Financial Accounting Inventory Method Question And Answers Homework Help
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1.The following information is available from the company’s records in June 2013 for Product Z.
|6/1/2013 beginning inventory||1,000||$16.00|
|Purchase on 6/5/2013||2,700||$17.00|
|Purchase on 6/16/2013||2,500||$19.00|
|Purchase on 6/25/2013||1,000||$22.00|
|Purchase on 6/27/2013||1,800||$23.00|
A physical inventory on June 30, 2013 shows 2,000 units on hand (assume the company maintains periodic inventory). Show all supporting computations to calculate the cost of ending inventory at June 30, 2013 under each of the following inventory methods. Use the answer sheet provided.
2.The following information pertains to PVP Company
|Date||Ending inventory at end of year prices||Price Index|
a. Show supporting computations under the dollar value LIFO method to calculate the amount of ending inventory at December 31, 2011. Use the answer sheet provided.
b. Show supporting computations under the dollar value LIFO method to calculate the amount of ending inventory at December 31, 2012. Use the answer sheet provided.
3.On January 1, 2012, PVP Corp borrowed $2,900,000 (5-year note) at 9% payable annually, to finance the construction of a new building. In 2012, the company made the following expenditures related to this building
|July 31: 2,400,000||Dec 31: $1,500,000|
The company has two additional debts as follows:
|Ten year 10% bond dated 12-31-2007, interest payable annually||$3,000,000|
|Three year 8% note dated 6-30-2011, interest payable annually||$2,500,000|
Show all calculations for each of the following, using the answer sheet provided.
a. Weighted average accumulated expenditures
b. Avoidable interest
4.A&E Company exchanged asset A to acquire asset B from PVP Company. PVP paid $100,000 cash to A&E in this exchange. The following information pertains to the exchange
|Fair market value||1,555,000||1,455,000|
|Cash given by PVP||——||100,000|
Prepare a journal entry to record the exchange on the books of A&E Company assuming the exchange lacks commercial substance.
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5.A&O Co. uses the LIFO retail inventory method to estimate its inventory for interim statement purposes. Information relating to the computation of the inventory at 7/31/2013 is as follows:
|Inventory, 1/1/13||$ 145,000||$ 280,000|
|Estimated normal shoplifting losses||14,000|
Show computation to determine the cost of estimated inventory at 7/31/2013 under the LIFO retail method. Use the answer sheet provided.
Product Code: ACC693
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