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ACC - Week 4 Assignment 2

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Question;Week 4 Assignment 2;E-9-19 Dollar-value LIFO retail;On January 1, 2011, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011;Cost Retail;Beginning inventory $ 71,280 $ 132,000;Net purchases 112.500 255,000;Net markups 6,000;Net markdowns 11,000;Net sales 232,000;Retail price index, 12/31/11 1.04;Required;Calculate the estimated ending inventory and cost of goods sold for 2011;E 9-21 Dollar value LIFO retail;Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information;Cost Retail;Merchandise inventory, January 1, 2011 $ 160,000 $ 250,000;Net purchases 350,200 510,000;Net markups 7,000;Net markdowns 2,000;Net Sales 380,000;Pertinent retail price indexes are as follows;January 1, 2011 1.00;December 31, 2011 1.10;Required;Determine ending inventory and cost of goods sold.;P 9-1 Lower of cost or market;Decker Company has five products in its inventory. Information about the De3cember 31, 2011, inventory as follows;Product Quantity Unit Cost Unit replacement Unit Selling;Cost Price;A 1,000 $ 10 $ 12 $ 16;B 800 15 11 18;C 600 3 2 8;D 200 7 4 6;E 600 14 12 13;The selling cost for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price.;Required;1. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to individual products.;2. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to the entire inventory. Also assuming that Decker recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

 

Paper#44813 | Written in 18-Jul-2015

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