following inventory data: July 1 7 22 Beginning inventory Purchases Purchases 20 units at $19 70 units at $20 10 units at $22 $380 1‚400 220 $2‚000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method‚ the amount allocated to cost of
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AC 210 – Spring 2012 Exam 2 Version A Name: CWID: Score: /100 1. McKinney‚ Inc has a debt-to-assets ratio of 0.45. This means that: A. stockholders’ equity is 55% of total assets. B. stockholders’ equity is 45% of total assets. C. the asset turnover ratio also is 0.55. D. the asset turnover ratio also is 0.45. 2. A company files a Form 10-K with the SEC to submit its: A. quarterly report. B. annual report. C. press releases. D. report
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first quarter were 1‚400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data‚ fill in the following chart to compare the results obtained under the FIFO‚ LIFO‚ and weighted-average inventory methods. Inventory Valuation Methods: Basic Computations FIFO Date Units available for sale 1-Jan 300 21-Feb 700 28-Mar 800 Total available for sale 1800 Cost of goods sold 1400 Units in ending inventory 1800 - 1400 = 400 Units Unit
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Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21‚000 4/19 Purchase Sunset 21‚800 6/7 Purchase Earth 31‚200 12/16 Purchase Moon 4‚000 Woods and Moon were sold during the year for a total of $35‚000. Determine the firm’s a. Cost of goods sold.
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comparison to Smelters current FIFO Inventory management system and issued a proposal to change their inventory valuation method from LIFO to FIFO. Factors to Consider Western Aluminum addressed multiple topics to validate their proposal idea. As mentioned above‚ the acquisition of Smelter and its projected out puts is one consideration made. The high-value LIFO layers and commodity price swings has resulted in large non-cash adjustments to Inventory. Switching to FIFO will allow for period end
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Process Costing Characteristics of Process Manufacturing • Since each product within a product line passing through the processes would receive similar ‘‘doses’’ of materials‚ labor‚ and overhead‚ costs are accumulated by process. • Process costing works well whenever relatively homogeneous products pass through a series of processes and receive similar amounts of manufacturing costs Units are homogeneous and subjected to the same operations for a given process and each unit produced in a
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200 units at a total cost of $26‚000. At the end of the year‚ Jones had 80 units in ending inventory. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO: ending inventory – 80 units $10‚400‚ Cost of Goods Sold - $25‚600 (2) LIFO: ending inventory –
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Chapter 8: Usefulness of Accounting Information to Investors and Creditors Instructor’s Manual CHAPTER HIGHLIGHTS Chapter 8 is concerned with the usefulness of external accounting reports for decision making. The FASB emphasizes decision usefulness in both the conceptual framework project and in policy deliberations for specific standards. It focuses on the primary user groups‚ investors and creditors. Earnings‚ dividends‚ and stock prices are inextricably linked. Dividends are the cash
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1565 Chenault St‚ Dallas‚ TX 75228 Teaching Asst. Office Hours Wednesday 11:45-12:45 4-5PM wxw107020@utdallas.edu Final EXAM December 19 (1-3:45) JSOM2.106 Fin. ST. Analysis Protect Industry name Company name1 ----- student1 2 2 3 3 4 4 Class1-5 content: Introduction to Accounting Business activities and financial statements Balance sheet valuation rules Income statement valuation rules Transaction analysis
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for Beginners. N.p.‚ n.d. Web. 21 Dec. 2012. <http://beginnersinvest.about.com/od/incomestatementanalysis/a/gross-profit.htm>. Merritt‚ Cam. "FIFO Inventory Cost Flow Method | Business & Entrepreneurship - azcentral.com." Business & Entrepreneurship - azcentral.com. N.p.‚ n.d. Web. 22 Dec. 2012. <http://yourbusiness.azcentral.com/fifo-inventory-cost-flow-method-8554.html>. Weygandt‚ Jerry J.‚ Donald E. Kieso‚ and Walter Gerry Kell. Accounting principles. 4th ed. New York: Wiley
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