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ACC 422 Final Exam – NewStudentofFortune.com

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ACC 422 Final Exam – NewStudentofFortune.com ACC 422 Final Exam With Answers Included / Delivered Instantly via email! Question 1 Kraft Enterprises owns the following assets at December 31, 2012. Cash in bank–savings account 67,214 Checking account balance 18,149 Cash on hand 10,114 Postdated checks 823 Cash refund due from IRS 31,782 Certificates of deposit (180-day) 92,846 What amount should be reported as cash Question 2 Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical cost $257.07 $143.42 $71.71 Selling price 293.60 196.19 99.78 Cost to distribute 25.71 10.82 3.38 Current replacement cost 274.66 142.07 69.00 Normal profit margin 43.30 39.24 28.75 Determine the following: ACC 422 Final Exam Question 3 Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 66 units that cost $40 each. During June, the company purchased 199 units at $40 each, returned 8 units for credit, and sold 166 units at $66 each. Journalize the June transactions. Question 4 Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $16 $4,000 April 15 purchase 400 20 8,000 April 23 purchase 350 21 7,350 1,000 $19,350 Compute the April 30 inventory and the April cost of goods sold using the average cost method. Question 5 Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $14 $3,500 April 15 purchase 400 16 6,400 April 23 purchase 350 18 6,300 1,000 $16,200 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. ACC 422 Final Exam Question 6 (FIFO, LIFO, Average Cost Inventory) Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade’s inventory records for Product BAP. Units Unit Cost January 1, 2012 (beginning inventory) 756 $8.00 Purchases: January 5, 2012 1,512 9.00 January 25, 2012 1,638 10.00 February 16, 2012 1,008 11.00 March 26, 2012 756 12.00 A physical inventory on March 31, 2012, shows 2,016 units on hand. Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method. Question 7 Floyd Corporation has the following four items in its ending inventory. Item Cost Replacement Cost Net Realizable Value (NRV) NRV Less Normal Profit Margin Jokers $2,158 $2,212 $2,266 $1,726 Penguins 5,395 5,503 5,341 4,424 Riddlers 4,748 4,909 4,990 3,992 Scarecrows 3,453 3,226 4,133 3,313 Determine the final lower of cost or market inventory value for each item. Question 8 Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $244,174 at both cost and market value. At December 31, 2013, the inventory was $326,326 at cost and $306,929 at market value. Prepare the necessary December 31 entry under: ACC 422 Final Exam Question 9 Boyne Inc. had beginning inventory of $13,680 at cost and $22,800 at retail. Net purchases were $136,800 at cost and $193,800 at retail. Net markups were $11,400; net markdowns were $7,980; and sales were $178,980. Compute ending inventory at cost using the conventional retail method. Question 10 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Question 11 Previn Brothers Inc. purchased land at a price of $30,430. Closing costs were $3,130. An old building was removed at a cost of $12,380. What amount should be recorded as the cost of the land? ACC 422 Final Exam Question 12 Garcia Corporation purchased a truck by issuing an $104,00

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