Mgmt 200 Spring 2009 Exam 2

Mgmt 200 Spring 2009 Exam 2 - First name: _ Last name: _...

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First name: ___________ Last name: ______________ PUID: ________________________ Purdue University Krannert School of Management MGMT 200 – Introductory Financial Accounting Spring 2009 Exam 2 – March 24, 2009 This exam consists of 4 questions on 13 pages (excluding this cover page) for a total of 100 points. Time allowed: 90 minutes. Answer all questions. To ensure full credit and to maximize partial credit, clearly show all supporting calculations. The exam is closed book. A calculator is permitted. GOOD LUCK . Question 1 (30 points) ________ Question 2 (20 points) ________ Question 3 (25 points) ________ Question 4 (25 points) ________ TOTAL (100 points) ________
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Eagle Industries was formed in 2006 to sell a single product, the Boomerang, which is imported from Australia. Due to price increases and fluctuating exchange rates the cost of this product increased during 2007 and 2008. Sales for the last three years were: Year Sales in units Sales in dollars 2006 3,500 $154,000 2007 8,000 $416,000 2008 13,000 $910,000 Eagle Industries uses a periodic inventory system and provides the following information about cost of goods purchased since the company was formed: Purchase, September 3, 2006 5,000 units @ $30.00 $150,000 Purchase, March 28, 2007 4,000 units @ $36.00 $144,000 Purchase, August 8, 2007 4,500 units @ $40.00 $180,000 Purchase, April 3, 2008 6,000 units @ $50.00 $300,000 Purchase, July 27, 2008 7,000 units @ $60.00 $420,000 A physical inventory count at year-end, December 31, 2008 reveals 2,000 units still on hand. Required: a. Compute Cost of Goods Sold and Ending Inventory for both 2007 and 2008 for Eagle Industries for each of the three inventory methods: Weighted average (WAVE), FIFO, and LIFO. WAVE FIFO LIFO Cost of goods sold, 2007 _________ _________ _________ Inventory, December 31, 2007 _________ _________ _________ Cost of goods sold, 2008 _________ _________ _________ Inventory, December 31, 2008 _________ _________ _________ (Show supporting calculations on the following page)
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Mgmt 200 Spring 2009 Exam 2 - First name: _ Last name: _...

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