Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

A problem with the specific identification method is that

12/11/2021 Client: muhammad11 Deadline: 2 Day

Problem 1 (ch 5)
Tic Toc Clock Shop reported the following merchandising-related transactions during June. Tic Tock Clock Shop records all purchases "gross," and credit terms are precisely followed on both purchases and sales. Prepare journal entries to record each transaction.
3-Jun Purchased $4,000 of clocks on account from Swiss Time, F.O.B. destination, terms 1/10, n/30.
5-Jun Sold a $1,500 clock to Janci Holgren on account, terms 2/10, n/eom. The customer picked up the clock from the shop.
9-Jun Paid the amount due for the purchase of June 3.
11-Jun Purchased $8,000 of clocks on account from Melbourne Clockworks, F.O.B. shipping point, terms 2/10, n/30. Freight charges of $460 were prepaid by Melbourne and added to the invoice. No discount is permitted on the freight charges.
19-Jun Sold a $3,500 clock on account, terms 2/10, n/eom. Tic Toc sold the clock F.O.B. destination, and paid the freight charges of $330.
23-Jun The customer of June 19 called to report that the clock was received damaged. An agreement was reached to reduce the invoice by 20%.
27-Jun Paid Melbourne Clockworks for the purchase of June 11.
27-Jun Janci Holgren paid for the purchase of June 5.
28-Jun The customer of June 19 paid the balance due.
&R&"Myriad Web Pro,Bold"&20I-05.01
I-05.01
Worksheet 1 (ch 5)
GENERAL JOURNAL Page
Date Accounts Debit Credit
3-Jun
Purchased clocks on account, terms 1/10,n/30
5-Jun
Sold clock on account, terms 2/10, n/eom
9-Jun
Paid for the puchase of June 3, taking the 1% discount
11-Jun
Purchased clocks on account, 2/10,n/30, F.O.B. shipping point
19-Jun
Sold clock on account, 2/10, n/eom, F.O.B. destination
23-Jun
Reduced balance due from customer on account of damage
GENERAL JOURNAL Page
Date Accounts Debit Credit
27-Jun
Paid the full amount due for the purchase of June 11
27-Jun
Collected the amount due for the sale on June 5
28-Jun
Collected remaining amount for June 19 sale, less 2% discount
&L&"Myriad Web Pro,Bold"&12Name: Date: Section: &R&"Myriad Web Pro,Bold"&20I-05.01
B-05.01(a)
Problem 2 (Ch 8)
Patti Devine owns Devine Decorating. One of her most popular items is the Remind-a-Chime digital clock. This programmable clock issues "voice-based" reminders of important events like birthdays, anniversaries, etc.
Following is the Remind-a-Clock inventory activity for January. The clocks on hand at January 1 had a unit cost of $140.
Date Purchases Sales Units on Hand
1-Jan 40
5-Jan 60 units @ $150 each 100
16-Jan 70 units @ $255 each 30
23-Jan 90 units @ $170 each 120
28-Jan 55 units @ $295 each 65
(a) If Devine uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?
(b) If Devine uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?
(c) If Devine uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?
B-08.04
Worksheet 2 (ch 8)
(a) FIFO
Beginning inventory $ -
Plus: Purchases -
Cost of goods available for sale $ -
Less: Ending inventory -
Cost of goods sold $ -
Sales $ -
Cost of goods sold -
Gross profit $ -
(b) LIFO
Beginning inventory $ -
Plus: Purchases -
Cost of goods available for sale $ -
Less: Ending inventory -
Cost of goods sold $ -
Sales $ -
Cost of goods sold -
Gross profit $ -
(c) Weighted-average
Beginning inventory $ -
Plus: Purchases -
Cost of goods available for sale $ -
Less: Ending inventory -
Cost of goods sold $ -
Sales $ -
Cost of goods sold -
Gross profit $ -
B-08.04
Problem 3 (ch 8)
Park Place Luxury Autos uses the specific identification method to value its inventory. Below is a listing of automobiles that were either in beginning inventory or acquired during the year:
Automobile Date Acquired Cost
Bentley Beginning inventory $ 120,000
Rolls Royce Beginning inventory 160,000
Cadillac January 40,000
Lexus March 50,000
Land Rover June 60,000
Jaguar July 42,000
Porsche September 75,000
Mercedes November 85,000
BMW December 64,000
Infiniti December 39,000
Park Place uses the specific identification method. Total sales during the year were $600,000. Automobiles in ending inventory were the Rolls Royce, Lexus, Jaguar, and BMW. Determine the ending inventory, cost of goods sold, and gross profit for Park Place.
