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1 Soundview Centre uses a periodic inventory syste...




1 Soundview Centre uses a periodic inventory system. At the end of 2010, the accounting records include the following information: Compute the following for 2010: 2 The perpetual inventory records of Handy Hardware show 150 units of a particular product on hand, acquired at the following dates and costs: On June 3, Handy sold 120 units of this product. Instructions: Calculate the cost of goods sold and ending inventory on June 30, assuming that Handy uses: (a) A LIFO flow assumption. (b) A FIFO flow assumption. (c) The average cost (or moving average) flow assumption. 3 On March 24, 2009 Tastee Ice Cream Co. purchased equipment costing $140,000, with an estimated life of 5 years and an estimated salvage value of $20,000. Compute the depreciation expense Tastee would recognize on this equipment for each of the five years, assuming: Straight line depreciation using the half year convention 200% declining balance using the half year convention 4 Shown below are some key figures from the balance sheets of Minuteman Gas Company for two successive years: Dividends of $96,000 were declared and paid in 2010. Compute the following: Briefly comment on the company?s short term and long term situation


Paper#7666 | Written in 18-Jul-2015

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