The questions are attached. I already have done some of them but want to make sure i get 100% because i will fail the class if i don't get everything correct. Thank you!

1. On June 1, 2015, Frack Corp. sold merchandise with a list price of $5,000 to Floopy on account. Frack allowed trade discounts of 30%. Credit terms were 2/15, n/40 and the sale was made FOB shipping point. Frack prepaid $200 of delivery costs for Floopy as an accommodation. On June 12, 2015, Frack received from Floopy a remittance in full payment. Prepare the general journal entries for Frack to record the events. Frack uses the periodic method for sales and gross method for sales discounts. 2. A client, Floppy Co., sells lawn mowers and garden tillers. The garden tillers are purchased from Badly Built LLC and sold to customers without modification. The lawn mowers, however, are purchased from several contractors. Floppy then makes ongoing design refinements to the mowers before selling them to customers The lawn mowers cost $200. Floppy then makes the design refinements at a cost of $85 per lawn mower. Floppy stores the lawn mowers in its own warehouse and sells them directly to retailers at a list price of $500. Floppy uses the FIFO inventory method. Approximately two-thirds of new lawn mower sales involve trade-ins. For each used lawn mower traded in and returned to Floppy, retailers receive a $40 allowance regardless of whether the trade-in was associated with a sale of a year 2 or year 3 model. Floppy's net realizable value on a used lawn mower averages $25. At December 31, year 2, Floppy's inventory of new lawn mowers includes both year 2 and year 3 models. When the year 3 model was introduced in September year 2, the list price of the remaining year 2 model lawn mowers was reduced below cost. Floppy is experiencing rising costs. Floppy has contacted your firm for advice on how to report the carrying value of inventory, the impact of the decline in value on the year 2 models, and the effects of using the FIFO method on their December 31, year 2 financial statements. All freight bills are paid directly to the freight companies. Floppy had the following information regarding the garden tiller inventory for the fiscal year ended December 31, Y2: Purchases Purchase discounts Purchase returns Freight-in Freight-out Beginning inventory Ending inventory $210,000 38,000 17,500 12,100 18,000 42,900 34,250 Prepare a Schedule of Cost of Goods Sold for the fiscal year ended December 31, Y2: 3 . Flim Co. sells one product, which it purchases from various suppliers. Flim's trial balance at December 31, year 2, included the following accounts: Sales (33,000 units @ $16) Sales discounts Purchases Purchase discounts Freight-in Freight-out $528,000 7,500 368,900 18,000 5,000 11,000 Flim Co.'s inventory purchases during year 2 were as follows: Date Beginning inventory, January 1 Units Cost per Unit Total Cost 8,000 $8.20 $65,600 Purchases, quarter ended March 31 12,000 8.25 99,000 Purchases, quarter ended June 30 15,000 7.90 118,500 Purchases, quarter ended September 30 13,000 7.50 97,500 Purchases, quarter ended December 31 7,000 7.70 53,900 Total 55,000 Additional information: Flim's accounting policy is to report inventory in its financial statements at the lower of cost or market, applied to total inventory. Cost is determined under the last-in, first-out (LIFO) method. Flim has determined that, at December 31 year 2, the replacement cost of its inventory was $8 per unit and the net realizable value was $8.80 per unit. Flim's normal profit margin is $1.05 per unit. From this information, complete the following schedules. $434,500 Part a: SUPPORTING SCHEDULE OF ENDING INVENTORY December 31, Year 2 Flim Company Inventory at cost (LIFO) Cost per Unit Schedule of Cost of Goods Sold Units Total Cost For the Year Ended December 31, Y2 Beginning Inventory Purchases Less: Purchase Discounts Purchase Returns Net Purchases Plus: Freight-in Goods Available for Sale Ending Inventory Cost of Goods Sold Part b: 4 . The following information pertains to Frack Corp.'s 2015 cost of goods sold: Inventory, 12/31/14 2015 purchases 2015 write-off of obsolete inventory Inventory, 12/31/15 $ 90,000 134,000 24,000 30,000 The inventory written off became obsolete due to an unexpected and unusual technological advance by a competitor. In its 2015 income statement, what amount should Frack report as cost of goods sold? 5 . On December 15, 2015, Frack purchased goods costing $100,000. The terms were FOB shipping point. Costs incurred by Frack in connection with the purchase and delivery of the goods were as follows: Normal freight charges