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

Exercise 5 12 analysis of inventory errors lo a2

15/10/2021 Client: muhammad11 Deadline: 2 Day

value:
5.00 points

Exercise 6-4 Income effects of inventory methods L.O. A1

Park Company reported the following March purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 150 units @ $7.00 = $ 1,050
Mar. 10 Sales 90 units @$15
Mar. 20 Purchase 220 units @ $6.00 = 1,320
Mar. 25 Sales 145 units @$15
Mar. 30 Purchase 90 units @ $5.00 = 450




Totals 460 units $ 2,820 235 units




Park uses a perpetual inventory system. For specific identification, ending inventory consists of 225 units, where 90 are from the March 30 purchase, 80 are from the March 20 purchase, and 55 are from beginning inventory.

1.
Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 30%. (Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the "$" sign in your response.)

PARK COMPANY
Income Statements
For Month Ended March 31
Specific
Identification Weighted
Average FIFO LIFO
Sales $ [removed] $ [removed] $ [removed] $ [removed]
Cost of goods sold [removed] [removed] [removed] [removed]

Gross profit [removed] [removed] [removed] [removed]
Expenses [removed] [removed] [removed] [removed]

Income before taxes [removed] [removed] [removed] [removed]
Income tax expense [removed] [removed] [removed] [removed]

Net income $ [removed] $ [removed] $ [removed] $ [removed]

2.
Which method yields the highest net income?



[removed] FIFO
[removed] Weighted average
[removed] Specific identification
[removed] LIFO

3.
Does net income using weighted average fall between that using FIFO and LIFO?



[removed] Yes
[removed] No

4.
If costs were rising instead of falling, which method would yield the highest net income?



[removed] Weighted average
[removed] Specific identification
[removed] LIFO
[removed] FIFO

Problem 6-1A Alternative cost flows-perpetual L.O. P1

[The following information applies to the questions displayed below.]

Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 50 units @ $50/unit
Mar. 5 Purchase 200 units @ $55/unit
Mar. 9 Sales 210 units @ $85/unit
Mar. 18 Purchase 60 units @ $60/unit
Mar. 25 Purchase 100 units @ $62/unit
Mar. 29 Sales 80 units @ $95/unit



Totals 410 units 290 units



references

2.
value:
3.00 points


Problem 6-1A Part 1

Required:
1.
Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.)



Cost of goods available for sale $ [removed]
Number of units available for sale [removed] units
check my workeBook Linkreferences


3.
value:
3.00 points


Problem 6-1A Part 2

2. Compute the number of units in ending inventory.
Ending inventory [removed] units
check my workeBook Linkreferences


4.
value:
3.00 points


Problem 6-1A Part 3

3.
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 170 units from the March 5 purchase; the March 29 sale consisted of 20 units from the March 18 purchase and 60 units from the March 25 purchase. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your weighted average cost to 3 decimal places. Round your final answers to nearest whole dollar amount. Omit the "$" sign in your response.)


Ending
Inventory
(a) FIFO $ [removed]
(b) LIFO $ [removed]
(c) Weighted average $ [removed]
(d) Specific identification $ [removed]
rev: 12_18_2012
check my workeBook Linkreferences


5.
value:
3.00 points


Problem 6-1A Part 4

4.
Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 3 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Gross profit
FIFO $ [removed]
LIFO $ [removed]
Weighted average $ [removed]
Specific identification $ [removed]

6.
value:
5.00 points

Problem 6-4A Analysis of inventory errors L.O. A2

Doubletree Company’s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2010, is understated by $50,000, and inventory on December 31, 2011, is overstated by $20,000.


For Year Ended December 31 2010 2011 2012
(a) Cost of goods sold $ 725,000 $ 955,000 $ 790,000
(b) Net income 268,000 275,000 250,000
(c) Total current assets 1,247,000 1,360,000 1,230,000
(d) Total equity 1,387,000 1,580,000 1,245,000

Required:
1.
For each key financial statement figure—(a), (b), (c), and (d) above—prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


(a)
Cost of goods sold: 2010 2011 2012
Reported amount $ [removed] $ [removed] $ [removed]
Adjustments for: 12/31/2010 error [removed] [removed] [removed]
12/31/2011 error [removed] [removed] [removed]

Corrected amount $ [removed] $ [removed] $ [removed]


(b)
Net income 2010 2011 2012
Reported amount $ [removed] $ [removed] $ [removed]
Adjustments for: 12/31/2010 error [removed] [removed] [removed]
12/31/2011 error [removed] [removed] [removed]

Corrected amount $ [removed] $ [removed] $ [removed]


(c)
Total current assets 2010 2011 2012
Reported amount $ [removed] $ [removed] $ [removed]
Adjustments for: 12/31/2010 error [removed] [removed] [removed]
12/31/2011 error [removed] [removed] [removed]

Corrected amount $ [removed] $ [removed] $ [removed]


(d)
Equity: 2010 2011 2012
Reported amount $ [removed] $ [removed] $ [removed]
Adjustments for: 12/31/2010 error [removed] [removed] [removed]
12/31/2011 error [removed] [removed] [removed]

Corrected amount $ [removed] $ [removed] $ [removed]


2.
What is the error in total net income for the combined three-year period resulting from the inventory errors? (Leave no cells blank - be certain to enter "0" wherever required. Input your answer as a positive value. Omit the "$" sign in your response.)


