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ACC 556 ACC556 ACC/556 Homework 5&6

ACC 556 ACC556 ACC/556 Homework 5&6

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ACC 556 ACC556 ACC/556 Homework 5&6

ACC556 Homework 5&6
1.Metlock, Inc.took a physical inventory on December 31 and determined that goods costing $230,000were on hand. Not included in the physical count were $32,000of goods purchased fromWhispering Winds Corp., FOB, shipping point, and $24,500of goods sold toCoronado Industriesfor $32,000, FOB destination.
Both theWhispering Windspurchase and the Coronado sale were in transit at year-end. What amount should Metlockreport as its December 31 inventory
2.In its first month of operations,Splish Brothers Inc.made three purchases of merchandise in the following sequence: (1)230units at $8, (2)330units at $10, and (3)430units at $11. Assuming there are 130 units on hand at the end of the period, compute the cost of the ending inventoryunder (a) the FIFOmethod and (b) the LIFO
3.
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ACC 556 ACC556 ACC/556 Homework 5&6

ACC556 Homework 5&6
1.Metlock, Inc.took a physical inventory on December 31 and determined that goods costing $230,000were on hand. Not included in the physical count were $32,000of goods purchased fromWhispering Winds Corp., FOB, shipping point, and $24,500of goods sold toCoronado Industriesfor $32,000, FOB destination.
Both theWhispering Windspurchase and the Coronado sale were in transit at year-end. What amount should Metlockreport as its December 31 inventory
2.In its first month of operations,Splish Brothers Inc.made three purchases of merchandise in the following sequence: (1)230units at $8, (2)330units at $10, and (3)430units at $11. Assuming there are 130 units on hand at the end of the period, compute the cost of the ending inventoryunder (a) the FIFOmethod and (b) the LIFO
3. ThePronghorn Company has just completed a physical inventory count at year end, December 31, 2022. Only the items on the shelves, in storage, and in the receiving area were counted and costed on the FIFO basis.
The inventory amounted to $84,600. During the audit, the independent CPA discovered the following additional information: Analyze the above information and calculate a corrected amount for the ending inventory. Corrected Inventory:
$87,475they were excluded from the physical inventory count.
On December 27, 2022, a regular customer purchased goods for cash amounting to $1,050 and had them shipped to a bonded warehouse for temporary storage on December 28, 2022. The goods were shipped via common carrier with terms FOB shipping point. The customer picked the goods up from the warehouse on January 4, 2023. Pronghorn Company had paid $525 for the goods and, because they were in storage, Pronghorn included them in the physical inventory count.
4. Whispering has the following inventory data: A physical count of merchandise inventory on November 30 reveals that there are92units on hand. Ending inventory under FIFOis $559
5.s has the following inventory data: A physical count of merchandise inventory on November 30 reveals that there are114units on hand. Cost of goods sold under LIFOis $1681
There were goods in transit on December 31, 2022, from a supplier with terms FOB destination, costing $10,100. Because the goods had not arrived, they were excluded from the physical inventory count.
On December 27, 2022, a regular customer purchased goods for cash amounting to $1,050 and had them shipped to a bonded warehouse for temporary storage on December 28, 2022.
The goods were shipped via common carrier with terms FOB shipping point. The customer picked the goods up from the warehouse on January 4, 2023. Pronghorn Company had paid $525 for the goods and, because they were in storage, Pronghorn included them in the physical inventory count.

ACC 556 ACC556 ACC/556 Homework 5&6

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ACC 556 – Fall 2021 Register Now ACC 556 Week 6 HW Part 4.docx Financail Accouting Tests Questions & Answers Showing 1 to 8 of 283 View all Monty Corp. has an 8% required rate of return. It’s considering a project that would provide annual cost savings of $ 50000 for 5 years. The most that Johnson 1 2 3 4 5

ACC 556 ACC556 ACC/556 Homework 5&6

At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company purchased goods costing $ 2160000. If Bramble reported ending 1 2 3 4 5 In its first month of operations, Windsor, Inc. made three purchases of merchandise in the following sequence: (1) 400units at $ 5, (2) 500units at $ 7, and 1 2 3 4 5

If Year 1 cost of goods sold equals$760, Year 2 cost of goods sold equals$820, and Year 3 cost of goods sold equals$580, the percentage to be assigned for Year 1 2 3 4 5 The cost of goods sold during the year was $357200. Inventory increased by $11000during the year and accounts payable decreased by $17900during the year.

Using 1 2 3 4 5 Marigold Corp.had an increase in inventory of $93600. The cost of goods sold was $436800. There was a $23400decrease in accounts payable from the prior period. 1 2 3 4 5

Vaughn Manufacturingpurchased treasury stock with a cost of $60000during 2022. During the year, the company paid dividends of $21800and issued bonds payable 1 2 3 4 5 Bonita Industriesis evaluating its Piquette division, an investment center. The division has a $76000controllable margin and $580000of sales.

ACC 556 ACC556 ACC/556 Homework 5&6

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