exercise 8-2

exercise 8-4

CHC 3) - Protected view sutoSave O Data Review Formulas View Home Page Layout Insert Help PROTECTED VIEW Be careful-liles from the Internet can contain viruses. Unless you need to edit, it's safer to fo A D H E E82 (Inventoriable Costs) In your audit of Jose Oliva Company, you find that a physical inventory o December 31, 2014. showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000 1. Merchandise of $61,000 which is held by Oliva on consignment. The consignor is the Max Suzuki Company 2. Merchandise costing $38.000 which was shipped by Oliva f.o. b. destination to a customer on December 31, 2014. The customer was expected to receive the merchandise on January 6, 2015 3. Merchandise costing $46,000 which was shipped by Oliva f.o.b, shipping point to a customer on December 29, 2014. The customer was scheduled to receive the merchandise on January 2, 2015 4. Merchandise costing $83,000 shipped by a vendor to b destination on December 30, 2014, and received by Oliva on January 4, 2015 5. Merchandise costing $51.000 shipped by a vendor fob shippling point on December 31, 2014 and received by Oliva on January 5, 2015 Instructions: Based on the above information calculate the amount that should appear on Oliva's balance sheet al December 31, 2014, for inventory Text Title Text Title Text Title Text Title Amount Amount Amount Formula Enter text explain as desire here, Las con Exercise 8.2 Problem olype here to search Instructions: Based on the above information, calculate the amount that should appear on Oliva's balance sheet at December 31, 2014, for inventory. Text Title Text Title Text Title Text Title Amount Amount Amount Formula Enter text explain as desire here. 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Enter text explain as desire here. Enter text explain as desire here. Instructions Exercise 8-2 Problem B-4 Ready Apr 1 P8 4 (Compute FIFO, UFO, and Average Cost) Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity Unit Cost: (Balance on hand) Quantity 100 $5.00 Apr 4 300 400 5.10 Apr 11 Apr 12 200 300 Apr 27 800 Apr 18 200 5.35 Apr 28 150 Apr 26 600 5.60 Apr 30 200 5.80 Apr 5 5.30 Instructions: (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only Carry unit costs to the nearest cent, Purchases Sales Dates and Units Dates and Units April 1 balance on hand) Apr 4 Apr 11 Apr 18 Apr 26 Apr 30 Total units Total units sold Total units (ending inventory Apr 5 Apr 12 Apr 27 Apr 28 Unit Cost Amount Amount Amount Amount Amount Amount Quantity Quantity Quantity Quantity Quantity Quantity Formula Quantity Formula Quantity Quantity Quantity Quantity Formula Total units (1) First-in First-out. (FIFO) (Assuming costs are not computed for each withdrawal - Perpetual ). at net has no instructions A toth Exercise 8.2 Problem 84 33 (1) First-in. First-out, (FIFO) (Assuming costs are not computed for each withdrawal - Perpetual.) Date of invoice Apr 30 Apr 26 No. Units Unit Cost Quantity Amount Quantity Amount Value of ending inventory. FIFO, Periodic valuation: Total Cost Formula Formula Formula 36 37 38 39 40 11 42 43 44 545 46 (2) Last-in. First-out, (LIFO) (Assuming costs are not computed for each withdrawal - Perpetual.) Date of Invoice Apr 1 Apr 4 No. Units Unit Cost Quantity Amount Quantity Amount Value of ending inventory, LIFO. Periodic valuation Total Cost Formula Formula Formula (3) Average cost 48 49 50 51 52 53 64 55 Date of Invoice Apr1 Apr 4 Apr1 Apr 18 Apr 26 Apr 30 Total Available No. Units Quantity Quantity Quantity Quantity Quantity Quantity Formula Unit Cost Amount Amount Amount Amount Amount Amount Total Cost Formula Formula Formula Formula Formula Formula! Formula 56 58 59 50 51 52 Average cost per unit Units in ending inventory Ending valuation of inventory average cost method Amount Quantita Formula Instructions enrise B Problem 8.4 A B Apx 1 Apr 4 Apr 11 Apr 18 Apr 26 Apr 30 Total Available Quantity Quantity Quantity Quantity Quantity Quantity Formula Amount Amount Amount Amount Amount Amount Formula Formula Formula Formula Formula Formula Formula 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 Average cost per unit: Units in ending inventory Ending valuation of inventory average cost method Amount Quantity Formula (b) the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would (1) First-in. First-out, (FIFO) (Assuming costs are computed for each withdrawal - Perpetual) Enter text answer here as required (2) Last-in. First-out, (LIFO) (Assuming costs are computed for each withdrawal Perpetual The area within gray highlighting should contain sales details Event Detail Amount Sold No. of units Unit cost Date Unit cost Purchased No of units 100 Balance No. of units 100 Unit cost $5.00 72 73 $500.00 $5.00 Apr1 Apr 4 75 76 77 Balance 78 79 Apr 5 instructions Exercise 8-2 Problem 8.4 B 4A 75 76 77 Ap4 Balance Apr 5 Balance Apr 11 79 80 81 82 03 B4 85 86 87 00 89 90 91 92 93 Balance Apr 12 Balance Apr 18 Balance 95 96 97 98 99 TOU 101 102 103 104 105 Apr 26 Q Instructions Exercise 82 Problem 8.4 Ratu B4 Intermediate Accounting B D Balance A 103 104 105 106 TUT 108 109 110 111 112 113 Apr 27 Balance Apr 28 115 116 117 118 Balance Apr 30 Balance 120 121 122 123 124 125 126 127 128 129 130 Enter text answer here as appropriate (3) Average Cost. (Perpetual.) The area within gray highlighting should contain sales details Unit cost Unit cost" 131 132 199 Purchased Sold Date Unit cost No. of units No. of units Apr 1 100 550000 A2 frestructions Exercise 32 Problem 8-4 Balance No of units 100 Ext'd Iny Valuation $500.00 $5.0000 A B Date Unit cost Purchased No. of units 100 Sold No. of units Unit cost G Balance No. of units 100 Ext'd Inv Unit cost Valuation 55.0000 $500,00 Apr1 $5,0000 Apr 4 Balance 131 132 133 134 135 136 137 138 139 140 Apr 5 Balancell Apr 11 Balance Apr 12 Balance Apr 18 Balance Apr 26 142 143 144 145 146 Balance Apr 27 Balance Apr 28 Balance 148 149 150 Apr 30 Balancel Slight differences in values are due to significant digit rounding Enter text answer here as appropriate 152