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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

The Vandy Company had the following inventory at year-end:Requireda. Determine the value of ending inventory after applying the lower-of-cost-or-net realizable value method to each item of
The following data are for the Porter Corporation, which sells just one product:Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and(a) first-in,
Comanche Stores conducted a physical inventory at December 31. The items counted during the physical inventory are listed below. Comanche's accountant provided the unit costs.Required Prepare a
Inventory Costing Methods-Perpetual Method Refer to the information in P6-2A and assume the perpetual inventory system is used.Requireda. Calculate the cost of goods sold and the ending inventory
Inventory Costing Methods-Perpetual Method Refer to the information in P6-4A and assume the perpetual inventory system is used.Requireda. Assume that Chou uses the first-in, first-out method. Compute
Alaska Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the company's(a)
Inventory Costing Methods-Perpetual Method Using the data in P6-8A, assume that Porter Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold
The Track Manufacturing Company uses the perpetual inventory system for its raw materials inventory. Track plans to include raw material costing \(\$ 2,500,000\) in the products that it manufactures.
The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of
The following data are taken from the Hilton Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to
The Glenn Sales Corporation uses the periodic inventory system. On January 1,2018 , Glenn had 2,600 units of product B with a unit cost of \(\$ 40\) per unit. A summary of purchases and sales during
The Southwestern States Corporation installed a new inventory management system at the beginning of 2018. Shown below are data from the Southwestern States' accounting records as reported by the new
Field Distributors sells merchandise to a variety of retailers. Field uses different LO1 freight terms with its various customers and suppliers. All sales are made on account.Required For each of
The Crow Company had the following inventory at year-end:Requireda. Determine the value of the ending inventory after applying the lower-of-cost-or-net realizable value method to each item of
The following data are for the Cracker Corporation, which sells just one product:Calculate the value of ending inventory and cost of goods sold for the year using the periodic method(a) first-in,
Household City conducted a physical inventory at December 31. The items counted during the physical inventory are listed below. Household City's accountant provided the unit costs.Required Prepare a
Refer to the information in P6-2B and assume the perpetual inventory system is used.Requireda. Compute the cost of goods sold and the ending inventory cost for the month of June using the
Refer to the information in P6-4B and assume the perpetual inventory system is used.Requireda. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the
The Midwestern Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the
Using the data in P6-8B, assume that Cracker Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method
As expected, the holiday season was very busy for Kate and her greeting card company. In fact, most of her supplies were fully depleted by year-end, necessitating a restocking of inventory. Assume
Mitch Manufacturing Company uses the perpetual inventory system and plans to use raw materials costing \(\$ 1,200,000\) in manufacturing its products. Mitch will operate its factory 300 days during
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:July 1 Beginning inventory, 30 units \(@ \$ 9\) per unit.10 Purchased 50 units \(@
The December 31 inventory for the Jeremy Company included five products. The year-end physical count revealed the following:The related unit costs were: A, \(\$ 10 ; B, \$ 6 ; C, \$ 9 ; D, \$ 8\);
Arrow Company is a retailer that uses the periodic inventory system. On August 1, it had 80 units of product A at a total cost of \(\$ 1,600\). On August 5, Arrow purchased 100 units of A for \(\$
The following information was taken from the records of Tinker Enterprises:The following two errors were made in the physical inventory counts:1. 2018 ending inventory was understated by \(\$
Determine the proper total inventory value for each of the following items in Viking Company's ending inventory:a. Viking has 500 video games in stock. The games cost \(\$ 36\) each, but their
The following information is for the Bud Company; the company sells just one product:At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method.
