E 8.04 – Johnson Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
Given a list of records for three consecutive years… find the missing numbers.
Determine the correct inventory amount to be reported.
Given a list of transactions… calculate the correct inventory balance that would be reported on the balance sheet.
Prepare the journal entry to record the purchase and payment.
Determine the cost of goods sold for the year using the FIFO and LIFO methods.
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.
Given the cost per unit and selling price per product… make the net realizing table.
Determine carrying value inventory and record adjusting entry. Assume the lower of cost of net realizable value (LCNRV) rule is applied.
Given the cost, replacement cost, selling cost, selling price, and normal profit… the lower-cost market ending inventory.