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Brief Exercise 8-10

Exercise 8-4

Exercise 8-6

Exercise 8-7

Exercise 8-8

Exercise 8-9

Exercise 8-13

Exercise 8-22

Exercise 8-23

Exercise 8-25

Brief Exercise 8-10 Headland Enterprises reported cost of goods sold for 2017 of $1,344,000 and retained earnings of $4,754,600 at December 31, 2017. Headland later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $99,490 and $37,840, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. $ Corrected cost of goods sold $ Corrected 12/31/17 retained earnings Exercise 8-4 Buffalo Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1 . 2 . 3 . 4 . 5 . An invoice for $9,720, terms f.o.b. destination, was received and entered January 2, 2017. The receiving report shows that the materials were received December 28, 2016. Materials costing $33,600, shipped f.o.b. destination, were not entered by December 31, 2016, \"because they were in a railroad car on the company's siding on that date and had not been unloaded.\" Materials costing $8,760 were returned to the supplier on December 29, 2016, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2017. An invoice for $9,000, terms f.o.b. shipping point, was received and entered December 30, 2016. The receiving report shows that the materials were received January 4, 2017, and the bill of lading shows that they were shipped January 2, 2017. Materials costing $23,760 were received December 30, 2016, but no entry was made for them because \"they were ordered with a specified delivery of no earlier than January 10, 2017.\" Prepare correcting general journal entries required at December 31, 2016, assuming that the books have not been closed. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and . Explanation 1. 2. Debi Credi t t 3. 4. 5. Exercise 8-6 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2016 2017 2018 $ Sales revenue Sales returns and allowances $290,800 (9,930) Net sales $410,870 (14,280) 349,576 Beginning inventory 20,720 29,710 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (5,220) 7,680 257,850 296,191 (8,750) 8,820 (10,050) 12,740 (232,550) 48,320 (294,284) 96,770 99,800 Exercise 8-7 Presented below are transactions related to Blue, Inc. May 10 11 19 24 Purchased goods billed at $16,400 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $15,500 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,600 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t Exercise 8-8 Metlock Industries purchased $9,100 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Metlock uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t Assuming that Metlock uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t At what amount would the purchase on February 1 be recorded if the net method were used? (Round answer to 0 decimal places, e.g. 6,578.) $ Net price Exercise 8-9 Stellar Company sells one product. Presented below is information for January for Stellar Company. Jan. 1 4 Inventory Sale 112 units at $5 each 88 units at $8 each 11 Purchase 165 units at $6 each 13 Sale 134 units at $9 each 20 Purchase 150 units at $6 each 27 Sale 93 units at $11 each Stellar uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Stellar uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 112 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 31 Account Titles and Explanation Debi Credi t t Compute gross profit using the periodic system. $ Gross profit Exercise 8-13 Presented below is information related to Blowfish radios for the Pearl Company for the month of July. Date July 1 Transaction Balance 6 Purchase Units In Unit Cost Total 200 $3.90 $ 780 1,600 4.00 6,400 Units Sold Selling Price Total 7 Sale 600 $7.00 $ 4,200 10 Sale 600 7.30 4,380 12 Purchase 15 Sale 400 7.40 2,960 18 Purchase 22 Sale 800 7.40 5,920 25 Purchase 30 Sale 400 7.50 3,000 Totals 800 4.30 3,440 600 4.40 2,640 1,000 4,200 4.38 4,380 $17,640 2,800 $20,460 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) $ Weighted-average cost Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average. (1) FIFO $ (2) LIFO $ (3) Weighted-Average $ Ending Inventory at July 31 Which of the methods used above will yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit. FIFO LIFO WEIGHTED-AVERAGE ? Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory. FIFO LIFO WEIGHTED-AVERAGE ? Exercise 8-22 Presented below is information related to Vaughn Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2014 $ 82,900 100 December 31, 2015 158,472 142 December 31, 2016 154,872 162 December 31, 2017 175,824 176 December 31, 2018 210,735 189 December 31, 2019 249,116 196 Compute the ending inventory for Vaughn Company for 2014 through 2019 using the dollarvalue LIFO method. 201 4 Ending Inventory $ $ 201 5 $ 201 6 $ 201 7 $ 201 8 $ 201 9 Exercise 8-23 The following information relates to the Sarasota Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2013 $ 66,300 100 December 31, 2014 112,250 125 December 31, 2015 121,026 138 December 31, 2016 135,993 143 December 31, 2017 128,140 149 Use the dollar-value LIFO method to compute the ending inventory for Sarasota Company for 2013 through 2017. 201 3 201 4 201 5 201 6 201 7 Ending Inventory $ $ $ $ $ Exercise 8-25 At December 31, 2016, Metlock Corporation reported current assets of $358,170 and current liabilities of $190,300. The following items may have been recorded incorrectly. 1 . 2 . 3 . 4 . Goods purchased costing $19,960 were shipped f.o.b. shipping point by a supplier on December 28. Metlock received and recorded the invoice on December 29, 2016, but the goods were not included in Metlock's physical count of inventory because they were not received until January 4, 2017. Goods purchased costing $14,800 were shipped f.o.b. destination by a supplier on December 26. Metlock received and recorded the invoice on December 31, but the goods were not included in Metlock's 2016 physical count of inventory because they were not received until January 2, 2017. Goods held on consignment from Claudia Kishi Company were included in Metlock's December 31, 2016, physical count of inventory at $12,340. Freight-in of $2,740 was debited to advertising expense on December 28, 2016. Compute the current ratio based on Metlock's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio :1 Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio :1 By what amount will income (before taxes) be adjusted up or down as a result of the corrections? Assume that goods are sold in item #4. $ Adjust Income