BE 8.03 – Kelly Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
They give you information about the shipping of goods and ask you to determine what should be included in the year-end inventory.
They give you information about the shipping of goods and ask you to determine what should be included in the year-end inventory.
Prepare the necessary journal entries assuming they use the net method.
Your numbers will vary.
Given units purchased and cost of each along with discount terms they ask you to prepare journal entries for the purchase and the payment.
Your numbers will vary.
Given the cost, selling price, and selling cost… find unit value.
Your numbers will vary.
Determine the carrying value of inventory and before tax effect.
Your numbers will vary.
Given the cost, replacement cost, selling price, and normal profit price… find the unit value.
Your numbers will vary.
Given units, cost, replacement cost, sell price, sell cost, and normal profit… find the effect of LCM adjustment and cost of the market.
Your numbers will vary.
Estimate the cost of the inventory destroyed by the hurricane using the gross profit method.
Your numbers will vary.
Estimate ending inventory and cost of goods sold. (Avg Cost Retail Method)
Your numbers will vary.
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.
Your numbers will vary.