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Questions and Answers of Public Accounting

=+2. Determine the total sales and the total cost of merchandise sold for the period.Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.
=+3. Determine the gross profit from sales for the period.
=+4. Determine the ending inventory cost.
=+The beginning inventory for Waldo Co and data on purchases and sales for a threemonth period are shown in Problem 7-1A.Instructions
=+1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method.
=+2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
=+3. Determine the ending inventory cost.$1,395,500
=+Artic Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2010, purchases invoices during the year, and the inventory count at December 31,
=+1. Determine the cost of the inventory on December 31, 2010, by the first-in, first-out method. Present data in columnar form, using the following headings:Model Quantity Unit Cost Total Cost If
=+2. Determine the cost of the inventory on December 31, 2010, by the last-in, first-out method, following the procedures indicated in (1).
=+3. Determine the cost of the inventory on December 31, 2010, by the average cost method, using the columnar headings indicated in (1).
=+4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
=+If the working papers correlating with this textbook are not used, omit Problem 7-4A.Data on the physical inventory of Winesap Co. as of December 31, 2010, are presented in the working papers. The
=+Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Quantity Unit Description Purchased Cost Purchased Cost Alpha 10 30 $ 60 40 $ 59 Beta 30 25 170 15 180 Charlie 4 20 132 15
=+Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item:
=+1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase.
=+2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
=+3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.Selected data on
=+1. Determine the estimated cost of the merchandise inventory of Clairemont Co. on July 31 by the retail method, presenting details of the computations.
=+2.a. Estimate the cost of the merchandise inventory of Malibu Co. on March 31 by the gross profit method, presenting details of the computations.
=+b. Assume that Malibu Co. took a physical inventory on March 31 and discovered that $243,250 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during
=+The beginning inventory at Thoreau Office Supplies and data on purchases and sales for a three-month period are as follows:Number Per Date Transaction of Units Unit Total Jan. 1 Inventory 75 $20
=+2. Determine the total sales and the total cost of merchandise sold for the period.Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.
=+3. Determine the gross profit from sales for the period.
=+4. Determine the ending inventory cost.objs. 2, 3✔ 3. $13,270
=+The beginning inventory at Thoreau Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1B.Instructions
=+1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, firstout method.
=+2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
=+3. Determine the ending inventory cost.
=+Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at August 1, 2009, purchases invoices during the year, and the inventory count at July 31,
=+1. Determine the cost of the inventory on July 31, 2010, by the first-in, first-out method.Present data in columnar form, using the following headings:Model Quantity Unit Cost Total Cost
=+If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.
=+2. Determine the cost of the inventory on July 31, 2010, by the last-in, first-out method, following the procedures indicated in (1).
=+3. Determine the cost of the inventory on July 31, 2010, by the average cost method, using the columnar headings indicated in (1).
=+4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
=+If the working papers correlating with this textbook are not used, omit Problem 7-4B.Data on the physical inventory of Zircon Company as of December 31, 2010, are presented in the working papers.
=+determined and recorded on the inventory sheet. Unit market prices have also been
=+determined as of December 31 and recorded on the sheet. The inventory is to be determined at cost and also at the lower of cost or market, using the first-in, first-out method. Quantity and cost
=+2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
=+3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.
=+Selected data on merchandise inventory, purchases, and sales for Gainesville Co. and Tallahassee Co. are as follows:Cost Retail Gainesville Co.Merchandise inventory, April 1 $ 200,000 $ 300,000
=+PR 7-5B Retail method; gross profit method✔ 1. $340,000 Chapter 7 Inventories 349 Instructions
=+1. Determine the estimated cost of the merchandise inventory of Gainesville Co. on April 30 by the retail method, presenting details of the computations.
=+2.a. Estimate the cost of the merchandise inventory of Tallahassee Co. on December 31 by the gross profit method, presenting details of the computations.
=+b. Assume that Tallahassee Co. took a physical inventory on December 31 and discovered that $358,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage
=+Ebba Co. is experiencing a decrease in sales and operating income for the fiscal year ending December 31, 2010. Cody Bryant, controller of Ebba Co., has suggested that all orders received before
=+Discuss whether Cody Bryant is behaving in a professional manner.
=+SA 7-1 Ethics and professional conduct in business The following is an excerpt from a conversation between Chad Lindy, the warehouse manager for House of Foods Wholesale Co., and its accountant,
=+“make believe” to me! Why not report what really happens?Respond to Chad’s concerns.
=+SA 7-2 LIFO and inventory flow Mimotopes Company began operations in 2009 by selling a single product. Data on purchases and sales for the year were as follows:Purchases:Date Units Purchased Unit
=+SA 7-3 Costing inventory(continued)350 Chapter 7 Inventories Sales:April 8,000 units May 8,000 June 10,000 July 12,000 August 14,000 September 14,000 October 9,000 November 5,000 December 4,000
=+On January 6, 2010, the president of the company, Mohammad Zanelli, asked for your advice on costing the 16,000-unit physical inventory that was taken on December 31, 2009. Moreover, since the firm
=+1. Determine the cost of the December 31, 2009, inventory under the periodic system, using the (a) first-in, first-out method, (b) last-in, first-out method, and (c) average cost method.