The following data are for the Vista Company, which sells just one product:Calculate the value of ending inventory and cost of goods sold using the periodic method and(a) first-in, first-out,(b)
LVMH is a Paris-based manufacturer of luxury goods that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair value of its
The following data are taken from the Browning Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to
The Northern Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported out by the new system:Calculate the
The following data refer to the Ian Company's ending inventory:Calculate the value of the company's ending inventory by using the lower-of-cost-or-net realizable value applied to each item of
Southeast Steel Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the company's(a) LIFO
Refer to the information in E6-2A and assume (Appendix 6A) the perpetual inventory system is used. Calculate the cost of goods sold for the July 15 sale using(a) first-in, first-out,(b) last-in,
Refer to the information in E6-4A and assume the perpetual inventory system is used. Calculate the inventory cost of product A on August 11 (after the sale) using(a) first-in, first-out,(b) last-in,
Refer to the information in E6-8A and assume the perpetual inventory system is used. Calculate the value of ending inventory and cost of goods sold using the perpetual method and(a) first-in,
At year-end, The Kitchen Shop has a refrigerator that has been used as a demonstration model. The refrigerator cost \(\$ 375\) and sells for \(\$ 550\) when new. In its present condition, the
Which inventory costing method requires that a company keep track of the cost of each specific unit of inventory?a. Specific identificationb. Lower of cost or market methodc. LIFOd. All of the above
Lisa Company has the following items at year-end. Identify which items should be included in Lisa's year-end inventory count.1. Goods held on consignment by Sell For You Company.2. Goods held by Lisa
The Claremont Company's ending inventory is composed of 50 units that had cost \(\$ 20\) each and 100 units that had cost \(\$ 15\) each. If all 150 units have an NRV of \(\$ 16\) each, what value
The McQuenny Company's ending inventory is composed of 100 units that had an acquisition cost of \(\$ 25\) per unit and 50 units that had an acquisition cost of \(\$ 30\) per unit. If 150 units have
Bass & Company reported the following information in its recent annual report:Calculate the company's inventory turnover and days' sales in inventory for both years. Cost of goods sold..
Hamm & Company disclosed the following information in its recent annual report:Calculate the company's inventory turnover and days' sales in inventory for both years. Cost of goods sold..
Costing Methods and the Periodic Method Lamb Company experienced the following events in January:If the Lamb Company uses the FIFO inventory costing method, calculate the company's cost of goods sold
Inventory Costing Methods and the Periodic Method Deer Company experienced the following events in February:If the Deer Company uses the LIFO inventory costing method, calculate the company's cost of
Errors in Inventory Count Pow Corp. accidentally overstated its 2018 ending inventory by \(\$ 750\). Assume that ending 2019 inventory is accurately counted. The error in 2018 will have what effect
Kay & Company experienced the following events in March:If Kay & Company uses the weighted-average cost method, calculate the company's cost of goods sold and ending inventory as of March 31
Refer to the information in SE6-11 and assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company's cost of goods sold and ending
Refer to the information in SE6-9 and assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the company's cost of goods sold and ending inventory as of
Lamar Company reports ending inventory of \(\$ 150,000\) on a LIFO basis and also reports a LIFO inventory reserve of \(\$ 32,000\). If Lamar had used FIFO rather than LIFO, ending inventory would
Which of the following concepts relates to the elimination or minimization of inventories by a manufacturing firm?a. Quick responseb. Just-in-timec. Just-in-cased. Specific identification
Which inventory costing method assumes that the most recently purchased merchandise is sold first?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Under which of the following freight terms does the seller retain ownership of the shipped goods?a. F.O.B. shipping pointb. F.O.B. destination
When should ending inventory be written down below its acquisition cost on the balance sheet?a. When units are damaged, physically deteriorated, or obsolete.b. When the inventory's net realizable
Which inventory costing method is expensive to implement?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Which inventory costing method is frequently used when undifferentiated units are stored in a common area?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Which inventory costing method does not require the use of the lower-of-cost-or-net realizable value method?a. Specific identificationb. Weighted-average costc. FIFOd. All methods require the use of
Mack Corp. reported annual cost of goods sold of \(\$ 30,000\) and average inventory on hand during the year of \(\$ 3,750\). What was Mack's inventory turnover?a. 0.125 timesb. 8.0 timesc. \(\$
The Molly Company reports ending inventory under the LIFO method of \(\$ 15,000\). Had Molly used FIFO, the ending inventory would have been reported as \(\$ 16,500\). Molly's LIFO inventory reserve
The periodic inventory system differs from the perpetual inventory system:a. because the periodic system is not compatible with modern technology.b. because the perpetual system continually updates
ShopMart Stores uses point-of-sale equipment at its checkout counters to read universal bar codes. It also uses a quick response system. What is a quick response system?
What are just-in-case inventory and inventory carrying costs?
What is the just-in-time manufacturing philosophy? Describe it.
What is meant by goods flow and cost flow?
Describe how each of the following inventory costing methods is used with the perpetual inventory system: (a) Specific identification; (b) Weighted-average cost; (c) First-in, first-out; and (d)
Describe the type of inventory for which the goods flow would most naturally correspond to the cost flow for each of the inventory costing methods: (a) Specific identification, (b) Weighted-average
What is the nature of FIFO phantom profits during periods of rising inventory purchase prices?
If costs have been rising, which inventory costing method-weighted-average cost; first-in, first-out; or last-in, first-out-yields (a) the lowest ending inventory value? (b) the lowest net income?
