Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following data for the next five questions: Peachy Inc, has an inventory of caleulators on January 1 and purchases of thisiterm during 3l

image text in transcribed
Use the following data for the next five questions: Peachy Inc, has an inventory of caleulators on January 1 and purchases of thisiterm during 3l as follows Jan. 1 Mar. 5 Sept. 3 Nov. 4 Beginning inventory Purchase Purchase Purchase 300 units@ $3.00 900 units @ $4.00 1,000 units@$5.00 500 units@$7.00 During 2011, Peachy sold 1,200 caleulators at s10.00 each. Assume Peachy uses a Reri Inventory System. 6. Compute the total cost of Goods Available For Sale on December 31, 2011, s 7. Using FIFO, compute the cost of the ending inventory on December 31, 2011.S 8. Using LIFO, compute the Gross Margin on the income statement for the yer c December 31, 2011. S Use the following data for the next three questions. (Round all calculations to the neares whole dollar!) On July 1, 2011 Dawn Company purchased a delivery truck for $95,000 The estimand adf life of the truck is five years, during which time it will be driven about 200,000 miles. Estintd residual value is $5,000. ep 9. If Dawn Company uses the sum-of-the- years -digits method of depreciation, the expense for 2012 will be: 10. If Dawn Company uses the double-declining-balance method of deprecation, the accu wn Company uses the straight-line method of depreciation, the book value of the ase mber 31, 2013, (after adjusting entries), will be depreciation balance at December 31, 2011 (after adjusting entries) will be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

1st Extended Canadian Edition

1118878418, 9781118878415

More Books

Students also viewed these Accounting questions

Question

What is the use of bootstrap program?

Answered: 1 week ago

Question

What is a process and process table?

Answered: 1 week ago

Question

What is Industrial Economics and Theory of Firm?

Answered: 1 week ago