intermediate accounting CH8.docx
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intermediate accounting CH8.docx
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intermediateaccountingCH8
MultipleChoice—CPAAdapted
134.Howshouldthefollowingcostsaffectaretailer'sinventoryvaluation?
Freight-inInterestonInventoryLoan
a.IncreaseNoeffect
b.IncreaseIncrease
c.NoeffectIncrease
d.NoeffectNoeffect
135.ThefollowinginformationappliedtoHowe,Inc.for2010:
Merchandisepurchasedforresale$300,000
Freight-in8,000
Freight-out5,000
Purchasereturns2,000
Howe's2010inventoriablecostwas
a.$300,000.
b.$303,000.
c.$306,000.
d.$311,000.
136.Thefollowinginformationwasderivedfromthe2010accountingrecordsofPerezCo.:
Perez'sGoods
Perez'sCentralWarehouseHeldbyConsignees
Beginninginventory$130,000$14,000
Purchases575,00070,000
Freight-in10,000
Transportationtoconsignees5,000
Freight-out30,0008,000
Endinginventory145,00020,000
Perez's2010costofsaleswas
a.$570,000.
b.$600,000.
c.$634,000.
d.$639,000.
137.DoleCorp.'saccountspayableatDecember31,2010,totaled$800,000beforeanynecessaryyear-endadjustmentsrelatingtothefollowingtransactions:
∙OnDecember27,2010,Dolewroteandrecordedcheckstocreditorstotaling$350,000causinganoverdraftof$100,000inDole'sbankaccountatDecember31,2010.ThechecksweremailedoutonJanuary10,2011.
∙OnDecember28,2010,Dolepurchasedandreceivedgoodsfor$150,000,terms2/10,n/30.Dolerecordspurchasesandaccountspayableatnetamounts.TheinvoicewasrecordedandpaidJanuary3,2011.
∙Goodsshippedf.o.b.destinationonDecember20,2010fromavendortoDolewerereceivedJanuary2,2011.Theinvoicecostwas$65,000.
AtDecember31,2010,whatamountshouldDolereportastotalaccountspayable?
a.$1,362,000.
b.$1,297,000.
c.$1,050,000.
d.$950,000.
138.ThebalanceinMoonCo.'saccountspayableaccountatDecember31,2010was$700,000beforeanynecessaryyear-endadjustmentsrelatingtothefollowing:
∙GoodswereintransittoMoonfromavendoronDecember31,2010.Theinvoicecostwas$40,000.Thegoodswereshippedf.o.b.shippingpointonDecember29,2010andwerereceivedonJanuary4,2011.
∙Goodsshippedf.o.b.destinationonDecember21,2010fromavendortoMoonwerereceivedonJanuary6,2011.Theinvoicecostwas$25,000.
∙OnDecember27,2010,Moonwroteandrecordedcheckstocreditorstotaling$30,000thatweremailedonJanuary10,2011.
InMoon'sDecember31,2010balancesheet,theaccountspayableshouldbe
a.$730,000.
b.$740,000.
c.$765,000.
d.$770,000.
139.KerrCo.'saccountspayablebalanceatDecember31,2010was$1,500,000beforeconsideringthefollowingtransactions:
∙GoodswereintransitfromavendortoKerronDecember31,2010.Theinvoicepricewas$70,000,andthegoodswereshippedf.o.b.shippingpointonDecember29,2010.ThegoodswerereceivedonJanuary4,2011.
∙GoodsshippedtoKerr,f.o.b.shippingpointonDecember20,2010,fromavendorwerelostintransit.Theinvoicepricewas$50,000.OnJanuary5,2011,Kerrfileda$50,000claimagainstthecommoncarrier.
InitsDecember31,2010balancesheet,Kerrshouldreportaccountspayableof
a.$1,620,000.
b.$1,570,000.
c.$1,550,000.
d.$1,500,000.
140.WalshRetailerspurchasedmerchandisewithalistpriceof$50,000,subjecttotradediscountsof20%and10%,withnocashdiscountsallowable.Walshshouldrecordthecostofthismerchandiseas
a.$35,000.
b.$36,000.
c.$39,000.
d.$50,000.
141.OnJune1,2010,PennyCorp.soldmerchandisewithalistpriceof$20,000toLinnonaccount.Pennyallowedtradediscountsof30%and20%.Credittermswere2/15,n/40andthesalewasmadef.o.b.shippingpoint.Pennyprepaid$400ofdeliverycostsforIsonasanaccommodation.OnJune12,2010,PennyreceivedfromIsonaremittanceinfullpaymentamountingto
a.$10,976.
b.$11,368.
c.$11,376.
d.$11,196.
142.GrohCo.recordedthefollowingdatapertainingtorawmaterialXduringJanuary2010:
Units
DateReceivedCostIssuedOnHand
1/1/10Inventory$8.003,200
1/11/10Issue1,6001,600
1/22/10Purchase4,000$9.405,600
Themoving-averageunitcostofXinventoryatJanuary31,2010is
a.$8.70.
b.$8.85.
c.$9.00.
d.$9.40.
143.Duringperiodsofrisingprices,aperpetualinventorysystemwouldresultinthesamedollaramountofendinginventoryasaperiodicinventorysystemunderwhichofthefollowinginventorycostflowmethods?
