E 8.09 – Nixon Car Company, gross method
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare the journal entry to record the purchase and payment.
Prepare the journal entry to record the purchase and payment.
Determine the cost of goods sold for the year using the FIFO and LIFO methods.
Given the starting inventory with price, inventory purchases, sales through numerous dates, and ending inventory… find the cost of goods sold using FIFO method in a perpetual inventory system.
Given the beginning inventory with price, the purchases made throughout the month, and the ending inventory… find the cost of inventory at the end of the month using periodic inventory.
Given the physical count on ending inventory, multiple different shipping, purchasing dates and amounts, and the amount of goods held… find the ending inventory.
Given the sales, beginning and ending inventory, purchases, and purchase returns… find the cost of goods sold for the year.
Gives you the inventory cost at the beginning of the year. Gives you the end of the year cost for the next 3 years and asks for the amount on the balance sheet for the end of the third year.
Using Dollar Value LIFO (DVL) asks to find the ending inventory for the year.
Given is the adopted dollar value for the beginning of the year along with the value at the end of the year. Asks for the LIFO inventory.
Gives you the amount in inventory along with the merchandising cost. Asks for the inventory to be reported on the balance sheet.