Worksheet 3 (ch 8)
UNITS SOLD
UNITS IN ENDING INVENTORY
Sales
Cost of goods sold
Gross profit
Problem 5 (ch 8)
Doyle's Art buys and sells paintings from emerging artists. The values of the works are prone to fluctuate considerably based on the ever changing stature of a particular artist. Following is a listing of 6 paintings, along with their costs, estimated selling prices, and expected selling costs (inclusive of commissions and shipping).
Painting Cost Estimated Selling Price Estimated Selling Expense
Fire on Hill $ 1,000 $ 1,400 $ 400
Horses in Aspen Grove 2,500 800 100
Baby's First Smile 3,000 6,000 500
Endless War 2,000 2,200 300
Rain Drop on Cactus 1,500 2,500 400
Election Day Upset 2,300 1,600 200
(a) What unit value should be attached to each painting, assuming item-by-item application of the lower-of-cost-or-net-realizable-value rule?
(b) Assuming an item-by-item application of the lower-of-cost-or-net-realizable-value rule, what journal entry is needed to reduce Election Day Upset?
(c) As a general rule, is the item-by-item approach required? Is the item-by-item approach the most "conservative?"
(d) If an item of inventory is written down, but subsequently recovers in value during a subsequent year, can it be written back up?
Worksheet 5 (ch 8)
(a)
Fire Horse Baby War Rain Election
Cost
Vs. "NRV":
Expected selling price
Selling expense
Net realizable value
VALUE TO REPORT
(b)
(c)
(d)
B-08.08
Problem 6 (ch 8)
The Quilting Pad is a retail store that sells materials for custom quilts. The store has a quilting room where quilters gather to sew and visit.
The store's inventory consists of bolts of fabrics, spools of thread, and trays of various batting and backing material. Customers generally select what they need and pay for what they use. The retail price of goods is clearly marked on the bolts, spools, and trays. The Quilting Pad has virtually no problem with theft or shortages of inventory.
It is virtually impossible to track inventory in any detailed fashion. The store simply marks up all goods by a constant percentage. The mark up formula has been consistently applied to all items in inventory for many years.
The Quilting Pad uses the retail inventory technique. Following is information for 20X7:
Beginning inventory at cost $ 46,800
Beginning inventory at retail 78,000
Cost of purchases of inventory during the year 230,000
At the end of the year, the Quilting Pad's inventory was physically counted, and it was determined that $100,000 was the retail value of goods on hand.
Calculate the cost to retail percentage by analyzing the beginning inventory data. Apply the retail method to estimate the sales and gross profit for 20X7.
B-08.10
Worksheet 6 (ch 8)
The cost to retail percentage is __________.
The following analysis shows that sales of__________ were matched with cost of sales of _____________. This results in gross profit of _______________.
At Cost (___% of retail) At Retail
Beginning inventory $ 46,800 $ 78,000
Purchases* 230,000 -
Goods available for sale $ - $ -
Sales - -
Ending inventory** $ - $ 100,000
* Purchases at retail =
** Ending inventory at cost =
B-08.10
Problem 7 (ch 6)
Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts you need to prepare Dine-Corp's March bank reconciliation:
Balance per company records at end of month $ 72,644.12
Bank service charge for the month 44.00
NSF check returned with bank statement 1,440.66
Note collected by the bank during the month 45,000.00
Outstanding checks at month end 31,553.57
Interest on note collected during the month 4,500.00
Balance per bank at end of month 144,223.99
Deposit in transit at month end 7,989.04
B-06.03
Worksheet 7 (ch 6)
Ending balance per bank statement $ 144,223.99
Add:
- 0
Deduct:
- 0
Correct cash balance $ - 0
Ending balance per company records $ 72,644.12
Add:
$ - 0
- 0 - 0
Deduct:
- 0
- 0 - 0
Correct cash balance $ - 0
B-06.03
Sheet1

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

George M.
Financial Analyst
Assignment Solver
Finance Homework Help
Maths Master
Top Essay Tutor
Writer Writer Name Offer Chat
George M.

