Problem 1GI: Distinguish among the types of inventory accounts used for merchandising and manufacturing... Problem 2GI Problem 3GI: Describe the flow of costs for o merchandising company and a manufacturing company. Problem 4GI: Describe the relationship between cost of goods sold and inventory. Problem 5GI Problem 6GI: Does the use of a perpetual system eliminate the need for taking a physical inventory count? Problem 7GI: What is the general rule used to determine if a company includes an item in inventory? Problem 8GI: For goods in transit at the end of a period, describe how a company determines if the goods should... Problem 9GI Problem 10GI Problem 11GI Problem 12GI: Consider each of the following independent situations. Should a company report the goods in its... Problem 13GI Problem 14GI Problem 15GI Problem 16GI Problem 17GI Problem 18GI Problem 19GI Problem 20GI Problem 21GI: Discuss the LIFO and FIFO cost flow assumptions relative to the issue of holding gains (inventory... Problem 22GI Problem 23GI Problem 24GI: List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why... Problem 25GI Problem 26GI: Explain the dollar-value LIFO method of inventory valuation. Problem 27GI: Describe the double-extension and link-chain methods used in dollar-value LIFO and when each should... Problem 28GI Problem 29GI Problem 30GI: What is the impact of LIFO inventory liquidation on a companys interim financial statements? Problem 1MC: Goods on consignment should be included in the inventory of: a. the consignor but not the consignee... Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:... Problem 3MC: During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of... Problem 4MC: Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with... Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory... Problem 6MC: The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d.... Problem 7MC: Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on... Problem 8MC: Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of... Problem 9MC: On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kerns... Problem 10MC: When the double-extension approach to the dollar-value LIFO inventory cost flow method is used, the... Problem 1RE: On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount... Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the... Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of... Problem 4RE: Billings Company uses a periodic inventory system. During the year, it made purchases of 402,000.... Problem 5RE: Dani Corporation signed a binding commitment on December 2 to purchase inventory for 300,000 cash on... Problem 6RE: Stevens Company uses a perpetual inventory system. On July 10, Stevens purchases 50,000 of inventory... Problem 7RE: RE7-6 Stevens Company uses a perpetual inventory system. On July 10, Stevens purchases 50,000 of... Problem 8RE: Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of... Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of... Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is... Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is... Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for... Problem 13RE: Carla Company uses the perpetual inventory system. The following information is available for... Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing.... Problem 15RE: An evaluation of Bryces Bookstores inventory was performed in Year 2. It produced the following... Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs... Problem 2E Problem 3E: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.... Problem 4E: Determining Net Purchases The following amounts were obtained from the accounting records of Newton... Problem 5E: Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began... Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was... Problem 7E: Items Included in Inventory The following are several items that Golosow Companys controller has... Problem 8E Problem 9E Problem 10E: Discounts Nelson Company bought inventory for 50,000 on terms of 2/15, n/60. It pays for the first... Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the... Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following... Problem 13E: Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic... Problem 14E: LIFO, Perpetual and Periodic Riedel Companys inventory records showed the following transactions for... Problem 15E: Habicht Company was formed in 2018 to produce a single product. The production and sales for the... Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its... Problem 17E: On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Satos... Problem 18E: Dollar-Value LIFO Beistock Company manufactures one product. On December 31, 2018, Belstock adopted... Problem 19E: Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value... Problem 20E: Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company... Problem 21E: Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and... Problem 22E: LIFO and Interim Financial Reports Assume prices were stable during the period. The following values... Problem 1P: Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Companys... Problem 2P: Items to Be Included in Inventory As the auditor of Hayes Company for the year ended December 31,... Problem 3P: Valuation of Inventory The inventory on hand at the end of 2019 for Reddall Company is valued at a... Problem 4P Problem 5P: Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following... Problem 6P: Alternative Inventory Methods Garrett Company has the following transactions during the months of... Problem 7P: Totman Company has the following transactions during the months of January and February: The cost of... Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning... Problem 9P: LIFO Liquidation Profit Hammond Company adopted LIFO when it was formed on January 1, 2017. Since... Problem 10P: LIFO and Inventory Pools On January 1, 2016, Grover Company changed its inventory cost flow method... Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015.... Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at... Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,... Problem 14P: Dollar-Value LIFOComprehensive Kelly Company adopted dollar-value LIFO on January 1, 2018, using two... Problem 15P: On January 1, 2019, Lucas Distributors Inc. adopted the dollar-value LIFO inventory method for... Problem 16P: Inventory Valuation You are engaged in an audit of Roche Mfg. Company for the year ended December... Problem 17P: Allen Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from... Problem 1C: FIFO and LIFO A company may compute inventory under one of various cost flow assumptions. Among... Problem 2C Problem 3C: In January, Broome Inc. requested and secured permission from the Commissioner of Internal Revenue... Problem 4C Problem 5C Problem 6C: Interpretation of GAAP and Ethical Issues Robin Smith is considering buying shares in Mah Company.... Problem 7C: Selection of an Inventory Method and Ethical Issues Kelly Company uses FIFO. It has experienced... Problem 8C: Analyzing Starbuckss Inventory Disclosures Obtain Starbuckss 2017 annual report either using the... Problem 11C: Fenimore Manufacturing Company uses the average cost method. It has followed a policy of expensing... format_list_bulleted
