September 2023 1 Specific identification method Boston Galleries uses the specific identification method for inventory valuation Inventory information for several
2024 ACC 205 Week 3 Exercise Assignment Inventory (New) Assignment Help
1 Specific identification method Boston Galleries uses the specific identification method for inventory valuation Inventory information for several 2023
1. Specific identification method . Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $11,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s a. cost of goods sold. b. gross profit. c. ending inventory. 2. Inventory valuation methods: basic computations . The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were: Date Quantity Cost 1/15 700 $45 1/31 1200 $48 2/12 800 $46 2/27 650 $51 Sales during the first quarter were. Date Sold 1/19 500 2/2 600 2/13 500 2/28 100 The White Company uses a perpetual inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods. FIFO LIFO Weighted Average Goods available for sale $ $ $ Ending inventory, March 31 Cost of goods sold 3. Perpetual inventory system: journal entries . At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred: Purchases on account: 500 units @ $4 = $2,000 Sales on account: 300 units @ $5 = $1,500 Purchases on account: 600 units @ $5 = $3,000 Sales on account: 300 units @ $5 = $1,500 a. Prepare journal entries for the above purchases and sales. b. Calculate the balance in the firm’s Inventory account. 4. Inventory valuation methods: computations and concepts . Wave Riders Surfboard Company began business on January 1 of the current year. Below are the transactions for the year : 1/3: Purchase 100 boards @ $125 3/17: Sold 50 boards @ $250 4/3: Purchase 200 boards @ $135 5/17: Sold 75 boards @ $250 6/3: Purchase 100 boards @ $145 1/3: Purchase 100 boards @ $155 3/17: Sold 300 boards @ $250 1/3: Purchase 100 boards @ $140 Wave Riders uses a perpetual inventory system. Instructions a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods: First-in, first-out Last-in, first-out Weighted average b. Which of the three methods would be chosen if management’s goal is to (1) produce an up-to-date inventory valuation on the balance sheet? (2) approximate the physical flow of a sand and gravel dealer? 5. Depreciation methods. Betsy Ross Enterprises purchased a delivery van for $30,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods: a. Units-of-output, assuming 17,000 miles were driven during 20X8 b. Straight-line c. Double-declining-balance 6. Depreciation computations. Alpha AlphaAlpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $1,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following: a. The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation method b. Depreciation expense for 20X4, assuming use of the units-of-output depreciation method. Actual washing cycles in 20X4 totaled 500. c. Accumulated depreciation on December 31, 20X5, assuming use of the double-declining-balance depreciation method. 7. Depreciation computations: change in estimate. Aussie Imports purchased a specialized piece of machinery for $50,000 on January 1, 20X3. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of $5,000. During the 5 years of operations (20X3 – 20X7), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 hours, respectively. Instructions a. Compute depreciation for 20X3 – 20X7 by using the following methods: straight line, units of output, and double-declining-balance. b. On January 1, 20X5, management shortened the remaining service life of the machine to 20 months. Assuming use of the straight-line method, compute the company’s depreciation expense for 20X5. c. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use.
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