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Julian Junkets has the following inventory 1. Jenner Company had beginning inventory of $90,000, ending inventory of $110,000, cost of goods sold of 400,000, and sales of 660,000. Jenner's days in inventory is: a 55.3 days. b. 91.3 days. c. 101.4 days. d. 60.8 days. a2. During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system. Pur ...

Other / Other 02 Apr 2016

What is Neiderhoff’s estimated ending inventory 1. The following information is available through June 2011 for Kimchee Company: Beginning inventory W 50,000,000 Purchases 150,000,000 Sales 300,000,000 Markup on sales 40% On June 29, a fire completely destroyed Kimchee’s inventory. Using the gross profit method, the estimated value of the inventory destroyed is a. W100,000,000. b. W80,000,000. c ...

Other / Other 02 Apr 2016

Hoyt Company's inventory records show the following data for the month 1 Linville Company had beginning inventory on May 1 of €12,000. During the month, the company made purchases of €30,000 but returned €2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at €9,500. Calculate cost of goods available for sale and cost of goods sold for the month. Solution 1(4 ...

Other / Other 02 Apr 2016

Rudolf Diesel Company's inventory records 1. Inventory items on an assembly line in various stages of production are classified as a. Finished goods. b. Work in process. c. Raw materials. d. Merchandise inventory. 2. The cost flow method that often parallels the actual physical flow of merchandise is the a. FIFO method. b. specific identification method. c. average-cost method. d. gross profit method. 3. Rudolf Diesel Com ...

Other / Other 02 Apr 2016

Kershaw Bookstore had 600 units on hand 1. Kershaw Bookstore had 600 units on hand at January 1, costing €18 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 450 @ €28 17 300 @ €20 25 300 @ €22 29 300 @ €32 Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inv ...

Other / Other 02 Apr 2016

Disclosures about inventory should include 1. One difference between IFRS and GAAP in valuing inventories is that a. Under IFRS, but not GAAP, inventories written down under LCNRV can be written back up to the original cost. b. GAAP defines market value as replacement cost where IFRS defines market as the selling price. c. GAAP strictly adheres to the historical cost concept and does not allow for write-downs of inventory values. d. I ...

Other / Other 02 Apr 2016

Assuming that the Bueno keeps perpetual inventory Use the following information for questions 1–3. Bueno Company’s purchase and sales transactions for the month of July were as follows: Purchases July 3 (balance) 2,000@ €4.00 16 6,000@ 4.40 30 2,000@ 4.75 The company sold 4,000 units on July 22. 1. Assuming that the Bueno keeps perpetual inventory records, Julyâ₠...

Other / Other 02 Apr 2016

Goods in transit should be included in the inventory 1. Versace Company, an Italian subsidiary of a US company, uses the periodic inventory system. At November 1, the beginning inventory consisted of 1,200 units that cost €120 each. During the month, the company made two purchases: 500 units at €130 each and 2,000 units at €135 each. Versace sold 2,150 units during November. Using the LIFO cost flow assumption, what is t ...

Other / Other 02 Apr 2016

Hoyt Company's inventory records show the following data 1 Hoyt Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 250 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing a ...

Other / Other 02 Apr 2016

Unitech has the following inventory 1. Unitech has the following inventory information. July 1 Beginning Inventory 30 units at $19 $ 570 7 Purchases 105 units at $20 2,100 22 Purchases 15 units at $22 330 $3,000 A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is a. $870. b. $930. c. $2,070. ...

Other / Other 02 Apr 2016