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ACC 304 ACC/304 ACC304 Midterm part 2

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ACC 304 ACC/304 ACC304 Midterm part 2 Exercise 8-18 The board of directors of Oksana Corporation is considering whether or not it should instruct the accounting department to change from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. Sales 19,200 units @ $70 Inventory, January 1 6,920 units @ 28 Purchases 6,300 units @ 31 10,600 units @ 35 7,120 units @ 42 Inventory, December 31 11,740 units @ ? Operating expenses $281,000 Prepare a condensed income statement for the year on both bases for comparative purposes. Exercise 9-3 Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit 1320 1,300 $5.73 $5.37 $8.06 $0.63 $2.24 1333 1,000 4.83 4.12 6.09 0.90 0.90 1426 900 8.06 6.62 8.95 0.72 1.79 1437 1,100 6.44 5.55 5.73 0.81 1.61 1510 800 4.03 3.58 5.82 1.43 1.07 1522 600 5.37 4.83 6.98 0.72 0.90 1573 3,100 3.22 2.86 4.48 1.34 0.90 1626 1,100 8.41 9.31 10.74 0.90 1.79 From the information above, determine the amount of Sedato Company’s inventory. Exercise 11-15 On March 10, 2014, No Doubt Company sells equipment that it purchased for $456,000 on August 20, 2007. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $39,900 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2007, for 2014, and the total charge for the period from 2008 to 2013, inclusive, under each of the six following assumptions with respect to partial periods. (Round answers to 0 decimal places, Exercise 10-19 Santana Company exchanged equipment used in its manufacturing operations plus $4,262 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to the exchange. Santana Co. Delaware Co. Equipment (cost) $59,668 $59,668 Accumulated depreciation 40,489 21,310 Fair value of equipment 28,769 33,031 Cash given up 4,262 (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) e.g. $45,892.)

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