Problem 1MC: If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle)... Problem 2MC: If a company has three lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle)... Problem 3MC: When inventory items are highly specialized, the best inventory costing method is ________. A.... Problem 4MC: If goods are shipped FOB destination, which of the following is true? A. Title to the goods will... Problem 5MC: On which financial statement would the merchandise inventory account appear? A. balance sheet B.... Problem 6MC: When would using the FIFO inventory costing method produce higher inventory account balances than... Problem 7MC: Which accounting rule serves as the primary basis for the lower-of-cost-or-market methodology for... Problem 8MC: Which type or types of inventory timing system (periodic or perpetual) requires the user to record... Problem 9MC: Which of these statements is false? A. If cost of goods sold is incorrect, ending inventory is... Problem 10MC: Which inventory costing method is almost always done on a perpetual basis? A. specific... Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally... Problem 12MC: Which of the following financial statements would be impacted by a current-year ending inventory... Problem 13MC: Which of the following would cause periodic ending inventory to be overstated? A. Goods held on... Problem 14MC: Which of the following indicates a positive trend for inventory management? A. increasing number of... Problem 1Q: What is meant by the term gross margin? Problem 2Q: Can a business change from one inventory costing method to another any time they wish? Explain. Problem 3Q: Why do consignment arrangements present a challenge in inventory management? Explain. Problem 4Q: Explain the difference between the terms FOB destination and FOB shipping point. Problem 5Q: When would a company use the specific identification method of inventory cost allocation? Problem 6Q: Explain why a company might want to utilize the gross profit method or the retail inventory method... Problem 7Q: Describe the goal of the lower-of-cost-or-market concept. Problem 8Q: Describe two separate and distinct ways to calculate goods available for sale. Problem 9Q: Describe costing inventory using first-in, first-out. Address the different treatment, if any, that... Problem 10Q: Describe costing inventory using last-in, first-out. Address the different treatment, if any, that... Problem 11Q: Describe costing inventory using weighted average. Address the different treatment, if any, that... Problem 12Q: How long does it take an inventory error affecting ending inventory to correct itself in the... Problem 13Q: What type of issues would arise that might cause inventory errors? Problem 14Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory. Problem 15Q: What insights can be gained from inventory ratio analysis, such as inventory turnover ratio and... Problem 1EA: Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given... Problem 2EA: Company accepts goods on consignment from R Company and also purchases goods from S Company during... Problem 3EA: The following information is taken from a companys records. Applying the lower-of-cost-or-market... Problem 4EA: Complete the missing piece of information involving the changes in inventory, and their relationship... Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar... Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the... Problem 7EA: Prepare journal entries to record the following transactions, assuming periodic inventory updating... Problem 8EA: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the... Problem 9EA: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the... Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the... Problem 11EA: Prepare journal entries to record the following transactions, assuming perpetual inventory updating... Problem 12EA: Prepare Journal entries to record the following transactions, assuming perpetual inventory updating,... Problem 13EA: If a group of inventory items costing $15,000 had been omitted from the year-end inventory count,... Problem 14EA: If Wakowski Companys ending inventory was actually $86,000 but was adjusted at year end to a balance... Problem 15EA: Shetland Company reported net income on the year-end financial statements of $125,000. However,... Problem 16EA: Compute Altoona Companys (a) inventory turnover ratio and (b) number of days sales in inventory... Problem 17EA: Complete the missing pieces of McCarthy Companys inventory calculations and ratios. Problem 1EB: Calculate the goods available for sale for Soros Company, in units and in $ (dollar amounts), given... Problem 2EB: X Company accepts goods on consignment from C Company, and also purchases goods from P Company... Problem 3EB: Considering the following information, and applying the lower-of-cost-or-market approach, what is... Problem 4EB: Complete the missing piece of information involving the changes in inventory, and their relationship... Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory... Problem 6EB: Bleistine Company had the following transactions for the month. Calculate the gross margin for the... Problem 7EB: Prepare journal entries to record the following transactions, assuming periodic inventory updating... Problem 8EB: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the... Problem 9EB: Calculate the cost of goods sold dollar value for B66 Company for the month, considering the... Problem 10EB: Calculate the cost of goods sold dollar value for B67 Company for the month, considering the... Problem 11EB: Prepare journal entries to record the following transactions, assuming perpetual inventory updating... Problem 12EB: Prepare journal entries to record the following transactions, assuming perpetual inventory updating... Problem 13EB: If a group of inventory items costing $3,200 had been double counted during the year-end inventory... Problem 14EB: If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with... Problem 15EB: Tanke Company reported net income on the year-end financial statements of $850,200. However, errors... Problem 16EB: Compute Westtown Companys (A) inventory turnover ratio and (B) number of days sales in inventory... Problem 17EB: Complete the missing pieces of Delgado Companys inventory calculations and ratios. Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross... Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar... Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar... Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering... Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to... Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to... Problem 7PA: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to... Problem 8PA: Prepare journal entries to record the following transactions, assuming perpetual inventory updating... Problem 9PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,... Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,... Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,... Problem 12PA: Compare the calculations for gross margin for A76 Company, based on the results of the perpetual... Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been... Problem 14PA: Assuming a companys year-end inventory were overstated by $5,000, indicate the effect... Problem 15PA: Use the following information relating to Shana Company to calculate the inventory turnover ratio... Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,... Problem 1PB: When prices are falling (deflation), which costing method would produce the highest gross margin for... Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar... Problem 3PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar... Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,... Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,... Problem 6PB: Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating,... Problem 7PB: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to... Problem 8PB: Prepare journal entries to record the following transactions, assuming perpetual inventory updating,... Problem 9PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,... Problem 10PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,... Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,... Problem 12PB: Compare the calculations for gross margin for B76 Company, based on the results of the perpetual... Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been... Problem 14PB: Assuming a companys year-end inventory were understated by $16,000, indicate the effect... Problem 15PB: Use the following information relating to Singh Company to calculate the inventory turnover ratio... Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,... Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an... Problem 5TP: Consider the dilemma you might someday face if you are the CFO of a company that is struggling to... Problem 6TP: Use a spreadsheet and the following excerpts from Hileah Companys financial information to build a... format_list_bulleted
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning