Brincks BA323 Quiz Ch9
Fundamentals of Financial Management, Concise
Brigham and Houston
09th Edition, 10th Edition, and 11th Edition
Check figures (only) for the Chapter 9 quiz.
Check figures (only) for the Chapter 9 quiz.
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.
Your numbers will vary.
Given the cost per unit and selling price per product… make the net realizing table.
Your numbers will vary.
Determine carrying value inventory and record adjusting entry. Assume the lower of cost of net realizable value (LCNRV) rule is applied.
Your numbers will vary.
Given the cost, replacement cost, selling cost, selling price, and normal profit… the lower-cost market ending inventory.
Your numbers will vary.
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.
Your numbers will vary.
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.
Your numbers will vary.
E 9.08 – Rocklin Sporting Goods Company
Your numbers will vary.
Given the amount that damaged goods can be sold for, the inventory, the net purchases, and the net sales… calculate the loss on inventory using the gross profit method.
Your numbers will vary.