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intermediate accounting

Questions and Answers of Intermediate Accounting

The management of Tritt Company has asked its accounting department to describe the effect upon the company?s financial position and its income statements of accounting for inventories on the LIFO
Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900 at December 31, 2020; and $134,560 at December 31, 2021. The year-end price indexes were 100 at
Cruise Industries purchased $10,800 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash
Norman?s Televisions produces television sets in three categories: portable, midsize, and fl at-screen. On January 1, 2020, Norman adopted dollar-value LIFO and decided to use a single inventory
On January 1, 2020, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external fi nancial reporting purposes. However, Bonanza continued to use the FIFO
Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method.
Presented below is information related to Kaisson Corporation for the last 3 years. Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base
Harrisburg Company is considering changing its inventory valuation method from FIFO to LIFO because of the potential tax savings. However, management wishes to consider all of the effects on the
Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2020. Bienvenu later discovered that its ending inventories at December 31,
Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not
Shania Twain Company was formed on December 1, 2019. The following information is available from Twain?s inventory records for Product BAP. A physical inventory on March 31, 2020, shows 1,600 units
Describe the LIFO double-extension method. Using the following information, compute the index at December 31, 2020, applying the double-extension method to a LIFO pool consisting of 25,500 units of
You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules
Brady Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of the year. A physical inventory on December 31, 2020, reveals
On December 31, 2019, the inventory of Powhattan Company amounts to $800,000. During 2020, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2020, the
Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $20 per unit. None of this
Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis? records. Instructions Calculate the index used for
The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that date was $160,000. On December 31, 2020, the inventory at prices existing on that date amounted to
Presented below is information related to Dino Radja Company. Instructions Compute the ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO method. Ending
The following information relates to the Jimmy Johnson Company. Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020. Ending
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
Presented below is information related to Rembrandt Inc.?s inventory. Determine the following: (a) The net realizable value for each item, (b) The carrying value of each item under LCNRV. Skis (per
Remmers Company manufactures desks. Most of the company?s desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the following finished desks (10 desks in each
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
LaTour Inc. is based in France and prepares its financial statements in accordance with IFRS. In 2020, it reported cost of goods sold of $578 million and average inventory of $154 million. Briefly
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit
Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual
Robots, Inc. reported the following information regarding 2019?2020 inventory. Instructions a. Comment on why Robots, Inc., might disclose how its LIFO inventories would be valued under FIFO. b.
Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2020, the inventory was $286,000,000 at cost and
Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Instructions From the information above, determine the amount of Sedato Company inventory.
Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Instructions a. Prepare the journal entries
Dover Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. Instructions a.
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Instructions a. 1. Determine
The inventory of Oheto Company on December 31, 2020, consists of the following items. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to
Kumar Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,000 at both cost and market value. At December 31, 2020, the inventory was $286,000 at cost and $265,000 at market
Fiedler Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company?s inventory records as of December 31,
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit
LaGreca Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, included product X. Relevant per-unit data for product X are as
Refer to the data in IFRS9.8 for Keyser’s Fleece Inc. Prepare the journal entries for (a) the wool harvested in the first six months of 2020, and (b) the wool harvested that is sold for $10,500 in
During 2020, Pretenders Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pretenders for a lump sum of $59,850 because it is discontinuing manufacturing
Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and $1,830 million on February 1, 2017, cost of goods sold of $9,789 million for 2018, and net sales of
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest
Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since
At December 31, 2020, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The
In 2020, Ghostbusters Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years.
Durler Company purchased equipment on January 2, 2016, for $112,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,000. Durler uses straight-line
Dover Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. a. Prepare the
Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,000,000. At December 31, 2020, the raw materials to be
Wangerin Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Instructions From the information above, determine the amount of Wangerin
On April 15, 2021, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was
Keyser’s Fleece Inc. holds a drove of sheep. Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market. Keyser has the following information
Use the information for Kemper Company from BE9.7. In 2021, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.In BE9.7Kemper
Corrs Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented
Presented below is information related to Waveland Inc. Instructions Assuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December
At December 31, 2020, Ashley Co. has outstanding purchase commitments for 150,000 gallons, at $6.20 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw
As of January 1, 2020, Aristotle Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store?s financial statements at June 30, 2020, you obtain the following
Late in 2017, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the company has just completed its third year of operations under the ownership of the
A fire destroys all of the merchandise of Assante Company on February 10, 2020. Presented below is information compiled up to the date of the fire.Inventory, January 1,
Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending ?December 31, 2020. Amounts as shown
Davenport Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2020, and is now considering converting to the dollar-value LIFO inventory method.
Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on
The financial statements of ConAgra Foods, Inc.?s 2017 annual report disclose the following information. Instructions Compute ConAgra?s (a) Inventory turnover (b) The average days to sell
Keller Company began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company?s merchandise was marked down in 2019 and, because there was no beginning
Leonard Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending
You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method. Instructions Compute the cost of the inventory on December 31,
Presented below is information related to Langston Hughes Corporation. Instructions Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio
Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2020.
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following
John Olerud Ltd., a local retailing concern in the Bronx, New York, has decided to change from the conventional retail inventory method to the LIFO retail method starting on January 1, 2021. The
Johnson & Johnson, the world?s leading and most diversified healthcare corporation, serves its customers through specialized worldwide franchises. Each of its franchises consists of a number of
Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2020, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report
Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s balance sheet at December 31, 2019, had the following
Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck
Spitfire Company was incorporated on January 2, 2021, but was unable to begin manufacturing activities until July 1, 2021, because new factory facilities were not completed until that date. The Land
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had the following
Vania Magazines started construction of a warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2019, and completed the building on December 31, 2019. During the
Worf Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year
On January 1, 2020, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker’s commission of $36,000, legal fees of $6,000, and
Grieg Landscaping began construction of a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $139,000 in cash. In addition, it paid $2,000 in surveying costs and
Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2020. Harrisburg expected to complete
Laserwords Inc. is a book distributor that had been operating in its original facility since 1990. The increase in certification programs and continuing education requirements in several professions
On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this
On July 31, 2020, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2020. To
The following three situations involve the capitalization of interest.Situation I: On January 1, 2020, Ohno, Inc. signed a fixed-price contract to have Builder Associates construct a major plant
Klamath Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company
Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of
Chippewas Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2020, to expand its production capacity to meet customers’ demand for its product. Chippewas issues
Use the information presented for Ottawa Corporation in BE10.14, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to(a) Update depreciation for 2021(b) Record
Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31
Research Science Inc. provides funding to University Hospital to perform a research study on the benefits of a new drug for insomnia. The agreement requires University Hospital to plan the study,
Hayes Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $100,000
Crowe Company purchased a heavy-duty truck on July 1, 2017, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. The company uses
Pet Aware is an animal shelter and receives an upfront, unsolicited 2-year grant of $800,000 from Kindig Company (the owner of Kindig is a dog lover). The grant specifies that the money should be
Knowledge University received a grant from a private foundation to conduct scientific research for purposes of discovering planets potentially habitable to humans. Knowledge University is required to
Cannondale Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.List price of new
Donovan Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in sound working order. The company’s
The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage

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