Quiz – Portman Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given information about the inventory account, they ask you to determine the value of the inventory using the conventional retail inventory method.
Given information about the inventory account, they ask you to determine the value of the inventory using the conventional retail inventory method.
Given the amounts that beginning and ending inventory was either overstated or understated by, they ask you to determine the amount that the cost of goods sold was either overstated or understated by.
Determine how the company makes the change in accounting principles in its financial statements.
Given the beginning inventory at cost, net purchases, net sales, and ending inventory, they ask you to determine the beginning inventory at retail.
Given the selling price, cost, and cost to replace different categories of animal feed, they ask you to determine the value of the inventory assuming a lower cost or market value is applied.
Given the selling price and cost of different categories of pet feed, they ask you to determine the value of the inventory using different methods.
Estimate the cost of ending inventory applying the conventional retail method when given beginning inventory, purchases, markups, markdowns, spoilage, and net sales.