Complete problems 1,2,6 and 7 only ( their tabs are highlighted). Use the Excel spread sheets provided for each problem and use the same numbering for your responses as the questions.

I-05.01 Tic Toc Clock Shop reported the following merchandising-related transactions during June. Tic Tock Clock Shop records all purchases "gross," and credit terms are precisely followed on both purchases and sales. Prepare journal entries to record each transaction. 3-Jun Purchased $4,000 of clocks on account from Swiss Time, F.O.B. destination, terms 1/10, n/30. 5-Jun Sold a $1,500 clock to Janci Holgren on account, terms 2/10, n/eom. The customer picked up the clock from the shop. 9-Jun Paid the amount due for the purchase of June 3. 11-Jun Purchased $8,000 of clocks on account from Melbourne Clockworks, F.O.B. shipping point, terms 2/10, n/30. Freight charges of $460 were prepaid by Melbourne and added to the invoice. No discount is permitted on the freight charges. 19-Jun Sold a $3,500 clock on account, terms 2/10, n/eom. Tic Toc sold the clock F.O.B. destination, and paid the freight charges of $330. 23-Jun The customer of June 19 called to report that the clock was received damaged. An agreement was reached to reduce the invoice by 20%. 27-Jun Paid Melbourne Clockworks for the purchase of June 11. 27-Jun Janci Holgren paid for the purchase of June 5. 28-Jun The customer of June 19 paid the balance due. I-05.01 I-05.01 I-05.01 Name: Date: I-05.01 Section: GENERAL JOURNAL Date Page Accounts 3-Jun Purchased clocks on account, terms 1/10,n/30 5-Jun Sold clock on account, terms 2/10, n/eom 9-Jun Paid for the puchase of June 3, taking the 1% discount 11-Jun Purchased clocks on account, 2/10,n/30, F.O.B. shipping point 19-Jun Sold clock on account, 2/10, n/eom, F.O.B. destination 23-Jun Reduced balance due from customer on account of damage Debit Credit B05.01(a) Name: Date: I-05.01 Section: GENERAL JOURNAL Date Page Accounts 27-Jun Paid the full amount due for the purchase of June 11 27-Jun Collected the amount due for the sale on June 5 28-Jun Collected remaining amount for June 19 sale, less 2% discount Debit Credit Name: Date: B05.01(a) Section: I-05.01 Name: Date: Section: I-05.01 Patti Devine owns Devine Decorating. One of her most popular items is the Remind-aChime digital clock. This programmable clock issues "voice-based" reminders of important events like birthdays, anniversaries, etc. Following is the Remind-a-Clock inventory activity for January. January 1 had a unit cost of $140. Date Purchases The clocks on hand at Sales 1-Jan 5-Jan 40 60 units @ $150 each 16-Jan 23-Jan 28-Jan Units on Hand 100 70 units @ $255 each 90 units @ $170 each 30 120 55 units @ $295 each 65 (a) If Devine uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (b) If Devine uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (c) If Devine uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? B-08.0 B-08.04 (a) FIFO Beginning inventory B-08.0 $ Plus: Purchases Cost of goods available for sale $ Less: Ending inventory Cost of goods sold $ - Sales $ - Gross profit $ - $ - LIFO Beginning inventory Plus: Purchases Cost of goods available for sale $ Less: Ending inventory - Cost of goods sold $ - Sales $ - Cost of goods sold Gross profit (c) - Cost of goods sold (b) - $ - $ - Weighted-average Beginning inventory Plus: Purchases Cost of goods available for sale $ Less: Ending inventory - Cost of goods sold $ - Sales $ - Cost of goods sold Gross profit $ - B-08.04 The Quilting Pad is a retail store that sells materials for custom quilts. The store has a quilting room where quilters gather to sew and visit. The store's inventory consists of bolts of fabrics, spools of thread, and trays of various batting and backing material. Customers generally select what they need and pay for what they use. The retail price of goods is clearly marked on the bolts, spools, and trays. The Quilting Pad has virtually no problem with theft or shortages of inventory. It is virtually impossible to track inventory in any detailed fashion. The store simply marks up all goods by a constant percentage. The mark up formula has been consistently applied to all items in inventory for many years. The Quilting Pad uses the retail inventory technique. Following is information for 20X7: Beginning inventory at cost $ 46,800 Beginning inventory at retail Cost of purchases of inventory during the year 78,000 230,000 At the end of the year, the Quilting Pad's inventory was physically counted, and it was determined that $100,000 was the retail value of goods on hand. Calculate the cost to retail percentage by analyzing the beginning inventory data. Apply the retail method to estimate the sales and gross profit for 20X7. B-08.10 B-08.10 The cost to retail percentage is __________. B-08. The following analysis shows that sales of__________ were matched with cost of sales of _____________. This results in gross profit of _______________. At Cost (___% of retail) Beginning inventory $ Purchases* Goods available for sale * Purchases at retail = ** Ending inventory at cost = $ 230,000 $ Sales Ending inventory** 46,800 At Retail - $ $ - 78,000 - $ 100,000 B-08.10 Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts you need to prepare Dine-Corp's March bank reconciliation: Balance per company records at end of month Bank service charge for the month NSF check returned with bank statement Note collected by the bank during the month Outstanding checks at month end Interest on note collected during the month Balance per bank at end of month Deposit in transit at month end $ 72,644.12 44.00 1,440.66 45,000.00 31,553.57 4,500.00 144,223.99 7,989.04 B-06.03 B-06.03 B-06.03 Ending balance per bank statement $ 144,223.99 Add: - Deduct: - Correct cash balance $ Ending balance per company records $ - 72,644.12 Add: $ - - Deduct: - Correct cash balance - $ - B-06.03 Park Place Luxury Autos uses the specific identification method to value its inventory. Below is Date a listing of automobiles that were either in Automobile beginning inventory Acquired or acquired during theCost year: Bentley Beginning inventory ### Rolls Royce Beginning inventory ### January 40,000 March 50,000 Land Rover June 60,000 Jaguar July 42,000 Porsche September 75,000 Mercedes November 85,000 BMW December 64,000 Infiniti December 39,000 Cadillac Lexus Park Place uses the specific identification method. Total sales UNITS SOLD UNITS IN ENDING INVENTORY Sales Cost of goods sold Gross profit Doyle's Art buys and sells paintings from emerging artists. The values of the works are prone to fluctuate considerably based on Estimat the ever changing stature of a particular artist. Following is a Estimat ed listing of Paintin 6 paintings, along with ed their costs, estimated selling Cost Sellingof commissions and prices, and expected selling Selling costs (inclusive g Expens shipping). Price e Fire on $ 1,000 $ 1,400 $ 400 Hill Horses in Aspen 2,500 100 800 Grove Baby's First 3,000 6,000 500 Smile Endless 2,000 2,200 300 War Rain Drop on 1,500 2,500 400 Cactus Election Day 2,300 1,600 200 Upset (a) (b) (c) (d) What unit value should be attached to each painting, assuming application of the lower-of-cost-orAssuming item-by-item an item-by-item application of the lower-ofcost-or-net-realizable-value rule, whatapproach journal entry is As a general rule, is the item-by-item required? Is theitem item-by-item approach thedown, most "conservative?" If an of inventory is written but subsequently recovers in value during a subsequent year, can it be (a) Fire Cost Vs. "NRV": Expected selling price Selling expense Net realizable value VALUE TO REPORT (b) (c) (d) Horse Baby War Rain Election B-08.08