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I have done second 9-9 hoping it's right... need...

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I have done second 9-9 hoping it's right... need to be on this temple Problem 9-1 and 9-9 P9-1 (Various Inventory Issues) The following independent situations relate to inventory accounting. 1 Jag Co. purchased goods with a list price of $150,000, subject to trade discounts of 20% and 10% with no cash discounts allowable. How much should Jag Co. record as the cost of these goods? 2 Francis Company's inventory of $1,100,000 at December 31, 2008, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. a. Goods shipped f.o.b. shipping point on December 24, 2008, from a vendor at an invoice cost of $69,000 to Francis Company were received on January 4, 2009. b. The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2008. The carrier picked up these goods on January 3, 2009. What amount should Francis report as inventory on its balance sheet? 3 Mark Messier Corp. had 1,500 units of part M.O. on hand May 1, 2008, costing $21 each. Purchases of part M.O. during May were as follows. A physical count on May 31, 2008, shows 2,100 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2008? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? 4 Forsberg Company adopted the dollar-value LIFO method on January 1, 2008 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. 12/31/2009 256,000 286,720 112 Using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2009? 5 Eric Lindros Inc., a retail store chain, had the following information in its general ledger for the year 2009. What is Lindros' inventoriable cost for 2009? (LO 3,4,7) Instructions Answer each of the questions about inventories and explain your answers. (Warfield 470-471) Warfield, Terry D.. Intermediate Accounting: Principles and Analysis, 2nd Edition. John Wiley & Sons, 11/2007. . P9-9 (Lower-of-Cost-or-Market) Grant Wood Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2008, the following finished desks appear in the company's inventory. The 2008 catalog was in effect through November 2008, and the 2009 catalog is effective as of December 1, 2008. All catalog prices are net of the usual discounts. Generally, the company attempts to obtain a 20% gross margin on selling price and has usually been successful in doing so. (LO 9) Instructions At what amount should each of the four desks appear in the company's December 31, 2008, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-market approach for valuation of inventories on an individual-item basis? (Warfield 474) Warfield, Terry D.. Intermediate Accounting: Principles and Analysis, 2nd Edition. John Wiley & Sons, 11/2007. Attachments Preview: cf_u05a2_Template.doc Download Attachment Inventory Issues Template PROBLEM 9-1 1. 2. 3. Because no date was associated with the units issued or sold, the periodic (rather than perpetual) inventory method must be assumed. FIFO... Inventory Issues Template PROBLEM 9-1 1. 2. 3. Because no date was associated with the units issued or sold, the periodic (rather than perpetual) inventory method must be assumed. FIFO inventory cost: LIFO inventory cost: Average-cost: Totals Ending inventory 1 Inventory Issues Template PROBLEM 9-1 (Continued) 4. Computation of price indexes: 12/31/08 12/31/09 Dollar-value LIFO inventory 12/31/08: Dollar-value LIFO inventory Dollar-value LIFO inventory 12/31/09: Dollar-value LIFO inventory 2 Inventory Issues Template PROBLEM 9-1 (Continued) 5. The inventoriable costs for 2009 are: Inventoriable cost............................................................................ Note: Freight-out is a selling expense. Interest on notes payable is a period expense. Neither is an inventoriable cost. PROBLEM 9-9 Lower of Replacement Designate Cost or Item Cost Cost Ceiling* Floor** d Market Market A 470 460 450 350 460 450 B 450 430 480 372 440 430 C 830 610 900 720 610 640 D 960 1000 1050 810 1000 960 According to lower cost approach, comparing cost and market, which is less has to be reported, so A B C D $ $ $ $ 450 430 640 960 3 Inventory Issues Template *Ceiling = 2009 catalog selling price less sales commissions and estimated other cost of disposal. **Floor = Ceiling less (20% X 2009 catalog selling price) 4 View Full Attachment Show more Problem 9-1 and 9-9.doc.docx Download Attachment Problem91and99 P91(VariousInventoryIssues)Thefollowingindependentsituationsrelatetoinventory accounting. 1 JagCo.purchasedgoodswithalistpriceof$150,000,subjecttotradediscountsof20%... Problem91and99 P91(VariousInventoryIssues)Thefollowingindependentsituationsrelatetoinventory accounting. 1 JagCo.purchasedgoodswithalistpriceof$150,000,subjecttotradediscountsof20% and10%withnocashdiscountsallowable.HowmuchshouldJagCo.recordasthecostof thesegoods? 2 FrancisCompany'sinventoryof$1,100,000atDecember31,2008,wasbasedona physicalcountofgoodspricedatcostandbeforeanyyearendadjustmentsrelatingtothe followingitems. a. Goodsshippedf.o.b.shippingpointonDecember24,2008,fromavendoratan invoicecostof$69,000toFrancisCompanywerereceivedonJanuary4,2009. b. Thephysicalcountincluded$29,000ofgoodsbilledtoSakicCorp.f.o.b. shippingpointonDecember31,2008.ThecarrierpickedupthesegoodsonJanuary3, 2009. WhatamountshouldFrancisreportasinventoryonitsbalancesheet? 3 MarkMessierCorp.had1,500unitsofpartM.O.onhandMay1,2008,costing$21each. PurchasesofpartM.O.duringMaywereasfollows. AphysicalcountonMay31,2008,shows2,100unitsofpartM.O.onhand.Usingthe FIFOmethod,whatisthecostofpartM.O.inventoryatMay31,2008?UsingtheLIFO method,whatistheinventorycost?Usingtheaveragecostmethod,whatistheinventory cost? 4 ForsbergCompanyadoptedthedollarvalueLIFOmethodonJanuary1,2008(using internalpriceindexesandmultiplepools).Thefollowingdataareavailableforinventory poolAforthe2yearsfollowingadoptionofLIFO. 12/31/2009256,000286,720112 UsingthedollarvalueLIFOmethod,atwhatamountshouldtheinventorybereportedat December31,2009? 5 EricLindrosInc.,aretailstorechain,hadthefollowinginformationinitsgeneralledger fortheyear2009. WhatisLindros'inventoriablecostfor2009? (LO3,4,7) Instructions Answereachofthequestionsaboutinventoriesandexplainyouranswers. (Warfield470471) Warfield,TerryD..IntermediateAccounting:PrinciplesandAnalysis,2ndEdition.JohnWiley &Sons,11/2007.. P99(LowerofCostorMarket)GrantWoodCompanymanufacturesdesks.Mostofthe company'sdesksarestandardmodelsandaresoldonthebasisofcatalogprices.At December31,2008,thefollowingfinisheddesksappearinthecompany'sinventory. The2008catalogwasineffectthroughNovember2008,andthe2009catalogiseffectiveas ofDecember1,2008.Allcatalogpricesarenetoftheusualdiscounts.Generally,the companyattemptstoobtaina20%grossmarginonsellingpriceandhasusuallybeen successfulindoingso. (LO9) Instructions Atwhatamountshouldeachofthefourdesksappearinthecompany'sDecember31,2008, inventory,assumingthatthecompanyhasadoptedalowerofFIFOcostormarketapproach forvaluationofinventoriesonanindividualitembasis? (Warfield474) Warfield,TerryD..IntermediateAccounting:PrinciplesandAnalysis,2ndEdition.JohnWiley &Sons,11/2007.. View Full Attachment Show more Additional Requirements Level of Detail: Show all work

 

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