Error in total net income of three years $ [removed]


Problem 6-5AA Alternative cost flows-periodic L.O. P3

[The following information applies to the questions displayed below.]

Viper Company began year 2011 with 20,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 35,000 units of its product remain in inventory.


Mar. 7 28,000 units @ $18 each
May. 25 30,000 units @ $22 each
Aug. 1 20,000 units @ $24 each
Nov. 10 33,000 units @ $27 each
eBook Linkreferences

7.
value:
4.00 points


Problem 6-5AA Part 1

Required:
1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.)


Number of units available for sale [removed] units
Cost of the units available for sale $ [removed]
check my workreferences


8.
value:
4.00 points


Problem 6-5AA Part 2

2.
Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)


(a) FIFO periodic

Total cost of units available for sale $ [removed]
Less ending inventory on a FIFO basis [removed]

Cost of units sold $ [removed]


(b) LIFO periodic

Total cost of units available for sale $ [removed]
Less ending inventory on a LIFO basis [removed]

Cost of units sold $ [removed]


(c) Weighted average periodic

Total cost of units available for sale $ [removed]
Less ending inventory on a weighted average [removed]

Cost of units sold $ [removed]

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:

Engineering Exam Guru
Professional Accountant
Maths Master
Math Specialist
Helping Engineer
Fatimah Syeda
Writer Writer Name Offer Chat
Engineering Exam Guru

ONLINE

Engineering Exam Guru

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

$24 Chat With Writer
Professional Accountant

ONLINE

Professional Accountant

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$20 Chat With Writer
Maths Master

ONLINE

Maths Master

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$37 Chat With Writer
Math Specialist

ONLINE

Math Specialist

I am an experienced researcher here with master education. After reading your posting, I feel, you need an expert research writer to complete your project.Thank You

$17 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$21 Chat With Writer
Fatimah Syeda

ONLINE

Fatimah Syeda

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$24 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

Discussion - International business - BE ppt - Series parallel circuit lab report conclusion - How do you envision the future of healthcare, and what role do you see yourself playing in shaping it? - Qualitative Research - Before the distribution of certain statistical software - 9 questions uta hagen - Building management system basics - How to calculate case mix index for hospitals - Discussion - What was the command line syntax to connect as the root user to 172.30.0.11 using putty? - Blockbuster and netflix case study - Zoot suit summary - Free organic chemistry drawing software - Macbeth in act 2 - Hoselink super jet washer - Datamining assignment - First Steps on Becoming a Grassroots Lobbyist/Advocate for Health Care Policy - Vba auction co - Rural villages in delhi - Phet simulations physics electricity - Argumentative essay about bringing cellphones in school - Gmb trade union wakefield - Social media swot analysis of nike - Centre for canadian language benchmarks - ACCOUNTING FOR MANAGERS2 - Change into 12 hour clock time - HW7 Assignment - Marginal cost benefit analysis and the goal of the firm - Powerpoint book report rubric - Figure ground map generator - How to make a pecha kucha powerpoint - Chi square formula in word document - Stonepit field milton keynes - Phillip ihenacho net worth - Export Target Market Report - Mastery problem 3 6 accounting - Zero one two three address instructions - History 1-2 - Daily mood chart therapist aid - Cricket life cycle diagram - Enriched grains are cereal grains that - A&e real life drama - The open boat questions and answers - Why might a casement ledge be "sleeve-worn"? - Prospective short circuit current formula - Speak hands for me - Easa amc 20 29 - Rorke's drift fancy dress - El señor beltrán es viejo - The graduate nude scene - Essentials4work - The monkey's paw summary - Toledo custom manufacturing quality control - Assignment 2: Best Practices - Course out come - Assessing Performance - Tattenhall park primary school - War Dance movie review - Dis - Unit 32 business strategy assignment - Is ought fallacy examples - Melton library opening hours - HSE 6-2 - Simon ielts writing task 2 general training - N per square mm to mpa - Case study - Sociology: Scholar Denied chapter one and two summary. - Such great heights apple commercial - Check jabber srv records - The right thing to do rachels pdf - Cancer occurs when signals for ________ are blocked or misinterpreted - Prosocially motivated behavior is that which is performed: - Law clerk cover letter - Moscatelli veterinary clinic victoria tx - Bharti vyas skin wisdom tesco - Problems on payback period with solution - Lilac girls book club questions - Williams landing masters site - Carta continuous adaptive risk and trust - Summation of forces in tennis - Week 5 forum 1 Jada - Penn foster student lms login - Network Management DQ - Modern clothing inc and national denim corporation - A woman of no importance alan bennett - Impulse and momentum lab answers - Snow by ann beattie symbolism - Week4 dis eco - Lakes and ponds temperature - Two accountants for the firm of elwes and wright - Steps in helping a client-Engagement - Link box with svl - A nondiscriminating pure monopolist is generally viewed as - Parenting styles worksheet - LAW 4 - Order 2379925: Coaching and Development Process - Cure for diabetes ielts reading answers - Cio presentation ppt