Even though it does not represent their goods flow, why might firms adopt last-in, first-out inventory costing during periods when inventory costs are rising?
Describe a situation in which merchandise must be valued on the balance sheet at an amount less than its acquisition cost.
Which of the following is not an inventory costing method?a. Specific identificationb. Weighted-average costc. Just-in-time manufacturingd. FIFO
What is the effect on reported net income of applying the lower-of-cost-or-net realizable value method to ending inventory?
How do the accounting principles of consistency and full disclosure apply to inventory costing?
Which party, the seller or the buyer, bears the freight cost when the terms are F.O.B. shipping point? When the terms are F.O.B. destination?
What is a LIFO inventory reserve and how can it be useful to an analyst?
Moyer Company has an inventory turnover of 4.51 . What is Moyer's days' sales in inventory?
In an annual report, Craftmade International, Inc., describes its inventory accounting policies as follows:Also in an annual report, Kaiser Aluminum Corporation made the following statement in
What are the three steps that make up the year-end physical count of inventory?
For each of the situations below, determine if the investment should be reported as a passive investment-ment (P), an investment reflecting significant influence (SI), or a controlling interest (C).
Use the following year-end footnote information from Cisco Systems, Inc.’s 10-K report to anfied swer parts a and b. ($ millions) Cost of available-for-sale investments securities. Gross unrealized
On its July 26, 2014 balance sheet, Cisco Systems, Inc. reports available-for-sale investments with a value of $45,348 million. As available-for-sale securities, these investments are reported at
Hartgraves Company had the following transactions and adjustments related to a bond investment that is a trading security. 2015 Oct. 1 Purchased $500,000 face value of Skyline, Inc.'s 7% bonds at 97
Blouin Company had the following transactions and adjustment related to a stock investment that is a trading security. 2015 Nov. 15 Purchased 10,000 shares of Lane, Inc.'s common stock at $17 per
Refer to the data for Blouin Company in Mini Exercise 12-21. Assume that when the shares were purchased, management did not intend to sell the stock shortly. Record the transactions and adjustments
Four transactions involving investments in marketable securities are classified as trading follows. (1) Purchased 6,000 common shares of Liu, Inc., for $12 cash per share. (2) Received a cash
YUM! Brands, Inc., reports the following information related to non-cancelable leases in Note 11 of its 2014 10-K.On December 27, 2014, we operated nearly 8,700 restaurants, leasing the underlying
Suppose Pfizer issues 100,000 shares of its common stock, \($0.05\) par value, to obtain a warehouse and the accompanying land when the price of the stock is \($22.00.\) Which one of the following
Assume Pfizer resells 10,000 shares of its stock that were purchased when the market price of the stock was \($25.\) If the shares are resold for \($22,\) which one of the following statements
Suppose Pfizer declares a 200,000 common stock dividend (par \($0.05)\) when the market value of a share is \($20.00.\) Which one of the following statements is true?a. The common stock account
Which of the following statements is true?a. When a large stock dividend is paid, retained earnings are reduced by the market value of the shares distributed.b. Neither stock dividends nor stock
Which of the following statements is not true about diluted EPS (DEPS)?a. Stock options that are in the money will always cause DEPS to be less than basic EPS.b. Convertible bonds, if dilutive, will
Corporation A owns 50% of Corporation B. This is a case where:a. Corporation A controls Corporation B.b. Corporation A does not control Corporation B.c. Corporation A has a significant influence on
In accounting for available-for-sale-securities, the:a. Securities are reported at their fair value, along with their fair value adjustment from cost.b. Securities are reported at cost.c. Increases
Which of the following statements is true of investments accounted for under the equity method?a. Investor reports its percentage share of the investee’s income in its operating income.b. Investor
Which of the following statements is true about goodwill?a. Current reporting standards require that goodwill be amortized over its economic life.b. Goodwill is written down when the fair value of
For each of the following items, indicate whether the cost should be capitalized or expensed immediately: a. Paid $1,200 for routine maintenance of machinery b. Paid $5,400 to rent equipment for two
Texas Instruments Incorporated and Intel Corporation report the following information ($ millions) 2014 2013. Texas Instruments Intel Corp Sales PPE, net Sales PPE, net $13,045 12,205 $2,840 3,399
Abbott Laboratories reports the following income statement (in partial form): Year Ended December 31 ($ millions) Net sales.... Cost of products sold.. Amortization of intangible assets.. Research
3M Company reports the following financial statement amounts in its 10-K report: ($ millions) Sales Cost of Sales Receivables Inventories PPE, net 2014. $31,821 $16,447 $4,238 $3,706 $8,489 2013

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