FIFOLIFO
a.YesNo
b.YesYes
c.NoYes
d.NoNo
144.HiteCo.wasformedonJanuary2,2010,tosellasingleproduct.Overatwo-yearperiod,Hite'sacquisitioncostshaveincreasedsteadily.Physicalquantitiesheldininventorywereequaltothreemonths'salesatDecember31,2010,andzeroatDecember31,2011.Assumingtheperiodicinventorysystem,theinventorycostmethodwhichreportsthehighestamountofeachofthefollowingis
InventoryCostofSales
December31,20102011
a.LIFOFIFO
b.LIFOLIFO
c.FIFOFIFO
d.FIFOLIFO
145.KeckCo.had450unitsofproductAonhandatJanuary1,2010,costing$42each.PurchasesofproductAduringJanuarywereasfollows:
DateUnitsUnitCost
Jan.10600$44
1875046
2830048
AphysicalcountonJanuary31,2010shows600unitsofproductAonhand.ThecostoftheinventoryatJanuary31,2010undertheLIFOmethodis
a.$28,200.
b.$26,700.
c.$25,500.
d.$24,600.
146.Whenthedoubleextensionapproachtothedollar-valueLIFOinventorycostflowmethodisused,theinventorylayeraddedinthecurrentyearismultipliedbyanindexnumber.Howwouldthefollowingbeusedinthecalculationofthisindexnumber?
EndinginventoryEndinginventory
atcurrentyearcostatbaseyearcost
a.NumeratorDenominator
b.NumeratorNotused
c.DenominatorNumerator
d.NotusedDenominator
147.FarrCo.adoptedthedollar-valueLIFOinventorymethodonDecember31,2010.Farr'sentireinventoryconstitutesasinglepool.OnDecember31,2010,theinventorywas$320,000underthedollar-valueLIFOmethod.Inventorydatafor2011areasfollows:
12/31/11inventoryatyear-endprices$440,000
Relevantpriceindexatyearend(baseyear2010)110
UsingdollarvalueLIFO,Farr'sinventoryatDecember31,2011is
a.$352,000.
b.$408,000.
c.$400,000.
d.$440,000.
MultipleChoiceAnswers—CPAAdapted
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
134.
a
136.
d
138.
d
140.
b
142.
c
144.
c
146.
a
135.
c
137.
b
139.
a
141.
c
143.
a
145.
c
147.
b
Exercises
Ex.8-148—Recordingpurchasesatnetamounts.
FlintCo.recordspurchasediscountslostandusesperpetualinventories.Preparejournalentriesingeneraljournalformforthefollowing:
(a)Purchasedmerchandisecosting$900withterms2/10,n/30.
(b)Paymentwasmadethirtydaysafterthepurchase.
Solution8-148
(a)Inventory(.98×$900)882
AccountsPayable882
(b)AccountsPayable882
PurchaseDiscountsLost18
Cash900
Ex.8-149—Recordingpurchasesatnetamounts.
DillCo.recordspurchasesatnetamountsandusesperiodicinventories.Prepareentriesforthefollowing:
June11Purchasedmerchandiseonaccount,$5,000,terms2/10,n/30.
15ReturnedpartofJune11purchase,$800,andreceivedcreditonaccount.
30Preparedtheadjustingentryrequiredforfinancialstatements.
Solution8-149
June11Purchases(.98×$5,000)4,900
AccountsPayable4,900
15AccountsPayable(.98×$800)784
PurchaseReturnsandAllowances784
30PurchaseDiscountsLost(.02×$4,200)84
AccountsPayable84
Ex.8-150—ComparisonofFIFOandLIFO.
Duringperiodsofrisingprices,theuseofFIFO(ascomparedwithLIFO)willresultinwhateffectonthefinancialstatements?
Solution8-150
Duringperiodsofrisingprices,theuseofFIFOwillresultinhigherinventory,lowercostofgoodssold,andhighergrossprofit,netincome,incometaxes,andretainedearnings.
Ex.8-151—FIFOandLIFOinventorymethods.
DuringJune,thefollowingchangesininventoryitem27tookplace:
June1Balance1,400units@$24
14Purchased800units@$36
24Purchased700units@$30
8Sold400units@$50
10Sold1,000units@$40
29Sold500units@$44
Perpetualinventoriesaremaintained.
Instructions
Whatisthecostoftheendinginventoryforitem27underthefollowingmethods?
(Showcalculations.)
(a)FIFO.
(b)LIFO.
Solution8-151
(a)700@$30=$21,000
300@$36=10,800
$31,800
(b)800@$36=$28,800
200@$30=6,000
$34,800
Ex.8-152—FIFOandLIFOperiodicinventorymethods.
TheRockShopshowsthefollowingdatarelatedtoanitemofinventory:
Inventory,January1100units@$5.00
Purchase,January9300units@$5.40
Purchase,January1970units@$6.00
Inventory,January31120units
Instructions
(a)WhatvalueshouldbeassignedtotheendinginventoryusingFIFO?
(b)WhatvalueshouldbeassignedtocostofgoodssoldusingLIFO?
Solution8-152
(a)70@$6.00=$420
50@$5.40=270
$690
(b)70@$6.00=$420
280@$5.40=1,512
$1,932
Ex.8-153—PerpetualLIFO.
ArecordoftransactionsforthemonthofMaywasasfollows:
PurchasesSales
May1(balance)400@$4.20May3300@$7.00
41,300@$4.1061,000@7.00
8800@$4.3012900@7.50
14700@$4.4018400@7.50
221,200@$4.50251,400@8.00
29500@$4.55
Assumingthatperpetualinventoryrecordsarekeptindollars,determinetheinventoryusingLIFO.
Solution8-153
100@$4.20=$420
200@$4.10=820
100@$4.40=440
500@$4.55=2,275
$3,955
Ex.8-154—PerpetualLIFOandPeriodicFIFO.
MatlockCorporationsellsitemAaspartofitsproductline.Informationastobalances
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