1 52 48 100 2 if the company wanted to alter its

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College Accounting, Chapters 1-27
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Chapter 18 / Exercise E 18-6B
College Accounting, Chapters 1-27
Heintz/Parry
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8)Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. UnitsCost/UnitMarket Value/UnitCamerasMinolta5$170$158Canon7145152Light Meters
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College Accounting, Chapters 1-27
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Chapter 18 / Exercise E 18-6B
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified
UnitsCost/UnitMarket Value/UnitVivitar12125114Kodak10120135InstructionsWhat amount should be reported on Birk Camera Shop's financial statements, assuming the lower-of-cost-or-market rule is applied?
9)Foyle Hardware reported cost of goods sold as follows.
20142013Beginning inventory$ 30,000$ 20,000Cost of goods purchased175,000164,000Cost of goods available for sale205,000184,000Less: Ending inventory37,00030,000Cost of goods sold$168,000 $154,000Foyle made two errors: 1. 2013 ending inventory was overstated by $2,000.2. 2014 ending inventory was understated by $5,000What is the effect on Net Income for each year?
10)At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit cost of goods sold entries.)Instructions1. Prepare the entries to record sales and collections during the period.

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