BE 9.01 – Ross Electronics
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the cost, selling price, and selling cost… find unit value.
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Given the cost, selling price, and selling cost… find unit value.
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Given the cost, replacement cost, selling price, and normal profit price… find the unit value.
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Given units, cost, replacement cost, sell price, sell cost, and normal profit… find the effect of LCM adjustment and cost of the market.
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Given the beginning inventory, net purchases, freight-in, markups, markdowns, spoilage, sales, and discounts… calculate the ending inventory and cost of goods sold using the conventional method.
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Given ending inventory for both years… find the retained earnings for the beginning of next year.
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Given the lost inventory, beginning inventory, purchases, and net sales… calculate the gross profit ratio.
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For each of these 2021 inventory errors occurring, state the effect of the error on cost of goods sold, net income, and retained earnings using the following notation: understated (U), overstated (O), or no effect (NE). Also, use the following assumptions: the error is not discovered until 2022 and that a periodic inventory system is used. Income taxes can be ignored.
Given the selling price, cost, and the cost to sell for three different products… find the product cost for each and the per-unit value.
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Given the cost per unit and selling price per product… make the net realizing table.
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Given you the products, their total cost, total replacement cost, and total net realizable value… determine the carrying value and the adjusting journal entry. For part 1, use the lower of cost or market (LCM) rule.
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