Financial Accounting Inventory Valuation Methods Homework Help
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1.The largest current asset on Waverly corporation’s balance sheet is short-term investment. The investment cost Waverly $8,660, and their market value is $9,000.Suppose Waverly holds the investment in the hope of selling at a profit within a few months. How will Waverly classify the investment? What will Waverly report on its 2016 income statement? Show T-account for short term investment.
2. Selecting the best depreciation method for income tax purposes
On June 30, 2016, Holtkamp Corp. paid $210,000 for equipment that is expected to have a 7-year life. In this industry, the residual value of equipment is approximately 10% of the asset”s cost. Holtkamp”s cash revenues for the year are $100,000 and cash expenses total $60,000. Select the appropriate MACRS depreciation method for income tax purposes Then determine the extra amount of cash that Holtkamp. can invest by using MACRS depreciation, versus straight-line, for the year ended December 31, 20X6. The income tax rate is 35%.
3.Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
|1/2 Beginning inventory||Woods||$11,000|
Woodsand Moon were sold during the year for a total of $35,000. Determine the firm’s
a. Cost of goods sold.
b. Gross profit.
c. Ending inventory.
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4.The January beginning inven tory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
|Goods available for sale||$||$||$|
|Ending inventory, March 31|
|Cost of goods sold|
5.At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 following.
Purchases on account: 500 units @$4 = $2,000
Sales on account: 300 of the above units = $2,550
Returns on account: 75 of the above unsold units
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have prepared on the computer printout.
b. Calculate the balance in the firm s Inventory account.
c. Briefly explain the absence of the Purchases account to the company president.
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