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ACC 304 ACC/304 ACC304 Week 5 Midterm Part 1

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ACC 304 ACC/304 ACC304 Week 5 Midterm Part 1 The book value of a plant asset is The asset turnover ratio is computed by dividing On September 19, 2014, Markham Co. purchased machinery for $285,000. Salvage value was estimated to be $15,000. The machinery will be depreciated over eight years using the sum-of-the-years’-digits method. If depreciation is computed on the basis of the nearest full month, Markham should record depreciation expense for 2015 on this machinery of In 2014, Bargain shop reported net income of $5.7 billion, net sales of $175 billion, and average total assets of $70 billion. What is Bargain shop’s asset turnover ratio? In 2006, Jarrett Company purchased a tract of land as a possible future plant site. In January, 2014, valuable sulphur deposits were discovered on adjoining property and Jarrett Company immediately began explorations on its property. In December, 2014, after incurring $800,000 in exploration costs, which were accumulated in an expense account, Jarrett discovered sulphur deposits appraised at $4,500,000 more than the value of the land. To record the discovery of the deposits, Jarrett should The primary IFRS related to property, plant and equipment is found in Ryan Distribution Co. has determined its December 31, 2014 inventory on a FIFO basis at $490,000. Information pertaining to that inventory follows: LF Corporation, a manufacturer of Mexican foods, contracted in 2014 to purchase 1,500 pounds of a spice mixture at $5.00 per pound, delivery to be made in spring of 2015. By 12/31/14, the price per pound of the spice mixture had dropped to $4.70 per pound. In 2014, LF should recognize Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $234,000 $366,000 Purchases 885,000 1,245,000 Freight-in 15,000 — Employee discounts — 6,000 Net markups — 45,000 Net markdowns — 60,000 Sales revenue — 1,170,000 10. Which of the following is true of normal shortages? Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value Which of the following is not a common disclosure for inventories? The use of a Purchase Discounts account implies that the recorded cost of a purchased inventory item is its Hay Company had January 1 inventory of $180,000 when it adopted dollar-value LIFO. During the year, purchases were $1,080,000 and sales were $1,800,000. December 31 inventory at year-end prices was $227,700, and the price index was 110. What is Hay Company’s gross profit 16. In the double-extension method, the value of the units in inventory is extended at: 17. Web World began using dollar-value LIFO for costing its inventory last year. The base year layer consists of $400,000. Assuming the current inventory at end of year prices equals $552,000 and the index for the current year is 1.10, what is the ending inventory using dollar-value LIFO? 18. RF Company had January 1 inventory of $200,000 when it adopted dollar-value LIFO. During the year, purchases were $1,200,000 and sales were $2,000,000. December 31 inventory at year-end prices was $286,720, and the price index was 112. What is RF Company’s gross profit? 19. Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the Emporia Hotel should be 20. Ecker Company purchased a new machine on May 1, 2006 for $352,000. At the time of ac

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