Accounting questionthere are 4 qurstions! please help me!!!
4) (Gross Prot Method) You are called by the CFO of Dolphin Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that tool: place the night before. You suggest that an inventoryr be taken immediately. The following data are available. Inventory, March 1 15 $3,000 Purchasesgoods placed in stock March 19 112,000 Salesgoods delivered to customers (gross) 91,000 Sales returnsgoods returned to stock 3,000 Your client reports that the goods on hand on March 9 cost $24,000, but you determine that this gure includes goods of $1000 received on a consignment basis. Your past records show that sales are made at approximatel}r 20% over cost. Dolphin's insurance covers only goods owned. Instructions: Compute the claim against the insurance company. 1) (LCNRV) Sunshine Company,r follows the practice of pricing its inventory at the lower-ofcostormarket, on an individual-item basis. Cost of Estimating Completion Replacement Selling and Normal Item Cost per Cost per Price per Disposal Prot per No. Quantity unit unit unit per unit unit A 1,231] $3.1!) $3. $9. $0.35 353.91) B 633 . 5.6!) . {145 ELSE! C 233 5.5!) 5. 'Ir'. 0.4!) Ltl D Tilt] 125 'Ir'.5 8. 0.5!) {1.91} E Loss 2.\") 2. 2.8!) {165 {LEI} F Silt] 4.5 4. 5. 0.4!) 3.?5 G 2,333 8.?5 8.15 9. 0.6!) ELSE! H Silt] 9.95 9. 10.5!) {13!} Hit) Instructions: From the information above, determine the amount of Sunshine Company,r inventory,r to be reported on the balance sheet. 2) (Relative Sales Value Method) During 201?, Galarraga Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Galarraga for a lump sum of $5,985, because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 80 S45 Armchairs 60 40 Straight chairs 140 25 During 201?, Galarraga sells 40 lounge chairs, 20 armchairs, and 24 straight chairs. Instructions: What is the amount of gross prot realized during 201?? What is the amount of inventory of unsold straight chairs on December 31, 201?? 3) (Purchase Commitments) At December 31, 201?, Stargell Company has outstanding noncancelable purchase commitmuts for 100,000 gallons, at $1.50 per gallon, of raw material to he used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Instructions: a) Assuming that the market price as of December 31, 201?, is $1.65, how would this matter he treated in the accounts and statements? Explain. h) Assuming that the market price as of December 31, 201?, is $1.35, how would you treat this situation in the accounts and statements? c) Give the entry in January 2013, when the 100,000-gallon shipment is received, assuming that the situation given in (b) above existed at December 31, 201?, and that the market price in January 2018 was $1.35 per gallon. Give an explanation of your treatment