=+2. Determine the gross profit for the year under each of the three methods in (1).
=+3.a. Explain varying viewpoints why each of the three inventory costing methods may best reflect the results of operations for 2009.
=+b. Which of the three inventory costing methods may best reflect the replacement cost of the inventory on the balance sheet as of December 31, 2009?
=+c. Which inventory costing method would you choose to use for income tax purposes? Why?
=+d. Discuss the advantages and disadvantages of using a perpetual inventory system. From the data presented in this case, is there any indication of the adequacy of inventory levels during the year?
=+Dell Inc. and Hewlett-Packard Development Company, L.P. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows
=+Dell HP Inventory, beginning of period $ 459 $ 6,877 Inventory, end of period 576 7,750 Cost of goods sold 45,958 69,178
=+a. Determine the inventory turnover ratio and number of days’ sales in inventory ratio for each company. Round to one decimal place.
=+b. Interpret the difference between the ratios for the two companies.
=+SA 7-4 Inventory ratios for Dell and HP Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the
=+SA 7-5 Comparing inventory The cost of merchandise sold reported by each company was as follows:Tiffany Co. Amazon.com Cost of merchandise sold $1,172,646 $8,255,000
=+a. Determine the inventory turnover and number of days’ sales in inventory for Tiffany and Amazon.com. Round to two decimal places.
=+b. Interpret your results.
=+The general merchandise retail industry has a number of segments represented by the following companies:Company Name Merchandise Concept
=+Costco Wholesale Corporation Membership warehouse Wal-Mart Discount general merchandise
=+JCPenney Department store
=+For a recent year, the following cost of merchandise sold and beginning and ending inventories have been provided from corporate annual reports (in millions) for these three companies:Costco
=+a. Determine the inventory turnover ratio for all three companies. Round to one decimal place.
=+b. Determine the number of days’ sales in inventory for all three companies. Round to one decimal place.
=+c. Interpret these results based on each company’s merchandise concept.
=+Consider such factors as delivery charges, interest-free financing, discounts, coupons, and availability of warranty services. Prepare a report for presentation to the class.
=+SA 6-4 Sales discounts Assume that you are planning to purchase a 50-inch plasma television. In groups of three or four, determine the lowest cost for the television, considering the available
=+b. Describe any possible concerns you may have related to the proposed changes described in (1).
=+2 .a. Based on the projected income statement in (1), would you recommend the implementation of the proposed changes?
=+1. Prepare a projected single-step income statement for the year ending March 31, 2011, based on the proposal. Assume all sales are collected within the discount period.
=+The other income and other expense items will remain unchanged. The shipment of all merchandise FOB shipping point will eliminate all delivery expense, which for the year ended March 31, 2010, were
=+Your sister is considering a proposal to increase net income by offering sales discounts of 2/15, n/30, and by shipping all merchandise FOB shipping point. Currently, no sales discounts are
=+2 . What might be some considerations other than price that might influence Ted’s decision on where to buy the stereo system?Your sister operates Ennis Parts Company, an online boat parts
=+1. Assuming that Sound Unlimited doesn’t charge sales tax on the sale to Ted, which company is offering the best buy?
=+SA 6-3 Determining cost of purchase Chapter 6 Accounting for Merchandising Businesses 309 Laurie: I am not surprised. Many online stores don’t accept checks.Ted: I give up. What would you do?
=+SA 6-2 Purchases discounts and accounts payable The following is an excerpt from a conversation between Ted Mackie and Laurie Van Dorn. Ted is debating whether to buy a stereo system from Classic
=+How would you respond to Sergio Alonzo’s request?
=+supplies, etc.Sergio: That’s what I thought. But as you know, we normally receive a 2% discount from our suppliers for earlier payment, and we always try to take the discount.Suzie: That’s
=+SA 6-1 Ethics and professional conduct in business The Encore Video Store Co. is owned and operated by Sergio Alonzo. The following is an excerpt from a conversation between Sergio Alonzo and
=+Discuss whether Lydia DeLay behaved in a professional manner by subtracting the discount, even though the discount period had expired.
=+On February 15, 2010, Tropical Connection Company, a garden retailer, purchased$25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay
=+10. Prepare a post-closing trial balance.Special Activities
=+9. Prepare and post the closing entries. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owner’s capital account.
=+8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
=+7. Prepare an adjusted trial balance.
=+6. Journalize and post the adjusting entries.308 Chapter 6 Accounting for Merchandising Businesses
=+5. Optional: Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. See Appendix C for how to prepare an end-of-period spreadsheet
=+4 . At the end of July, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6).a. Merchandise inventory on July 31 $589,850b. Insurance expired during the
=+3. Prepare an unadjusted trial balance.
=+2 . Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or
=+1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark (✓)in the Posting Reference
=+31. Paid for purchase of July 21, less return of July 24 and discount.Instructions

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