Week 4 Assignment

Topics: Inventory, Generally Accepted Accounting Principles, FIFO and LIFO accounting Pages: 10 (324 words) Published: July 26, 2015


Week 4 Assignment

ACC 305

E8-13
Altira uses a periodic inventory system.
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO)

2. Last-in, last-out (LIFO)

3. Average cost

E8-14
Altira uses a perpetual inventory system.
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:

1. FIFO:

2. LIFO:

3. Average cost

E8-18
1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009, adjusting entry to make the cost of goods sold adjustment.

2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?

P8-5
Calculate January’s ending inventory and cost of goods sold for the month using each of the following alternatives: 1. FIFO, periodic system

2. LIFO, periodic system

3. LIFO, perpetual system

4. Average cost, periodic system

5. Average cost, perpetual system

E9-19
Calculate the estimated ending inventory and cost of goods sold for 2011

E9-21
Determine ending inventory and cost of goods sold

P9-1
1. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to individual products.

2. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to the entire inventory. Also, assuming that Decker recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

The amount of loss from the inventory write-down is $3,210. ($33,600 lower of the aggregate inventory cost - $30,390 aggregate inventory market)
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