E 8.06 – Kwok Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Determine the correct inventory amount to be reported.
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Determine the correct inventory amount to be reported.
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Given a list of transactions… calculate the correct inventory balance that would be reported on the balance sheet.
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Prepare the journal entry to record the purchase and payment.
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Determine the cost of goods sold for the year using the FIFO and LIFO methods.
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Given the starting inventory with price, inventory purchases, sales through numerous dates, and ending inventory… find the cost of goods sold using FIFO method in a perpetual inventory system.
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Given the beginning inventory with price, the purchases made throughout the month, and the ending inventory… find the cost of inventory at the end of the month using periodic inventory.
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Given the physical count on ending inventory, multiple different shipping, purchasing dates and amounts, and the amount of goods held… find the ending inventory.
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Given the sales, beginning and ending inventory, purchases, and purchase returns… find the cost of goods sold for the year.
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Gives you the inventory cost at the beginning of the year. Gives you the end of the year cost for the next 3 years and asks for the amount on the balance sheet for the end of the third year.
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Using Dollar Value LIFO (DVL) asks to find the ending inventory for the year.
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