Quiz – Memphis Wholesale Market
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the selling price, costs, and costs to sell, they ask you to determine the inventory value of three different products.
Given the selling price, costs, and costs to sell, they ask you to determine the inventory value of three different products.
Given the year-end inventory, the selling price, costs to sell, and replacement cost, they ask you to determine what inventory should be reported.
Given information regarding the inventories for ski equipment and supplies, they ask you to determine the amount that the inventory would be valued at.
They ask you to estimate the LIFO cost ending inventory given beginning inventory, purchases, markdowns, markups, and sales.
Calculate the cost-to-retail percentage when given the beginning inventory, purchases, markups, markdowns, sales, and ending inventory.
Given the amount that inventory was reported as and the amount that they are changing it to under the new method, they ask you to determine what journal entry would be recorded.
Given the selling price and cost of multiple categories of trees, they ask you to determine the inventory value using different methods.
Given the selling price, cost, and cost to replace different categories of trees, they ask you to determine the value of inventory assuming a lower cost or market rule is applied.
Determine how the company would show the change in accounting principles in its financial statements.
Compute the cost-to-retail percentage used by the company given the inventory, purchases, markups, markdowns, sales, and ending inventory.