BE 9.05 – Rockford Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Estimate the cost of the inventory destroyed by the hurricane using the gross profit method.
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Estimate the cost of the inventory destroyed by the hurricane using the gross profit method.
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Estimate ending inventory and cost of goods sold. (Avg Cost Retail Method)
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What is the effect of the change on cost of goods sold. (LIFO to FIFO).
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Determine carrying value inventory and record adjusting entry. Assume the lower of cost of net realizable value (LCNRV) rule is applied.
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Given the cost, replacement cost, selling cost, selling price, and normal profit… the lower-cost market ending inventory.
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Given the product cost, replacement cost, selling price, sales commission, shipping cost, and normal profit… find the lower cost or market rule for ending inventory.
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E 9.08 – Rocklin Sporting Goods Company
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Given inventory on hand, the purchases, freight-in, sales, and returns along with the amount of stolen inventory, gross profit ratio, and markup percentage…. calculate the ending inventory using both gross profit method and markup on cost.
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Given the inventory at hand and retail value along with the ending inventory at retail, retail price index, and cost to the retail percentage for two years… calculate both the cost to the retail percentage at the beginning of the first year and inventory value at the end of both years.
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Given the merchandise inventory at the beginning of the year, purchases, markups, markdowns, net sales, and price index at the beginning and end of the year… calculate the ending inventory and cost of goods sold.
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