Is there someone better in intermediate accounting? i need in the

questions 4, 5 and 6 3 pages each no plagerism due tomorrow night
October 10, 2021
Describe the behavioral, psychological, physical health, and social effects of psychoactive drugs, including alcohol and tobacco, on the consumer and significant others.
October 10, 2021

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition):

•             43 units at $97

•             74 units at $71

•             175 units at $61

 

 

Sales for the year totaled 268 units, leaving 24 units on hand at the end of the year.

 

Ending inventory using the average cost method is (Do not round unit cost calculation. Round your final answer to the nearest whole dollar amount):

$1,652.

$2,328.

$1,464.

$1,514.

 

 

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Nu Company reported the following pretax data for its first year of operations.

  Net sales

2,810    

    Cost of goods available for sale

2,310    

    Operating expenses

780    

    Effective tax rate

30%  

    Ending inventories:

 

        If LIFO is elected

970    

        If FIFO is elected

1,130    

 
What is Nu’s net income if it elects LIFO?

$690.

$850.

$595.

$483.

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Nueva Company reported the following pretax data for its first year of operations.

 

  Net sales

7,400     

    Cost of goods available for sale

5,650     

    Operating expenses

1,578     

    Effective tax rate

40%  

    Ending inventories:

 

        If LIFO is elected

634     

        If FIFO is elected

809     

 

What is Nueva’s net income if it elects FIFO? (Round your intermediate and final answer to the nearest whole dollar amount.)

$806.

$484.

$981.

$589.

 

Thompson TV and Appliance reported the following in its 2016 financial statements:

 

 

  2016

  Sales

$437,000  

  Cost of goods sold:

 

        Inventory, January 1

73,000  

        Net purchases

333,000  

        Goods available for sale

406,000  

        Inventory, December 31

    87,000  

        Cost of goods sold

319,000  

  Gross profit

$118,000  

 

Thompson’s 2016 gross profit ratio is (Round your answer to the nearest whole percentage):

24%.

26%.

27%.

None of these is correct.

 

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Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:

 

 

  2016

  2015

  Sales

$315,000  

$295,000  

  Sales returns and allowances

      7,500  

    5,500  

  Net sales

$307,500  

$289,500  

  Cost of goods sold:

 

 

        Inventory, January 1

47,000  

31,000  

        Net purchases

138,000  

129,000  

        Goods available for sale

185,000  

160,000  

        Inventory, December 31

    60,000  

  47,000  

        Cost of goods sold

125,000  

113,000  

  Gross profit

$182,500  

$176,500  

 

ATC’s gross profit ratio in 2016 is (Round your answer to one decimal place e.g., .123 as 12.3%):

59.3%.

60.1%.

56.2%.

None of these is correct.

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Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:

 

 

  2016

  2015

  Sales

$306,000  

$288,000  

  Sales returns and allowances

8,100  

5,000  

  Net sales

$297,900  

$283,000  

  Cost of goods sold:

 

 

        Inventory, January 1

62,000  

18,000  

        Net purchases

139,000  

142,000  

        Goods available for sale

201,000  

160,000  

        Inventory, December 31

62,000  

62,000  

        Cost of goods sold

139,000  

98,000  

  Gross profit

$158,900  

$185,000  

 

The average days inventory for ATC for 2016 is (Round intermediate calculations to two decimal places. Round your final answer to a whole number):

rev: 11_19_2015_QC_CS-33523

223 days.

163 days.

Less than 100 days.

213 days.

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On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $115,000. The 2016 ending inventory, valued at year-end costs, was $150,800. The relative cost index for this inventory in 2016 was 1.16. Assume that Badger’s 2017 ending inventory, valued at year-end costs, was $164,700 and that the relative cost index for this inventory in 2016 was 1.22.

  

Suppose that Badger’s 2018 ending inventory, valued at year-end costs, was $167,500 and that the relative cost index for this inventory in 2018 was 1.25. What inventory balance would Badger report on its 12/31/18 balance sheet?

  

$134,000

$137,280

$167,500

None of these answer choices is correct.

 

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Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2016, when it had an inventory of $864,000. Its inventory as of December 31, 2016, was $897,000 at year-end costs and the cost index was 1.15. What was DVL inventory on December 31, 2016?

780,000

864,000

897,000

993,600

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Data related to the inventories of Costco Medical Supply are presented below:

 
 

 

Surgical
Equipment

Surgical
Supplies

Rehab
Equipment

Rehab
Supplies

  Selling price

$268     

$134     

$351     

$158     

  Cost

153     

131     

251     

155     

  Costs to sell

26     

17     

23     

10     

 
 

In applying the lower of cost and net realizable value rule, the inventory of surgical supplies would be valued at:

$99.

$131.

$77.

$117.

