Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Happlia Co. imports household appliances. Each model has many variations and each unit has an identification number. Happlia pays all costs for getting the goods from the port to its central warehouse in Des Moines. After repackaging, the goods are consigned to retailers. A retailer makes a sale, simultaneously buys the appliance from Happlia, and pays the balance due within one week.To alleviate the overstocking of refrigerators at a Minneapolis retailer, some were reshipped to a Kansas City retailer where they were still held in inventory at December 31, 2011. Happlia paid the costs of this reshipment. Happlia uses the specific identification inventory costing method.
Required:
1. In regard to the specific identification inventory costing method:
a. Describe its key elements.
b. Discuss why it is appropriate for Happlia to use this method.
2. a. What general criteria should Happlia use to determine inventory carrying amounts at December 31, 2011?
b. Give four examples of costs included in these inventory carrying amounts.
3. What costs should be reported in Happlia's 2011 income statement? Ignore lower of cost or market considerations.
Prepare a comparative condensed income statement for 2001 under FIFO and LIFO. Which cost flow method (FIFO or LIFO) produces the most meaningful inventory for the balance sheet? Why? Which cost flow method produces the most meaningful net income? Wh..
near the end of 2011 the management of simid sports co. a merchandising company prepared the following estimated
She incurs expenses of $18,000 (accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to loan her the money required to start the business. What amount of these investigation costs can Juliet deduct ..
debbie company manufactures a product requiring 2 pounds of direct material. during 2009 debbie purchases 24000 pounds
the following events took place for fed inc. during october 2012 the first month of operations as a producer of road
dan engles manufactures and sells homemade wine and he wants to develop a standard cost per gallon. the following are
Describe each transaction that occurred for the month.
As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors. However, before you can present the financial statements to investors and creditors, you..
kale thompson an auditor with sneed cpas is performing a review of strawser companys inventory account. strawser did
on the basis of the following data determine the value of the inventory at the lower of cost or market. assemble the
direct materials and direct labor budgets 8-13 the production department of hareston company has submitted the
sabas company has 20000 shares of 100 par 2 cumulative perferred stock and 100000 shares of 50 par common stock. the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd