MC 8.39 – The Mateo Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Gives you the amount in inventory along with the merchandising cost. Asks for the inventory to be reported on the balance sheet.
Gives you the amount in inventory along with the merchandising cost. Asks for the inventory to be reported on the balance sheet.
Calculate Ending Inventory and CGS under LIFO, FIFO, Avg Cost.
Compute the gross profits and the gross profit ratios under LIFO and FIFO.
Given financial data for two years, determine the company’s gross profit in the newer year, the turnover ratio for a newer year, and the average days in inventory.
Given the ending inventory along with the cost index, they ask you to determine the dollar-value LIFO inventory valuation at year-end.
Given the cost of merchandise purchased along with the amount it was sold for, they ask you to prepare journal entries to record the purchase and sale under both perpetual and periodic inventory systems.
Given the inventory layers including unit price and purchases, they ask you to determine the cost of goods sold for the year along with the LIFO liquidation profit.
Given ending inventories with costs and indexes, they ask you to determine the inventory.
They ask you to record each transaction that is given.
Given the amount, the merchandise was purchased for along with the terms of the sale, record the purchase, record the invoice, and record the balance.