ONLINE

George M.

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$30 Chat With Writer
Financial Analyst

ONLINE

Financial Analyst

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$25 Chat With Writer
Assignment Solver

ONLINE

Assignment Solver

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$34 Chat With Writer
Finance Homework Help

ONLINE

Finance Homework Help

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$27 Chat With Writer
Maths Master

ONLINE

Maths Master

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$43 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$46 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

How would a functionalist view homelessness - El al flight 426 hijacking - Prentice hall literature review and assess answers - Strategic choice and evaluation paper str 581 week 4 - Bt employer super pds - Ethics in Psychology - Georgia furniture mart formerly underpriced furniture - Titration of 7up lab report - Cswip 3.1 course perth - De nobili toscani longs - Teddy pitsillides cause of death - Describe the historical development of the FBI’s Uniform Crime Reporting Program - Lewis dot diagram for cf4 - Strategic management of samsung company - Strategic management amazon case study - Cambridge resources for the ib diploma economics - Juniper ssg 550 eol - Topic 3 DQ1 - Exodus in a nutshell - Glow stick experiment water - Pine valley furniture company - Cyber Security - A negative-news message that is organized indirectly should begin with a buffer. - Flood prevention methods gcse - 5 articles needed - Falls risk assessment template - Enter the november balances in the ledger accounts - 1. calculate the theoretical yield of the solid precipitate. show your work. - Quantitative measures of a company's competitive strength - The handmaid's tale discussion - Week4 disc 1 6053 - Be good little migrants - Wsj college football grid of shame - Ol meaning on multimeter - Sababaha ducada lagu aqbalo - ___________ is primarily a performer's art form - Fundamental skill lesson plan - Thumbs up elbows back feet apart - Problem Identification - Art therapy degree belfast - Www ediplomat com np cultural_etiquette cultural_ etiquette htm - Pr 7 - Mikimike vacuum cleaner - Defending a thesis in an argumentative essay - New Works 08/31 - Garden city cotton on body - Elearn une - Readiness for enhanced spiritual well being care plan - Human resources management / organizational behaviour - Language and Speech Disorder Matrix - Fern howard emergency lighting - Twin flame sacred union - Madison harris the owner invested t account - Suzanne lacy symbolizes the beauty of aging women in whisper, the waves, the wind by - Week 3 Discussion 1 - Science focus 9 textbook - 01.11 macbeth observation interpretation and critique - Saboteur ha jin pdf - Microsoft nokia acquisition case study - Dead poets society shakespeare - What is the competitive advantage of jeep cherokee - They say i say author - Case Brief - Advantages and disadvantages of american healthcare system - Bank account program in java - A quilt of a country - Binary to gray code converter experiment - Mcdougal littell algebra 2 online textbook activation code - Dissecting a Quantitative Research Report - How to memorise polyatomic ions - Uts late submission penalty - A motor neuron and all the muscle cells it stimulates - Gcse music structure and form - Biological conservation author guidelines - Hmework questions - Cadillac desert mulholland's dream worksheet answers - In a prominent bar in secaucus one day tone - Discussion Post - Diversey chemical dilution chart - The earth shall weep chapter summaries - William duke of normandy strengths - Palo alto networks reporting - Exadata x7 2 datasheet - 8week5ind - The rise and fall of the city of mahagonny pdf - Del monte spaghetti pasta 1 kg price - Tree Trimming - Discussion(CC) - Vcaa 2017 eal exam - Unit that measures the density of fibres - 14 page power point slide - Henri fayol 14 principles of management with examples ppt - A christmas carol poverty essay grade 9 - Digital capacitance meter using 555 timer - I NEED HELP ON QUALITY CONTROL PROJECT! - Discussion 1 - Arduous company statement cash flows - A Clinical Question - Http www teachingamericanhistory org neh interactives sectionalism lesson1 - Ksa examples for mental health