UOP ACC 422 Week 3 WileyPLUS Assignment

UOP ACC 422 Week 3 WileyPLUS Assignment

UOP ACC 422 Week 3 WileyPLUS Assignment
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ACC 422 Week 3 WileyPLUS Assignment
Exercise 9-1
 
The inventory of Oheto Company on December 31, 2013, consists of the following items.
Part No.
 
Quantity
 
Cost per Unit
 
Cost to Replace per Unit
110
 
 
620
 
$126
 
$133
111
 
 
1,140
 
80
 
69
112
 
 
580
 
106
 
101
113
 
 
230
 
226
 
239
120
 
 
450
 
273
 
277
121
 
 
1,650
 
21
 
19
122
 
 
330
 
319
 
313

Part No. 121 is obsolete and has a realizable value of $0.7 each as scrap.

(a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
 
Exercise 9-12
 
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
Inventory, May 1
 
$ 171,000
Purchases (gross)
 
655,400
Freight-in
 
31,400
Sales
 
1,057,500
Sales returns
 
82,500
Purchase discounts
 
12,990

(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
 
 
Exercise 10-5
Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.

Abstract company’s fee for title search
 
 
 
$1,752
Architect’s fees
 
 
 
10,683
Cash paid for land and dilapidated building thereon
 
 
 
310,040
Removal of old building
 
$67,400
 
 
   Less: Salvage
 
18,535
 
48,865
Interest on short-term loans during construction
 
 
 
24,938...

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