BE 8.01 – Amount of ending inventory
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Find the amount of ending inventory.
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Find the amount of ending inventory.
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Given inventory, purchase of merchandise, cost of merchandise, and selling price of merchandise they ask you to prepare journal entries for the transactions.
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They give you information about the shipping of goods and ask you to determine what should be included in the year-end inventory.
Given units purchased and cost of each along with discount terms they ask you to prepare journal entries for the purchase and the payment.
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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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Agree or disagree and state accounting concept applied.