Homeowrk - S20 Inventory, 1/1/+1 Purchases Freight in...

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S20 Cost Retail Inventory, 1/1/+1 120,400 182,000 Purchases 507,200 852,000 Freight in 10,000 Additional markups 14,000 Markup cancellations (2,000) Markdowns (30,000) Mark down Cancellation 4,000 Cost of goods available for sale 637,600 1,020,000 Sales (822,000) Inventory, 3/31/+1, at retail 198,000 Lower of average cost or market BI+P-PR+FI-PA-AS BI+P-PR+AMU-MUC-AS = 120,400 + 507,200 + 10,000 182,000 + 852,000 + 14,000 + (2,000) = 637,600 X 198,000 = 120,693 ### Lower of FIFO cost or market P-PR+FI-PA-AS P-PR+AMU-MUC-AS = 507,200 + 10,000 852,000 + 14,000 + (2,000) = 517,200 X 198,000 = 118,525 864,000
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S20A Cost Retail Inventory, 3/1/+1 30,000 44,000 Purchases 164,000 260,000 Purchase returns (4,600) (6,000) Freight in 14,000 Purchase allowances (4,400) Additional markups 22,000 Markup cancellations (5,000) Markdowns (10,000) Mark down Cancellation 2,000 Inventory losses due to theft (1,000) Abnormal inventory losses (6,317) (10,000) Cost of goods available for sale 192,683 296,000 Sales (260,000) Sales returns 4,500 Inventory, 3/31/+1, at retail 192,683 40,500 Lower of average cost or market BI+P-PR+FI-PA-AS BI+P-PR+AMU-MUC-AS = 30,000 + 164,000 + (4,600) + 14,000 44,000 + 260,000 + (6,000) + 22,000 = + (4,400) + (6,317) + (5,000) + (10,000) = 192,683 X 40,500 = 25,586 305,000 Lower of FIFO cost or market P-PR+FI-PA-AS P-PR+AMU-MUC-AS = 164,000 + (4,600) + 14,000 + (4,400) 260,000 + (6,000) + 22,000 + (5,000) = + (6,317) + (10,000) = 162,683 X 40,500 = 25,244 261,000
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S21 = 160000 + 20000 324000 + 30000 - 10000 - 16000 + 6000 = 180,000 x 20,000 = 10,778 334,000 10,778 - 10,000 = 778 Inventory, 1/1/+1 778 Adjustment to record inventory at cost 778 2.) BI + P + AMU - MUC - MD + MDC = Goods available for sale at retail = = 300,000 - 260,000 = 40,000 3.) P+FI P+AMU-MUC-MD+MDC = 180,000 + 30,000 270,000 + 20,000 - 5,000 - 10,000 + 5,000 = 210,000 280,000 1.) P+FI P + MU - MD + MD cancellations 20+1 20000+270000+20000-5000-10000+5000
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S22 = = 176,000 x 60,000 250,000 = 42,240 42,240 - 40,000 = 2,240 2,240 2,240 P+FI 150000+26000 P + MU - MUC-MD + MDS 230000+40000-10000-24000+14000 1/1/+1 Inventory, 1/1/+1 Adjustement to record beginning inv at estimated cost
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S25 Case I BV = Cost - Accumulated Depreciation = 100,000 - 35,000 = 65,000 FMV - BV = Gain or loss 60,000 - 65,000 = (5,000) 1/1/+1 Machine B 52,000 Accumulated Depreciation (Machine A) 35,000 Loss on Exchange of Machine 5,000 Cash 8,000 Machine A Case 2 1/1/+1 Machine B 52,000 Accumulated Depreciation (Machine A) 35,000 Loss on Exchange of Machine
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Homeowrk - S20 Inventory, 1/1/+1 Purchases Freight in...

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