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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual
Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. Jan. 2, purchased
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual
Prepare journal entries to record the following transactions, assuming perpetual inventory updating and last-in, first-out (LIFO) cost allocation. Assume no beginning inventory. Mar. 12, purchased
Which of the following financial statements would be impacted by a current-year ending inventory error, when using a periodic inventory updating system?A. Balance sheetB. Income statementC. Neither
Prepare Journal entries to record the following transactions, assuming perpetual inventory updating, and last-in, first-out (LIFO) cost allocation. Assume no beginning inventory. Mar. 12, purchased
How long does it take an inventory error affecting ending inventory to correct itself in the financial statements? Explain.
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
If a group of inventory items costing $3,200 had been double counted during the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect
Which of the following would cause periodic ending inventory to be overstated?A. Goods held on consignment are omitted from the physical count.B. Goods purchased and delivered, but not yet paid for,
Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the
What type of issues would arise that might cause inventory errors?
If a group of inventory items costing $15,000 had been omitted from the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and
Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the
If Barcelona Company’s ending inventory was actually $122,000, but the cost of consigned goods, with a cost value of $20,000 were accidentally included with the company assets, when making the
Explain the difference between the flow of cost and the flow of goods as it relates to inventory.
Assuming a company’s year-end inventory were overstated by $5,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement
If Wakowski Company’s ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and
Assuming a company’s year-end inventory were understated by $16,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement
Use the following information relating to Shana Company to calculate the inventory turnover ratio and the number of days’ sales in inventory ratio. Year 2021 Year 2022 Year 2023 Year
Tanke Company reported net income on the year-end financial statements of $850,200. However, errors in inventory were discovered after the reports were issued. If inventory was overstated by $21,000,
What insights can be gained from inventory ratio analysis, such as inventory turnover ratio and number of days’ sales in inventory ratio?
Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by
Use the following information relating to Singh Company to calculate the inventory turnover ratio and the number of days’ sales in inventory ratio. Year 2021 Year 2022 Year 2023 Year
Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days’ sales in inventory ratio, for years 2022 and 2023. Year
Compute Westtown Company’s (A) inventory turnover ratio and (B) number of days’ sales in inventory ratio, using the following information. Cost of goods sold Beginning inventory Ending
Compute Altoona Company’s (a) inventory turnover ratio and (b) number of days’ sales in inventory ratio, using the following information. Cost of goods sold Beginning inventory Ending
Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days’ sales in inventory ratio, for years 2022 and 2023. Year
Complete the missing pieces of Delgado Company’s inventory calculations and ratios. Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Turnover ratio Days'
Complete the missing pieces of McCarthy Company’s inventory calculations and ratios. Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Turnover ratio Days'
New Carlisle, Incorporated, has the following assets in its trial balance:What is New Carlisle’s total amount of intangible assets? Cash Equipment Accounts
Fombell, Incorporated has the following assets in its trial balance:What is the total balance of its Property, Plant, and Equipment? Cash Equipment Accounts
Property, Plant, and Equipment is considered why type of asset?A. Current assetsB. Contra assetsC. Tangible assetsD. Intangible assets
Selected accounts from Phipps Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet. (Selected Accounts) PHIPPS CORPORATION Trail Balance December
Selected accounts from Hanna Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet. (Selected Accounts) HANNA CORPORATION Trail Balance December
You are an accounting student at your local university. Your brother has recently managed to save $5,000, and he would like to invest some of this money in the stock market, so he’s researching
Which of the following would not be considered an intangible asset?A. GoodwillB. PatentC. CopyrightD. Inventory
Define intangible assets.
