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WEEK 5 FINAL EXAM
Brief Exercise 7-1Kraft Enterprises owns the following assets at December 31, 2014.Cash in bank—savings account 68,000 Checking account balance 17,000Cash on hand 9,300 Postdated checks 750Cash refund due from IRS 31,400 Certificates of deposit (180-day) 90,000
What amount should be reported as cash?
Cash to be reported $
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Ok Cancel Brief Exercise 7-2Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.Prepare the required journal entries for Restin Co. (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 the amount is entered. Do not indent manually.)
DateAccount Titles and ExplanationDebitCreditJune 1 June 12 Brief Exercise 8-2Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each, (2) returned 6 units for credit, and (3) sold 125 units at $50 each.Journalize the June transactions. (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 ExplanationDebitCredit(1) (2) (3) (To record sales) (To record cost of goods sold)Brief Exercise 8-5Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total CostApril 1 inventory 250 $10 $ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850 Don't show me this message again for the assignment
Ok CancelCalculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted average cost per unit $Don't show me this message again for the assignment
Ok CancelCompute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.)Ending inventory $Cost of goods sold $Don't show me this message again for the assignment
Ok Cancel rief Exercise 8-6Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total CostApril 1 inventory 250 $10 $ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending inventory $Cost of goods sold $Don't show me this message again for the assignment
Ok CancelExercise 8-15Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2014 (beginning inventory) 600 $ 8Purchases: January 5, 2014 1,200 9 January 25, 2014 1,300 10 February 16, 2014 800 11 March 26, 2014 600 12A physical inventory on March 31, 2014, shows 1,600 units on hand.
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Ok CancelPrepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) FIFOEnding Inventory at March 31, 2014 $Don't show me this message again for the assignment
Ok CancelPrepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) LIFOEnding Inventory at March 31, 2014 $Don't show me this message again for the assignment
Ok CancelCalculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted average-cost per unit $Don't show me this message again for the assignment
Ok CancelPrepare schedules to compute the ending inventory at March 31, 2014, under Weighted-average inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) Weighted-AverageEnding Inventory at March 31, 2014 $Don't show me this message again for the assignment
Ok CancelBrief Exercise 9-1Presented below is information related to Rembrandt Inc.’s inventory.(per unit) Skis Boots ParkasHistorical cost $190.00 $106.00 $53.00Selling price 212.00 145.00 73.75Cost to distribute 19.00 8.00 2.50Current replacement cost 203.00 105.00 51.00Normal profit margin 32.00 29.00 21.25Ceiling Limit $Floor Limit $(b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots.
The cost amount $The market amount $Don't show me this message again for the assignment
Ok Cancel Brief Exercise 9-2Floyd Corporation has the following four items in its ending inventory.Item Cost Replacement