ORIE 3150 Homework _5 Fall 2009

ORIE 3150 Homework _5 Fall 2009 - ORIE 3150 Homework#5 Do...

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ORIE 3150 Homework #5 Do by Thursday October 8 th . To solve most accounting problems, you will need to use correctly formatted journal entries, T-accounts, or both. Please consult your lecture notes and the handouts. 1. P6-5A 2. The Collins Company has five inventory items on hand. Collins has found that the items would need to be refurbished before they could be sold, and replacement costs of each of these items has changed. Collins needs to adjust the inventory cost of the items. Find the new cost for each item, and provide the journal entry needed to make the adjustment in their financial records. Item Number on hand Cost per unit Replacement Cost per unit Selling Price per unit Normal Profit per unit Refurbishing Costs per unit Foonbit 4 $50 $55 $100 $20 15 Grapple 8 100 90 120 24 20 Hook 14 80 70 85 17 20 Ibinger 8 90 37 100 20 24 Jackzoom 10 95 92 110 22 24 3. Galenti Company has an Accounts Receivable balance of $92,500 (debit) on March 31, 2005. The accounts are analyzed and the following data is found: Month of Sale Amount March, 2005 $65,000 February, 2005 $12,600 December, 2004 and January, 2005 $8,500 October, 2004 and November, 2004
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ORIE 3150 Homework _5 Fall 2009 - ORIE 3150 Homework#5 Do...

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