E 9.02 – Royal Decking
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the cost per unit and selling price per product… make the net realizing table.
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Given the cost per unit and selling price per product… make the net realizing table.
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Determine carrying value inventory and record adjusting entry. Assume the lower of cost of net realizable value (LCNRV) rule is applied.
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Given the cost, replacement cost, selling cost, selling price, and normal profit… the lower-cost market ending inventory.
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Given the product cost, replacement cost, selling price, sales commission, shipping cost, and normal profit… find the lower cost or market rule for ending inventory.
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Given you the products, their total cost, total replacement cost, and total net realizable value… determine the carrying value and the adjusting journal entry. For part 1, use the lower of cost or market (LCM) rule.
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E 9.08 – Rocklin Sporting Goods Company
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Given the amount that damaged goods can be sold for, the inventory, the net purchases, and the net sales… calculate the loss on inventory using the gross profit method.
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Given the merchandise in inventory at the beginning of the year, purchases to date, the freight-in, and sales to date… use the gross profit method to estimate loss on the sale.
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Given inventory on hand, the purchases, freight-in, sales, and returns along with the amount of stolen inventory, gross profit ratio, and markup percentage…. calculate the ending inventory using both gross profit method and markup on cost.
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Given the net purchases during the month along with the income statement and balance sheet for two months… calculate the cost percentage.
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