Financial Accounting Question On Inventory Homework Help
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1.On January 1, 2012, the merchandise inventory of Glaus, Inc. was $1,000,000. During 2012 Glaus purchased $2,000,000 of merchandise and recorded sales of $2,500,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Glaus at December 31, 2012?
2.Barker Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $531,200 ($653,800), purchases during the current year at cost (retail) were $2,137,200 ($2,772,200), freight-in on these purchases totaled $127,800, sales during the current year totaled $2,604,000, and net markups (markdowns) were $4,000 ($192,600). What is the ending inventory value at cost?
3.The 2012 financial statements of Sito Company reported a beginning inventory of $80,000, an ending inventory of $120,000, and cost of goods sold of $800,000 for the year. Calculate Sito’s inventory turnover ratio for 2012?
4.Following is data relative to the 12/31/13 inventory of Jenner:
|Item||Original Cost Per Unit||Replacement Cost||Net Reliazable Value||Net Reliazable Value less normal Profit||Appropraite Inventory Value|
Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a “normal” profit is 30% of selling price. There are 1,000 units of each item in the 12/31/13 inventory.
(a) Complete the last three columns in the 12/31/13 schedule above based upon the lower-of-cost-or-market rules.
(b) Prepare the entry(ies) necessary at 12/31/13 based on the data above.
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5.Rogers Co. had a sheet metal cutter that cost $144,000 on January 5, 2008. This old cutter had an estimated life of ten years and a salvage value of $24,000. On April 3, 2013, the old cutter is exchanged for a new cutter with a fair value of $72,000. The exchange lacked commercial substance. Rogers also received $18,000 cash. Assume that the last fiscal period ended on December 31, 2012, and that straight-line depreciation is used.
(a) Show the calculation of the amount of the gain or loss to be recognized by Rogers Co.
(b) Prepare all entries that are necessary on April 3, 2013.
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