Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 8, Problem 8.1BE
Determining ending inventory; periodic system
• LO8–1
A company began its fiscal year with inventory of $186,000. Purchases and cost of goods sold for the year were $945,000 and $982,000, respectively. What was the amount of ending inventory?
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Students have asked these similar questions
DATE
DETAILS
UNITS
COST PER UNIT
1
OPENING INVENTORY
20
R85
7
Purchases
23
R90
16
Purchases
33
R95
25
Purchases
18
R100
31
Sales for the month
69
Calculate the value of closing inventory using the Weighted average cost inventory valuationmethod.
Question Content Area
Based on the following data for the current year, what is the inventory turnover?
Sales on account during year
$507,225
Cost of goods sold during year
190,106
Accounts receivable, beginning of year
47,004
Accounts receivable, end of year
51,339
Inventory, beginning of year
36,189
Inventory, end of year
44,233
Do not round interim calculations. Round your final answer to one decimal place.
a.1.2
b.28.9
c.4.7
d.2.7
PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows:
Number
Unit
Date Transaction
of Units
Cost
8/1 Beginning balance 20,000 P 4.00
8/7 Purchase 10,000 4.20
8/10 Purchase 20,000 4.30
8/12 Sale 15,000 ?
8/16 Purchase 20,000 4.60
8/20 Sale 40,000 ?
8/28 Sale return 3,000 ?
The sale return on August 28 relates to the sale made on August 20.
If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?
If the average cost flow method is used, the sale return shall be costed back intoinventory at what unit cost?
Chapter 8 Solutions
Intermediate Accounting, 10 Ed
Ch. 8 - Describe the three types of inventory of a...Ch. 8 - What is the main difference between a perpetual...Ch. 8 - The Cloud Company employs a perpetual inventory...Ch. 8 - The Bockner Company shipped merchandise to Laetner...Ch. 8 - What is a consignment arrangement? Explain the...Ch. 8 - Prob. 8.6QCh. 8 - The Esquire Company employs a periodic inventory...Ch. 8 - Prob. 8.8QCh. 8 - Its common in the electronics industry for unit...Ch. 8 - Explain why proponents of LIFO argue that it...
Ch. 8 - Prob. 8.11QCh. 8 - Describe the ratios used by financial analysts to...Ch. 8 - Prob. 8.13QCh. 8 - Prob. 8.14QCh. 8 - The Austin Company uses the dollar-value LIFO...Ch. 8 - Identify any differences between U.S. GAAP and...Ch. 8 - Determining ending inventory; periodic system ...Ch. 8 - Prob. 8.2BECh. 8 - LIFO method LO84 AAA Hardware uses the LIFO...Ch. 8 - LIFO liquidation LO86 Refer to the situation...Ch. 8 - Prob. 8.11BECh. 8 - Perpetual inventory system; journal entries LO81...Ch. 8 - Prob. 8.2ECh. 8 - Perpetual and periodic inventory systems compared ...Ch. 8 - Prob. 8.5ECh. 8 - Physical quantities and costs included in...Ch. 8 - FASB codification research LO82, LO83 Access the...Ch. 8 - Prob. 8.13ECh. 8 - Prob. 8.14ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Prob. 8.19ECh. 8 - Prob. 8.20ECh. 8 - Prob. 8.21ECh. 8 - Prob. 8.23ECh. 8 - Prob. 8.25ECh. 8 - Prob. 8.30ECh. 8 - Prob. 8.31ECh. 8 - Various inventory transactions; journal entries ...Ch. 8 - Prob. 8.3PCh. 8 - Prob. 8.4PCh. 8 - Various inventory costing methods LO81, LO84...Ch. 8 - Prob. 8.6PCh. 8 - Prob. 8.9PCh. 8 - Prob. 8.16PCh. 8 - Prob. 8.1DMPCh. 8 - Real World Case 82 Physical quantities and costs...Ch. 8 - Prob. 8.4DMPCh. 8 - Prob. 8.5DMPCh. 8 - Prob. 8.8DMPCh. 8 - Real World Case 89 Effects of inventory valuation...Ch. 8 - Communication Case 810 Dollar-value LIFO method ...Ch. 8 - Prob. 1CCTCCh. 8 - Prob. 2CCTC
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