17. Madison Co. has determined its year-end inventory on a LIFO basis to be $600,000 Information pertaining to that inventory is as follows: $ 720,000 30,000 80,000 620,000 Selling price Costs to sell Normal profit margin Replacement cost What should be the reported value of Madison's inventory? A. $600,000. B. $620,000. C. $690,000. D. $610,000. 18. Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $400,000. Shipping costs totaled $11,000. Foundation work to house the centrifuge cost $7,800. An additional water line had to be run to the equipment at a cost of $3,800. Labor and testing costs totaled $5,100. Materials used up in testing cost $3,700. The capitalized cost is: $411,000. $430,300. $422,600. $431,400. A. B. C. D. 19. On July 8, a fire destroyed the entire merchandise inventory on hand of Lily Wholesale Corporation. The following information is available: Sales, January I through July 8 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $682,000 133,000 649,000 29% Page 10 of 13 What is the estimated inventory on July 8 immodinely price to the ee A. $299580 $188.210 C. B. $297,780 D. S484 220 20. The following information relates to Halloran Co.'s accounts receivable for 2021: Accounts receivable balance,, 1/1/2021 Credit sales for 2021 Accounts receivable written off during 2021 Collections firom customers during 2021 Allowance for uncollectible accounts balance, 12/31/2021 3300,000 7000 3100.000 210,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2021? A. $1,040,000. B. S970,000 C. $760,000 D. None of these answer choices are coerect 21. On January 1, 2018, the Coldstone Corporation adoped the dollar-value LIFO retail inventory method. Beginning imventory at cost and at retail were S150,000 and $259,350, respectively. Net purchases during the year at cost and at retail were $761,600 and $941,000, respectively. Markups during the year were S11,000. There were no markdowns. Net sales for 2018 were $876,40 balance that Coldstone would report in its 12/31/2018 balance sheer? The retail price index at the end of 2018 was 1.05. What is the inventory A. $255,200 $334.950 $200,106 $267,960 B. C. D. Page 11 of 13 17. Madison Co. has determined its year-end inventory on a LIFO basis to be $600,000 Information pertaining to that inventory is as follows: $ 720,000 30,000 80,000 620,000 Selling price Costs to sell Normal profit margin Replacement cost What should be the reported value of Madison's inventory? A. $600,000. B. $620,000. C. $690,000. D. $610,000. 18. Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $400,000. Shipping costs totaled $11,000. Foundation work to house the centrifuge cost $7,800. An additional water line had to be run to the equipment at a cost of $3,800. Labor and testing costs totaled $5,100. Materials used up in testing cost $3,700. The capitalized cost is: $411,000. $430,300. $422,600. $431,400. A. B. C. D. 19. On July 8, a fire destroyed the entire merchandise inventory on hand of Lily Wholesale Corporation. The following information is available: Sales, January I through July 8 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $682,000 133,000 649,000 29% Page 10 of 13 What is the estimated inventory on July 8 immodinely price to the ee A. $299580 $188.210 C. B. $297,780 D. S484 220 20. The following information relates to Halloran Co.'s accounts receivable for 2021: Accounts receivable balance,, 1/1/2021 Credit sales for 2021 Accounts receivable written off during 2021 Collections firom customers during 2021 Allowance for uncollectible accounts balance, 12/31/2021 3300,000 7000 3100.000 210,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2021? A. $1,040,000. B. S970,000 C. $760,000 D. None of these answer choices are coerect 21. On January 1, 2018, the Coldstone Corporation adoped the dollar-value LIFO retail inventory method. Beginning imventory at cost and at retail were S150,000 and $259,350, respectively. Net purchases during the year at cost and at retail were $761,600 and $941,000, respectively. Markups during the year were S11,000. There were no markdowns. Net sales for 2018 were $876,40 balance that Coldstone would report in its 12/31/2018 balance sheer? The retail price index at the end of 2018 was 1.05. What is the inventory A. $255,200 $334.950 $200,106 $267,960 B. C. D. Page 11 of 13
