financial accounting chapter 5

Chapter 5 Page 5-10 Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 16 1. S For case 1, determine goods available for sale 2. $ For case 1, determine ending inventory 3. For case 2, determine goods available for sale Use the following to answer questions 39-40 MATCH... For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Assume that each of the companies uses a periodic inventory system. Indicate: (A) an understatement (B) an overstatement or (C) no effect, correct Use the following to answer questions 717 During September, KC Company sells 3,910 watches for \$270.00 each. The company has the following inventory purchase transactions for September: 7. $ What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. First-out (FIFO) inventory valuation. 8. $ Calculate ending inventory (FIFO) 9. 5 Calculate cost of goods sold (FIFO) 10.5 Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. S Calculate ending inventory (LIFO) 12. $ Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation. 14. $ Calculate ending inventory (WA) 15. $ Calculate cost of goods sold (WA) 16. $ Calculate gross profit (WA) 17. Based on the above, which method would show a laroer net income number? (FIFO IEO or WA) Use the following to answer questions 1821 LO Inc., begins the year with inventory of $17,500 and ends the year with inventory of $23,100. During the year, the following amounts are recorded: 18. \$ Net Sales 19. S Calculate cost of goods sold 20. $ Gross profit 21. decimal place) Use the following to answer questions 22 - 29 GHT Corporation reports the following amounts in its December 31,20XD income statement: Use the following to answer questions 3035 Find the missing amounts: 30. $ For case 1, determine cost of goods sold 31. $ For case 1 , determine operating income (include " " if needed) 34. $ For case 3, determine net sales 35. $ For case 3 , determine operating expense 36. Inventory records for DAD Incorporated revealed the following: DAD sold 290 units of inventory during the month. Ending inventory assuming LIFO would be