct.
Corrs Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented below.

Exercise 9-4
(a) Cost of inventory at 12/31/13 $368,210

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...ACC211 Homework Chapter 8 Click Link Below To Buy: Brief Exercise 8-8 Midori Company had ending inventory at end-of-year prices of $138,500 at December 31, 2013; $165,771 at December 31, 2014; and $181,366 at December 31, 2015. The year-end price indexes were 100 at 12/31/13, 113 at 12/31/14, and 118 at 12/31/15. Brief Exercise 8-8 Brief Exercise 8-9 Your answer is correct. Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Brief Exercise 8-9 2014 inventory at base amount ($22,363 ÷ 1.07) $20,900 2013 inventory at base amount (20,000 ) Exercise 8-10 Exercise 8-2 Your answer is correct. In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2014, showed merchandise with a cost of $449,800 was on hand at that date. You also discover the following items were all excluded from the $449,800. Exercise 8-2 Inventory per physical count $449,800 The goods in transit from a vendor of $83,150, shipped f.o.b. destination, are properly excluded from the inventory because the title to the goods does not pass to Oliva until the buyer (Oliva) receives them. Exercise 8-15 Weighted average-cost per unit $ 8.91 Exercise 8-15 Beginning inventory January 5,......

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