MC 9.126 – Poppy Co.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Gives you the beginning inventory and the ending inventory. Asks for the understated amount.
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Gives you the beginning inventory and the ending inventory. Asks for the understated amount.
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Tells you year end inventory, sell price, costs to sell, and replacement costs and asks for value of inventory
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Gives you year-end inventory, sell price, costs to sell, replacement costs, and asks for inventory according to IFRS
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Tells you that a fire destroys merchandise. Asks you to estimate the inventory before the fire.
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This problem gives you a recent Item with its sale price along with its markups and markdowns. Asks for the selling price.
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Gives cost and retail. Asks for average cost to retail %.
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Using the LIFO retail method you are asked to get the estimated ending inventory. Given is the cost and retail.
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Given the quantity, unit cost, and selling price of 5 different products along with sales commission… determine the inventory carrying value using the lower cost or net realizable value rule to individual products and the entire inventory while also recording an adjusting journal entry.
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Given the quantity, unit cost, unit replacement cost, and unit selling price of 5 different products along with sales commission and normal profit percent… calculate the inventory carrying value using lower cost or market rule to individual products and to entire inventory while also preparing an adjusting entry.
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Given the cost and retail value data for the year… determine the estimated ending inventory and ending cost of goods sold using both average cost and conventional methods.
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