Accounting Principles (13th Edition)

Chapter 6

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The company relying on a single supplier ... more

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When inventories are overstated, the following are... more

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The following are the points of consideration in ... more

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The overstatement of 2019 ending inventory of $22,... more

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The benefits of low inventory days include lower ... more

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Yes. ; Effective inventory management involves the... more

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The two conditions that qualify an item as an ... more

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A physical inventory count covers the following ... more

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$3,020 ; The purchase price includes the retail ... more

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The shipping terms may be either FOB shipping ... more

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The actual flow of inventory is difficult to ... more

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The main benefit of specific identification is ... more

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The selection of policies is the responsibility of... more

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The following cost flow methods were described:... more

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The following are the results for each company:... more

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During inflation, prices are constantly increasing... more

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The inventory is valued in the balance sheet at $1... more

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The inventory is valued in the balance sheet at $... more

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The disclosures required by the standards include:... more

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A high inventory turnover means that the company ... more

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Company A uses the first-in, first-out method (... more

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No. ; Under the FIFO method of inventory valuation... more

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The periodic inventory system uses the weighted ... more

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Inventory estimates may be done when the following... more

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The gross profit method uses the following ... more

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$40,000 ; Calculate the cost ratio by deducting ... more

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$28,000 ; Calculate the cost-to-retail ratio by ... more

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$247,000 ; Calculate the correct inventory amount ... more

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$2,360 ; Calculate the amount of the first ... more

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$2,618.20 ; Calculate the total goods available ... more

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The phantom profit is $240. This is considered ... more

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Correct Net Income for 2020 - $97,000Effect of the... more

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LCNRV = $34,400 ; When subsequently valuing ... more

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Inventory Turnover = 5.625 timesDays in Inventory... more

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$9,000 ; Gross profit is an estimation technique ... more

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$7,600 ; Compute the cost ratio by dividing the ... more

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$340,000 ; Ending inventory per count is $300,000... more

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The understatement of ending inventory by $27,000 ... more

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$476,000 ; When subsequently valuing inventories, ... more

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Inventory turnover:2019 - 6x2020 - 8.91xInventory ... more

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$310,000 ; Determine whether the inventories ... more

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FIFO:Ending Inventory - $264Cost of goods sold - $... more

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Correct inventory for:2019 - $143,0002020 - $162,... more

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$4,510 ; To determine the amount of ending ... more

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$26,300 ; To determine the amount of ending ... more

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The following are the information on the inventory... more

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Department W - $28,200Department M - $44,400 ; ... more

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To:      Individual PFrom: Individual XRe:     ... more

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The following were the inventory schemes done by ... more

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The inventory subject for consignment is ... more

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The specific identification method is only ... more

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The following are some of the noted similarities:... more

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The inventory turnover of Company L is equivalent ... more

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