Rodriguez corporation sells its product a rare metal

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82.Rodriguez Corporation sells its product, a rare metal, in a controlled market with a quotedprice applicable to all quantities. The total cost of 5,000 pounds of the metal now held ininventory is $150,000. The total selling price is $350,000, and estimated costs of disposalare $5,000. At what amount should the inventory of 5,000 pounds be reported in thebalance sheet?a.$145,000.b.$150,000.c.$345,000.d.$350,000.9 -18
83.Turner Corporation acquired two inventory items at a lump-sum cost of $50,000. Theacquisition included 3,000 units of product LF, and 7,000 units of product 1B. LF normallysells for $15 per unit, and 1B for $5 per unit. If Turner sells 1,000 units of LF, what amountof gross profit should it recognize?
84.Robertson Corporation acquired two inventory items at a lump-sum cost of $40,000. Theacquisition included 3,000 units of product CF, and 7,000 units of product 3B. CF normallysells for $12 per unit, and 3B for $4 per unit. If Robertson sells 1,000 units of CF, whatamount of gross profit should it recognize?
Inventories: Additional Valuation Issues85.At a lump-sum cost of $48,000, Pratt Company recently purchased the following items forresale:ItemNo. of Items PurchasedResale Price Per UnitM4,000$2.50N2,0008.00O6,0004.00The appropriate cost per unit of inventory is:MNO
86.Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For arecent shipment, the company paid $3,000 and received 8,500 pieces of candy that areallocated among three groups. Group 1 consists of 2,500 pieces that are expected to sellfor $0.25 each. Group 2 consists of 5,500 pieces that are expected to sell for 0.60 each.Group 3 consists of 500 pieces that are expected to sell for $1.20 each. Using the relativesales value method, what is the cost per item in group 1?a.$0.250.b.$0.166.c.$0.200.d.$.0375.
87.Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For arecent shipment, the company paid $3,000 and received 8,500 pieces of candy that areallocated among three groups. Group 1 consists of 2,500 pieces that are expected to sellfor $0.25 each. Group 2 consists of 5,500 pieces that are expected to sell for 0.60 each.Group 3 consists of 500 pieces that are expected to sell for $1.20 each. Using the relativesales value method, what is the cost per item in group 2?
88.Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For arecent shipment, the company paid $3,000 and received 8,500 pieces of candy that areallocated among three groups. Group 1 consists of 2,500 pieces that are expected to sellfor $0.25 each. Group 2 consists of 5,500 pieces that are expected to sell for 0.60 each.Group 3 consists of 500 pieces that are expected to sell for $1.20 each. Using the relativesales value method, what is the cost per item in group 3?

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Term
Spring
Professor
DR.TERREL
Tags
Accounting, retail inventory

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