Quiz – Linguini Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the inventory at the beginning and end of the year along with the cost index, they ask you to determine the DVL inventory.
Given the inventory at the beginning and end of the year along with the cost index, they ask you to determine the DVL inventory.
Given the year-end inventory and the cost index, they ask you to compute the year-end DVL reported.
Given the information from accounting records, they ask you to compute the missing values.
What does the journal entry to record the equipment transaction include?
Given the amount merchandise was purchased for along with the terms of the sale, they ask you to prepare journal entries to record the purchase and the invoice.
Given the end-of-year inventory units and unit cost along with the number of refrigerators that were sold, they ask you to compute gross profit and gross profit ratio and determine the before-tax LIFO profit or loss.
Given the beginning inventory, the ending inventory, and the cost index, they ask you to determine the ending inventory dollar-value LIFO cost.
What is Nu’s gross profit ratio if it elects LIFO?
What is the company’s net income if it elects LIFO?
Given net sales. Cost of goods sold, tax rate, and ending inventories under both LIFO and FIFO, asks you to determine the gross profit, net income, and income tax.