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ACC 308 exam 2

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Question;Name;ACC 308;EXAM #2;Use;the following information for problems #1, 2 and 3;Beginning Balance January 1 80 units @ $50 each $4,000;Purchase;January 18 40;units @ $51 each;Purchase;January 28 40;units at $52 each;Sales January 12 30 units;Sales January 22 30 units;Sales January 31 45 units;1.;15 Points;Compute the ending inventory and cost of;goods sold assuming LIFO perpetual inventory system.;2.;15 Points;Compute the ending;inventory and cost of goods sold assuming LIFO periodic inventory system.;3.;15;Points;Compute the ending inventory and cost of;goods sold assuming average cost (or weighted average) perpetual inventory;system.;4.;Dymek;Sports, Inc. has four products in its inventory. Information about the December 31, 2014;inventory is as follows;Product Total Total Total Net;Cost Replacement Realizable;Cost Value;Gloves $360,000 $330,000 $300,000;Bats 260,000 240,000 320,000;Balls 150,000 110,000 125,000;Uniforms 600,000 560,000 950,000;The normal gross profit percentage is 20% of cost.;a. 30 Points;Determine the balance sheet inventory;carrying value at December 31, 2014, assuming the LCM rule is applied to;individual products.;b. 10 Points;Assuming that Dymek recognizes an inventory;write-down as a separate income statement item, determine the amount of the;loss, and present the journal entry.;5.;15;Points;Joel;Company purchased the assets of Amy, Inc. at auction for $1,560,000. An independent appraisal of the market value;of the assets is listed below;Land $171,600;Building 514,800;Equipment 600,600;Inventories 429,000;Prepare the journal entry to record the;purchase of the assets. Assume a 25%;cash down payment with a mortgage for the balance.

 

Paper#37519 | Written in 18-Jul-2015

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