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Data related to the inventories of Costco Medical Supply are presented below:

 
 

 

Surgical
Equipment

Surgical
Supplies

Rehab
Equipment

Rehab
Supplies

  Selling price

$264     

$134     

$324     

$150     

  Cost

165     

106     

288     

148     

  Costs to sell

15     

9     

28     

9     

 
 

In applying the lower of cost and net realizable value rule, the inventory of rehab equipment would be valued at:

$267.

$296.

$288.

$215.

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Data related to the inventories of Costco Medical Supply are presented below:

 

 

Surgical
Equipment

Surgical
Supplies

Rehab
Equipment

Rehab
Supplies

  Selling price

$266     

$123     

$357     

$161     

  Cost

164     

100     

251     

162     

  Costs to sell

24     

13     

25     

6     

 
 

In applying the lower of cost and net realizable value rule, the inventory of rehab supplies would be valued at:

$162.

$107.

$158.

$155.

 

 

Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:

 

 

Skis

Boots

Apparel

Supplies

  Selling price

$165,000     

$142,000   

$119,000     

$77,000     

  Cost

139,000     

140,000   

83,300     

50,050     

  Replacement cost

111,000     

115,000   

103,300    

46,050     

  Sales commission

10%  

10%  

10%  

10%  

 
 

In applying the lower of cost and net realizable value rule, the inventory of boots would be valued at:

$127,800.

$92,300.

$115,000.

$140,000.

 

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On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:

 

  Sales, January 1 through July 8

$694,000     

  Inventory, January 1

136,000     

  Purchases, January 1 through July 8

644,000     

  Gross profit ratio

25%  

 

What is the estimated inventory on July 8 immediately prior to the fire?

$161,000.

$260,100.

$520,500.

$259,500.

 

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Fad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $20.80 was marked up $13.00, marked down for a sale by $5.40 and then had a markdown cancellation of $3.30. The latest selling price is:

$35.70.

$26.20.

$31.70.

$37.10.

 

 

 

 

 

 

 

 

Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory.

 

 

Cost

Retail

  Beginning inventory

$76,000  

$115,000  

  Net purchases

362,610  

530,000  

  Net markups

 

31,000  

  Net markdown

 

51,000  

  Net sales

 

474,000  

  
Estimated ending inventory at cost is (Do not round intermediate calculations):

$101,596.

$106,486.

$110,770.

None of these answer choices are correct.

 

 

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Willie Nelson’s Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

   

 

Cost

Retail

  Beginning inventory

$48,000  

$65,000  

  Net purchases

156,000  

219,000  

  Net markups

 

20,000  

  Net markdowns

 

37,000  

  Net sales

 

222,000  

   

The conventional cost-to-retail percentage (rounded) is:

76.4%.

67.1%.

84.3%.

71.8%.

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Willie Nelson’s Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

   

 

Cost

Retail

  Beginning inventory

$32,000  

$69,000  

  Net purchases

151,000  

201,000  

  Net markups

 

30,000  

  Net markdowns

 

35,000  

  Net sales

 

220,000  

   

To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations):

   

$40,000.

$28,000.

$27,000.

$12,000.

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Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,000, and its ending inventory on December 31 was understated by $17,000. In addition, a purchase of merchandise costing $21,700 was incorrectly recorded as a $2,170 purchase. None of these errors were discovered until the next year. As a result, Poppy’s cost of goods sold for this year was:

Overstated by $33,530.

Overstated by $5,530.

Understated by $50,530.

Understated by $33,530.

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On July 10, 2016, Johnson Corporation signed a purchase commitment to purchase inventory for $360,000 on or before February 15, 2017. The company’s fiscal year-end is December 31. The contract was exercised on February 1, 2017 and the inventory was purchased for cash at the contract price. On the purchase date of February 1, the market price of the inventory was $368,000. The market price of the inventory on December 31, 2016, was $332,000. The company uses a perpetual inventory system.

    

How much loss on purchase commitment will Johnson recognize in 2016?

   

$8,000.

$28,000.

$36,000.

None.

 

On July 10, 2016, Johnson Corporation signed a purchase commitment to purchase inventory for $214,000 on or before February 15, 2017. The company’s fiscal year-end is December 31. The contract was exercised on February 1, 2017, and the inventory was purchased for cash at the contract price. On the purchase date of February 1, the market price of the inventory was $224,000. The market price of the inventory on December 31, 2016, was $187,000. The company uses a perpetual inventory system.

   

At what amount will Johnson record the inventory purchased on February 1, 2017? 

  

$197,000

$187,000

$224,000

$214,000

 

 

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Haskell Corporation has determined its year-end inventory on a FIFO basis to be $803,000. Information pertaining to that inventory is as follows:

  
 

  Selling price

$832,000  

  Costs to sell

44,000  

  Replacement cost

774,000  

   
 

What should be the reported value of Haskell’s inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

$709,000.

$774,000.

$788,000.

$803,000.

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