Submitted By astudent7
Words 259
Pages 2
Aaron Sura
June 2, 2014

Wiley plus exercise
Question 1.
(a). \$181,500
(b). \$41,200
(c). 38,000
(d). 19,200
(e). 9,500
(f). 63,400

Question 3.
In its first month of operation, Maze Company purchased 100 units of inventory for \$6, then 200 units for \$7, and finally 150 units for \$8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.

FIFO: \$1,410 150 units multiplied by \$8 equals \$1,200 30 units multiplied by \$7 equals \$210 \$1,200 plus \$210 equals \$1,410

LIFO: \$1,160 100 units multiplied by \$6 equals \$600 80 units multiplied by \$7 equals \$560 \$600 plus \$560 equals to \$1,160

Therefore, the phantom profit would be \$250 if the company were to use the FIFO rather than LIFO.

Question 4.
Compute the lower of cost or market valuation for O'Connor's inventory.
12,500(camera)+9,000(camcorders)+12,800(DVD’s)= \$34,300
Question 5.
Establishment of responsibilities: Only cashiers may operate registers.
Segregation of duties: The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.
Independent and internal verifications: Daily cash counts are made by cashier department supervisors.
Human resource control: All cashiers are bonded
Physical controls: All over-the-counter receipts are registers.

Question 6.
Segregation of duties: 3
Establishment of responsibilities: 1
Physical controls: 5
Independent and internal verifications: 4
Documental procedures:...

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