Financial Accounting Gross Profit Method Homework Help
- November 30, 2017
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- Category: Accounting QA
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1.Floyd Corporation has the following four items in its ending inventory.
Item Cost Replacement Cost Net Realizable Value (NRV) NRV Less Normal Profit Margin
Jokers $2,052 $2,103 $2,155 $1,642
Penguins 5,130 5,233 5,079 4,207
Riddlers 4,514 4,668 4,745 3,796
Scarecrows 3,283 3,068 3,930 3,150
Determine the final lower of cost or market inventory value for each item.
2. Boyne Inc. had beginning inventory of $13,320 at cost and $22,200 at retail. Net purchases were $133,200 at cost and $188,700 at retail. Net markups were $11,100; net markdowns were $7,770; and sales were $174,270. Compute ending inventory at cost using the conventional retail method. (Round computation for cost-to-retail ratio percentage and answer to 0 decimal places, e.g. 25,250.)
3. (Gross Profit Method)
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1 $179,200
Purchases (gross) 716,800
Freight-in 33,600
Sales 1,120,000
Sales returns 78,400
Purchase discounts 13,440
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
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4.Previn Brothers Inc. purchased land at a price of $28,320. Closing costs were $3,270. An old building was removed at a cost of $11,440. What amount should be recorded as the cost of the land?
5. Garcia Corporation purchased a truck by issuing an $112,800, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. 15,510. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Hint: Use tables in text.)
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