Jada Company had the following transactions during the year:• Purchased a machine for $500,000 using a long-term note to finance it• Paid $500 for ordinary repair• Purchased a patent for
Selected accounts from Boxwood Corporation’s trial balance are as follows. Prepare the detailed schedule showing the Property, Plant, and Equipment. (Selected Accounts) BOXWOOD CORPORATION Trail
Selected accounts from Han Corporation’s trial balance are as follows. Prepare the detailed schedule showing the Property, Plant, and Equipment. (Selected Accounts) HAN CORPORATION Trail
Johnson, Incorporated had the following transactions during the year:• Purchased a building for $5,000,000 using a mortgage for financing• Paid $2,000 for ordinary repair on a piece of
Speedy delivery service recently hired a new accountant who discovered that the prior accountant had erroneously capitalized routine repair and maintenance costs on delivery trucks. The costs were
The legal protection that provides a company exclusive rights to produce and sell a unique product is known as which of the following?A. TrademarkB. CopyrightC. PatentD. Goodwill
Trini Company had the following transactions for the month.Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory
DeForest Company had the following transactions for the month.Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the
If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle) for $15, purchase 3 (middle) for $12, and purchase 4 (latest) for $14, which cost would be assumed
Considering the following information, and applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? Inventory item 1
Why do consignment arrangements present a challenge in inventory management? Explain.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual
Search the internet for recent news items (within the past year) relating to inventory issues. Submit a short memo describing what you found and explaining why it is important to the future of
If goods are shipped FOB destination, which of the following is true?A. Title to the goods will transfer as soon as the goods are shipped.B. FOB indicates that a price reduction has been applied to
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown: Beginning inventory Purchases Goods
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown. Beginning inventory Purchases Goods
Search the internet for information about the technological breakthrough relating to inventory issues, referred to as the Internet of Things (IoT). How do you think the development of such technology
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue(b) Cost of goods sold (c) Gross margin for A75 Company,
On which financial statement would the merchandise inventory account appear?A. Balance sheetB. Income statementC. Both balance sheet and income statementD. Neither balance sheet nor income statement
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue, (b) Cost of goods sold, and (c) Gross margin for
Akira Company had the following transactions for the month.Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory
When would a company use the specific identification method of inventory cost allocation?
Bleistine Company had the following transactions for the month.Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue(b) Cost of goods sold (c) Gross margin for A75 Company,
Consider the dilemma you might someday face if you are the CFO of a company that is struggling to satisfy investors, creditors, stockholders, and internal company managers. All of these financial
Bleistine Company had the following transactions for the month.Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume
When would using the FIFO inventory costing method produce higher inventory account balances than the LIFO method would?A. Inflationary timesB. Deflationary timesC. AlwaysD. Never
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue(b) Cost of goods sold(c) Gross margin for B75 Company,
Use a spreadsheet and the following excerpts from Hileah Company’s financial information to build a template that automatically calculates (A) inventory turnover and (B) number of days’ sales in
Explain why a company might want to utilize the gross profit method or the retail inventory method for inventory valuation.
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue(b) Cost of goods sold(c) Gross margin for A75 Company, considering the
Which accounting rule serves as the primary basis for the lower-of-cost-or-market methodology for inventory valuation?A. ConservatismB. ConsistencyC. OptimismD. Pessimism
Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Jan. 2, purchased merchandise for resale Jan. 12,
Describe the goal of the lower-of-cost-or-market concept.
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) Sales revenue, (b) Cost of goods sold, and (c) Gross margin for B75 Company,
Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Nov. 19, purchased merchandise for resale Nov. 22,
Search the SEC website (https://www.sec.gov/edgar/searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a short memo that states the
Which type or types of inventory timing system (periodic or perpetual) requires the user to record two journal entries every time a sale is made.A. PeriodicB. PerpetualC. Both periodic and
Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory.
Describe two separate and distinct ways to calculate goods available for sale.
Prepare journal entries to record the following transactions, assuming perpetual inventory updating, and last-in, first-out (LIFO) cost allocation. Assume no beginning inventory.
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
Calculate the cost of goods sold dollar value for B66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual
Which of these statements is false?A. If cost of goods sold is incorrect, ending inventory is usually incorrect too.B. Beginning inventory + purchases = cost of goods soldC. Ending inventory + cost
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual
Describe costing inventory using first-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
Calculate the cost of goods sold dollar value for B67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
Which inventory costing method is almost always done on a perpetual basis?A. Specific identificationB. First-in, first-outC. Last-in, first-outD. Weighted average
Describe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
When inventory items are highly specialized, the best inventory costing method is ________.A. Specific identificationB. First-in, first-outC. Last-in, first-outD. Weighted average
DeForest Company had the following transactions for the month.Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000.
X Company accepts goods on consignment from C Company, and also purchases goods from P Company during the current month. X Company plans to sell the merchandise to customers during the following
Trini Company had the following transactions for the month.Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide

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