BRIEF LAEKC BES-1 Included in the December 31 trial balance of Rivera Company are the following assets. Cash $ 190,000 Work in process $200,000 Equipment (net) NO 1,100,000 Receivables (net) 400,000 X Prepaid insurance 41,000 Patents 110,000 Raw materials 335,000 - Finished goods 170,000 Prepare the current assets section of the December 31 balance sheet. BES-2 Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, the company purchased 150 units at $34 each, returned 6 units for credit, and sold 125 units at $50 each. Journalize the June transactions. BES-3 Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, f.0.b. shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, fo.b, desti- nation. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? 3 BE8-4 Bienvenu Enterprises reported cost of goods sold for 2012 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2012. Bienvenu later discovered that its ending inventories at December 31, 2011 and 2012, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2012 cost of goods sold and December 31, 2012, retained earnings. BE8-5 Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost April 1 inventory 250 $10 $ 2,500 April 15 purchase 400 4.800 April 23 purchase 4,550 1,000 $11,850 Compute the April 30 inventory and the April cost of goods sold using the average cost method. BE8-6 Data for Amsterdam Company are presented in BE8-5. Compute the April 30 inventory and the April cost of goods sold using the FIFO method. B BE8-7 Data for Amsterdam Company are presented in BE8-5. Compute the April 30 inventory and the April cost of goods sold using the LIFO method. BE8-8 Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2011; $119,900 at December 31, 2012; and $134,560 at December 31, 2013. The year-end price indexes were 100 at 12/31/11, 110 at 12/31/12, and 116 at 12/31/13. Compute the ending inventory for Midori Company for 2011 through 2013 using the dollar-value LIFO method BES-9 Ama, Inc uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow Year Ended December 31 Inventory at Current-Year Cost Price Index 2011 $19,750 2012 100 22,140 2013 108 25,935 114 Instructions Compute the value of the 2012 and 2013 inventories using the dollar-value LIFO method. Total Cost 12 13 350 8 8
