ACC 422 Final Exam

ACC 422 Final Exam

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Question 2
Presented below is information related to Rembrandt Inc. 's inventory.
(per unit) Skis Boots Parkas
Historical Cost 273.79 152.75 76.37
Selling Price 312.70 208.95 106.27
Cost to distribute 27.38 11.53 3.60
Current replacement cost 292.52 151.31 73.49
Normal profit margin 46.11 41.79 30.62
Determine the following:

Question 3
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 67 units that cost $40 each. During June, the company purchased 202 units at $40 each, returned 8 units for credit, and sold 168 units at $67 each. Journalize the June transactions.

Question 4
Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available.
Compute the April 30 inventory and the April cost of goods sold using the average cost method.

Question 5
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

Question 6
(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade 's inventory records for Product BAP.

Purchases Units Unit Cost
January 1, 2012(beginning inventory) 762 8.00
January 5, 2012 1,524 9.00
January 25, 2012 1,651 10.00
February 16, 2012 1,061 11.00
March 26, 2012 762 12.00

A physical inventory on March 31, 2012, shows 2,032 units on hand. Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.

Question 7
Floyd Corporation has the following four