Problem 1GI: Under what circumstances will a company value inventory below its cost? Problem 2GI: What is the conceptual justification for reducing inventory below cost? Problem 3GI: Define the terms cost, net realizable value, and market value. Problem 4GI: For companies that use either LIFO or the retail inventory method, define the upper and lower... Problem 5GI: What three implementation approaches may a company choose when applying the inventory valuation... Problem 6GI: Describe the two approaches to recording the reduction of inventory. Problem 7GI Problem 8GI: In applying the inventory valuation rules to inventory, how do IFRS define market value? Problem 9GI Problem 10GI: What are the exceptions to historical cost valuation of inventory allowed under generally accepted... Problem 11GI Problem 12GI Problem 13GI: What is the basic assumption underlying the gross profit method? How may the gross profit percentage... Problem 14GI Problem 15GI Problem 16GI: Explain the meaning of the following terms: markup, additional markup, markup cancellation, net... Problem 17GI Problem 18GI Problem 19GI: The retail inventory method indicated an inventory value of 80,000. A physical inventory indicated a... Problem 20GI Problem 21GI: Indicate the effect of each of the following errors on the following balance sheet and income... Problem 1MC: Sienna Company uses the FIFO cost flow assumption. Sierra has inventory with a selling price of 100,... Problem 2MC: Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31,... Problem 3MC: A company uses the LIFO cost flow assumption. The replacement cost of an inventory item is below the... Problem 4MC Problem 5MC: Hestor Companys records indicate the following information: On December 31, 2019, a physical... Problem 6MC: Under the retail inventory method, freight-in would be included in the calculation of the goods... Problem 7MC: The retail inventory method would include which of the following in the calculation of the goods... Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales... Problem 9MC: Estimates of price-level changes for specific inventories are required for which of the following... Problem 10MC: A company forgets to record a purchase on credit in the purchases account, but ending inventory is... Problem 1RE: Brown Company has the following information available regarding each unit of its inventory:... Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net... Problem 3RE: Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues... Problem 4RE: Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a... Problem 5RE: Using the information provided in RE8-4, prepare the journal entry to record the write-down of... Problem 6RE: Kays Beauty Supply uses the gross profit method to estimate the cost of ending inventory for... Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate... Problem 8RE: Use the information in RE8-7. Calculate Uncle Butchs Hunting Supply Shop's ending inventory using... Problem 9RE: Use the information in RE8-7. Calculate Uncle Butchs Hunting Supply Shops ending inventory using the... Problem 10RE: Use the information in RE8-7. Calculate Uncle Butchs Hunting Supply Shops ending inventory using the... Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,... Problem 12RE: Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are... Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a... Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a... Problem 1E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of... Problem 2E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of... Problem 3E: Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow... Problem 4E: Inventory Write-Down The following information for Tuell Company is available: Required: 1. Assume... Problem 5E: Inventory Write-Down The following information is taken from Aden Companys records: Required: 1.... Problem 6E: Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows:... Problem 7E Problem 8E: Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Companys... Problem 9E Problem 10E: Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to... Problem 11E: Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method.... Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for... Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by... Problem 14E: Dollar-Value LIFO Retail Johns Company adopts the dollar-value LIFO retail inventory method on... Problem 15E: Dollar-Value LIFO Retail Wyatt Company adopts the dollar-value LIFO retail inventory method on... Problem 16E: Dollar-Value LIFO Retail On December 31, 2018, Davison Company adopted the dollar-value LIFO retail... Problem 17E: Errors A company that uses the periodic inventory system makes the following errors: 1. It omits a... Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new... Problem 19E: (Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are... Problem 1P: Inventory Write-Down Palmquist Company has five different inventory items and applies the inventory... Problem 2P: Inventory Write-Down The following are the inventories for the years 2019, 2020, and 2021 for Parry... Problem 3P: Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the... Problem 4P: Gross Profit Method: Estimation of Fire Loss On January 20, 2020, Stewart Companys records revealed... Problem 5P: Gross Profit Method: Estimation of Flood Loss On June 30, 2019, a flash flood damaged the warehouse... Problem 6P: Retail Inventory Method Turner Corporation uses the retail inventory method. The following... Problem 7P: Retail Inventory Method EKC Company uses the retail inventory method. The following information for... Problem 8P: Retail Inventory Method Red Department Store uses the retail inventory method. Information relating... Problem 9P: Retail Inventory Method Weber Corporation uses the retail inventory method to estimate its inventory... Problem 10P: Dollar-Value LIFO Retail The following information is obtained from Burger Companys records. Burger... Problem 11P: Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1,... Problem 12P Problem 13P: Errors As controller of Lerner Company, which uses a periodic inventory system, you discover the... Problem 14P: Comprehensive: Inventory Adjustments Layne Corporation, a manufacturer of small tools, provided the... Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and... Problem 16P: (Appendix 8.1) Inventory Write-Down Frost Companys inventory records tor the years 2019 and 2020... Problem 1C Problem 2C: Sandberg Paint Company, your client, manufactures paint. The companys president, Ms. Sandberg, has... Problem 3C Problem 4C: Inventory Valuation Issues Hanlon Company purchased a significant amount of raw materials inventory... Problem 5C: Gross Profit Shelly Corporation is an importer and wholesaler. Its merchandise is purchased from... Problem 6C Problem 7C Problem 8C: Various Inventory Issues Hudson Company, which is both a wholesaler and a retailer, purchases its... Problem 10C: Analyzing Starbucks Inventory Disclosures Obtain Starbucks 2017 annual report either using the... Problem 11C: Analyzing Moet Hennessy Louis Vuittons (LVMH) Inventory Disclosures Obtain Moet Hennessy Louis... format_list_bulleted
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College