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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Thomas Plastics is in the process of developing a revolutionary new plastic valve. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The
On February 1, 2021, the Xilon Corporation issued 50,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition,
The balance sheets of Pinewood Resorts reported net fixed assets of $740,000 and $940,000 at the end of 2020 and 2021, respectively. The fixed-asset turnover ratio for 2021 was 3.25. Calculate
[This is a variation of the previous problem, modified to focus on the weighted-average interest method.]Required:Refer to the facts in Problem 10–9 but now assume the $3 million loan is not
Huebert Corporation and Winslow Corporation reported the following information: Calculate each companies fixed-asset turnover ratio and determine which company utilizes its fixed assets most
On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2022. Expenditures on the
On January 1, 2021, Byner Company purchased a used tractor. Byner paid $5,000 down and signed a noninterestbearing note requiring $25,000 to be paid on December 31, 2023. The fair value of the
On June 30, 2021, Kimberly Farms purchased custom-made harvesting equipment from a local producer. In payment, Kimberly signed a noninterest-bearing note requiring the payment of $60,000 in two
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: To equalize the exchange, Phifer paid Robers $5,000 in
On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,000,000 in cash. The book values and fair values of Barney?s assets and liabilities
In 2021, Bratten Fitness Company made the following cash purchases:1. The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $200,000. Symmetry created
The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $144,000 balance
Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 2021 for the mining site and spent an additional $600,000 to prepare the mine for extraction of the
Chilton Peripherals manufactures printers, scanners, and other computer peripheral equipment. In the past, the company purchased equipment used in manufacturing from an outside vendor. In March 2021,
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Transactions during 2021 were as follows:a. On January 2, 2021, equipment
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $600,000. Additionally, Blackstone paid a real estate broker’s commission of $36,000,
On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements:a.
In 2021, Winslow International, Inc.’s controller discovered that ending inventories for 2019 and 2020 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on
In the Chapter 3 Data Analytics Case, you applied Tableau to examine a data set and create calculations to compare two companies’ profitability. For the case in this chapter, you continue in your
Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations.1. On September 1, the company
In March 2021, the Phillips Tool Company signed two purchase commitments. The first commitment requires Phillips to purchase inventory for $100,000 by June 15, 2021. The second commitment requires
On October 6, 2021, the Elgin Corporation signed a purchase commitment to purchase inventory for $60,000 on or before March 31, 2022. The company’s fiscal year-end is December 31. The contract was
In 2021, the controller of Sytec Corporation discovered that $42,000 of inventory purchases were incorrectly charged to advertising expense in 2020. In addition, the 2020 year-end inventory count
In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of
For each of the following inventory errors occurring in 2021, determine the effect of the error on 2021?s cost of goods sold, net income, and retained earnings. Assume that the error is not
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: WMC uses a periodic inventory system and
Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change to the average cost method for determining inventory costs at the
In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, CPS’s inventories were $32 million (FIFO). CPS’s records
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally omitted: Required:Determine the
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory.Accounting records provide the following information: Related retail price indexes are as
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $15,000 and its retail value was $18,750. Information for 2021
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Required:Calculate the estimated ending inventory and cost of
In November 2021, the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to purchase 10,000 units of inventory at $10 per unit by December 15, 2021. The second
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September
Capwell Corporation uses a periodic inventory system. The company’s ending inventory on December 31, 2021, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell’s
It is discovered in 2021 that ending inventory in 2019 was understated. What is the effect of the understatement on the following:2019: .............Cost of goods sold.......................Net
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month
Refer to the situation described in BE 9–15. What steps would be taken to report the error in the 2021 financial statements?BE 9–15In 2021, Winslow International, Inc.’s controller discovered
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Required:Estimate the ending inventory and cost of
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold.
In 2021, Wade Window and Glass changed its inventory method from FIFO to LIFO. Inventory at the end of 2020 is $150,000. Describe the steps Wade Window and Glass should take to report this change.
Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979. In 2021, the company decided to switch to the average cost method. Data
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Required:Determine the December 31, 2021, inventory by applying the
In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2021 is
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of
This exercise is a continuation of BE 9–11. During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000,
The management of the Esquire Oil Company believes that the wholesale price of heating oil that they sell to homeowners will increase again as the result of increased political problems in the Middle
National Distributing Company uses a periodic inventory system to track its merchandise inventory and the gross profit method to estimate ending inventory and cost of goods sold for interim periods.
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Estimate ending inventory using the
Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. ending inventory quantities are determined by a physical
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year: The company records sales to
[This is a variation of P 9?9, modified to focus on the dollar-value LIFO retail method.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:Merchandise inventory, January 1, 2021 .............$1,900,000Purchases
Mayfair Department Stores, Inc., operates over 30 retail stores in the Pacific Northwest. Prior to 2021, the company used the FIFO method to value its inventory. In 2021, Mayfair decided to switch to
Refer to the situation described in BE 9–7. Estimate ending inventory and cost of goods sold using the conventional method and the information provided.BE 9–7 Cost Retail $ 450,000 Beginning
On November 21, 2021, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $12,000. The
Fred’s Inc. operates general merchandise retail discount stores and full-service pharmacies in the Southeastern United States. Access the company’s 10-K for the fiscal year ended January 28,
Refer to the situation described in BE 9–7. Estimate ending inventory and cost of goods sold (LIFO) using the information provided.BE 9–7 Cost Retail $ 450,000 Beginning inventory Net purchases
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2021 operations is as follows:a. January 1, 2021, beginning inventory had a cost of
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: The company records sales net of employee discounts. Employee
[This is a variation of E 9-3, modified to focus on the lower of cost or market.] Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as
Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the
[This is a variation of E 9-2, modified to focus on the lower of cost or market.] The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as
[This is a variation of BE 9?2, modified to focus on the lower of cost or market.] SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the
Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Required:1. Determine the carrying value of inventory at
[This is a variation of E 9-1, modified to focus on the lower of cost or market.] Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of
York Co. sells one product, which it purchases from various suppliers. York?s trial balance at December 31, 2021, included the following accounts: Sales (33,000 units @ $16)
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. The cost to sell for each product consists of a 15 percent sales commission. The
Describe the typical approach for recording inventory write-downs.
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Required:1. Determine the carrying value of inventory at December 31, 2021,
SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Determine the carrying value of SLR?s inventory assuming
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Required:1. Determine the carrying value of
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Costs to sell consist of a sales commission equal to 10% of selling price
Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. The cost to sell for each product consists of a 15 percent sales
Explain the (a) lower of cost or net realizable value (LCNRV) approach and the (b) lower of cost or market (LCM) approach to valuing inventory.
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Required:What unit values should Herman use for
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000.
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at
The table below contains selected information from recent financial statements of The Home Depot, Inc., and Lowe?s Companies, Inc., two companies in the home improvement retail industry ($ in
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,000 units consisted of the following, listed in
The Reuschel Company began 2021 with inventory of 10,000 units at a cost of $7 per unit. During 2021, 50,000 units were purchased for $8.50 each. Sales for the year totaled 54,000 units leaving 6,000
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year:Jan. 1
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information
Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2021, an additional 30,000 units were purchased at a single unit cost, and 20,000 units
The following information is taken from the inventory records of the CNB Company for the month of September: Required:1. Assuming that CNB uses a periodic inventory system and employs the average
At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $84,000. The company uses an
Alta Ski Company?s inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Required:1. Which method, FIFO or LIFO, will
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is
[This is a variation of E 8–14 modified to focus on LIFO in a perpetual inventory system.]Altira Corporation provides the following information related to its merchandise inventory during the month
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2021,
[This is a variation of E 8–13 modified to focus on the perpetual inventory system and alternative cost flow methods.]Altira Corporation provides the following information related to its
At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool’s value on that date was $1,400,000. The 2021 ending inventory valued at

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