Handling costs Insurance on shipment Abnormal freight charges for express shipping $3,000 2,000 200 1,500 The goods were received on December 17, 2015. What is the amount that Frack should charge to: a. inventory b. current period expense 6 . Flip Co. adopted the dollar-value LIFO inventory method as of January 1, 2015. A single inventory pool and an internally computed price index are used to compute Flip's LIFO inventory layers. Information about Flip's dollar value inventory follows: Inventory Date 1/1/14 2014 layer 2015 layer At base year cost $90,000 20,000 40,000 At dollar value LIFO $90,000 30,000 80,000 What was the price index used to compute Flip's: (Round all values to one decimal place.) a. 2014 dollar value LIFO inventory layer b. 2015 dollar value LIFO inventory layer 7 . Flip Co.'s inventory at December 31, 2015, was $1,500,000 based on a physical count priced at cost, and before any necessary adjustment for the following: >> Merchandise costing $90,000, shipped FOB shipping point from a vendor on December 30, 2015, was received and recorded on January 5, 2016. >> Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2016. The goods, billed to the customer FOB destination on December 30, 2015, had a cost of $120,000. What amount should Flip report as inventory in its December 31, 2015 balance sheet? 8. Flip Co.'s accounts payable balance at December 31, 2015, was $2,200,000 before considering the following data: >> Goods shipped to Flip FOB shipping point on December 22, 2015, were lost in transit. The invoice cost of $40,000 was not recorded by Flip. On January 7, 2016, Flip filed a $40,000 claim against the common carrier. >> Goods shipped to Flip FOB destination on December 20, 2015, were received on January 6, 2016. The invoice cost was $50,000. What amount should Flip report as accounts payable in its December 31, 2015 balance sheet? 9. Flip Company's usual sales terms are net sixty days, FOB shipping point. Sales, net of returns and allowances, totaled $2,300,000 for the year ended December 31, 2015, before year-end adjustments. Additional data are as follows: >> On December 27, 2015, Flip authorized a customer to return, for full credit, goods shipped and billed at $80,000 on December 15, 2015. The returned goods were received by Flip on January 4, 2016, and a $80,000 credit memo was issued and recorded on the same date. >> Goods with an invoice amount of $50,000 were billed and recorded on January 3, 2016. The goods were shipped on December 30, 2015. >> Goods with an invoice amount of $100,000 were billed and recorded on December 30, 2015. The goods were shipped on January 3, 2016. Flip' adjusted net sales for 2015 should be? 10 . On January 1, 2016, Flip, Inc. contracted with the city of Bigger to provide custom built desks for the city schools. The contract made Flip the city's sole supplier and required Flip to supply no less than 4,000 desks and no more than 5,500 desks per year for two years. In turn, Bigger agreed to pay a fixed price of $105 per desk. During 2016, Flip produced 5,000 desks for Bigger. At December 31, 2016, 2,500 of these desks were segregated from the regular inventory and were accepted and awaiting pickup by Bigger. Bigger paid Flip $450,000 during 2016. What amount should Flip recognize as contract revenue in 2016? 11 . The following items were included in Floozy Co.'s inventory account at December 31, 2015: >> Merchandise out on consignment, at sales price, including 45% markup on selling price $40,000 >> Goods purchased, in transit, shipped FOB shipping point $36,000 >> Goods held on consignment by Floozy $27,000 By what amount should Floozy's inventory account at December 31, 2015, be reduced? 12. On December 1, 2016, Floozy Department Store received 505 sweaters on consignment from Flip. Flip's cost for the sweaters was $80 each, and they were priced to sell at $110. Floozy's commission on consigned goods is 10%. At December 31, 2016 five sweaters remained. In its December 31, 2016 balance sheet, what amount should Floozy report as payable for consigned goods? 13 . During 2015, Floozy Co. purchased $960,000 of inventory. The cost of goods sold for 2015 was $900,000, and the ending inventory at December 31, 2014, was $180,000. What was the inventory turnover for 2015? Round answer to one decimal place. 14 . Selected data pertaining to Floozy Co. for the calendar 2015 is as follows: Net cash sales Cost of goods sold Inventory at 12/31/14 Purchases Accounts receivable 12/31/14 Accounts receivable 12/31/15 $3,000 18,000 6,000 24,000 20,000 22,000 Calculate Floozy's average days' sales in inventory. Round answer to one decimal place