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Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2016 operations is as follows: a. January 1, 2016, beginning inventory had a cost of $400,000 and a retail value of $300,000. b. Purchases during 2016 cost $1,955,000 with an original retail value of $3,800,000. c. Freight costs were $25,000 for incoming merchandise. d. Net additional markups were $150,000 and net markdowns were $650,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $30,000 of retail value. f. Merchandise is sold to employees at a 25% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2016 is $360,000. g. Sales to customers totaled $2,750,000 for the year. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method. 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. (Assume stable prices.)
The ledger of Hammond, Inc. on March 31, 2010, includes the following selected accounts before adjusting entries.
As an internal auditor for the Quick Manufacturing Company, you are participating in the audit of the company’s AIS. You have been reviewing the internal controls of the computer system that processes most of its accounting applications. You have stu..
On December 31, 2012, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $291,500 zero-interest-bearing note due December 31, 2014, as payment in full. Prepare the jour..
Prepare a flexible budget for a normal school month. Prepare a flexible budget for October. Do you think it was worthwhile for Luis to add the additional shifts for homecom- ing weekend last October?
Sloane Products has no Work in Process or Finished Goods inventories at the close of business on December 31 of the current year. The balances of Sloane Products' accounts as of December 31 are as follows:
Using the information gained from reading the SEC's Accounting and Auditing Enforcement Release against Federico Quinto, Jr., what stands out to you as the most serious of the charges? Why? In the Delphi Corporation case, why is the recording of the ..
The beginning inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending inventory was 90% complete as to materials and 40% complete as to conversion costs
What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP?
Cribb Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 13,200 hours and the total estimated manufacturing overhead was $337,920.
the answers need to show work on a excel work sheet. the summary can be shorter than 250 words as long as good points
Allen Corporation's vice president in charge of marketing believes that every 12% increase in the selling price of one of the company's products would lead to a 16% decrease in the product's total unit sales. The product's profit-maximizing price acc..
Evaluation of Goods available for sale, inventory and evaluate the Goods available for sale, Ending inventory and Cost of goods sold.
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