Question and answer
The inventory of Oheto Company on December 31, 2013, consists of the following items.
Question 1E9-1 (Lower of Cost or Market)The inventory of Oheto Company on December 31, 2011, consists of the following items. Cost to Part No. [ Quantity Cost per Unit Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 a 121 1,600 16 14 122 300 240 235 a Part No. 121 is obsolete and has a realizable value of $0.50 each as a scrap. Lower of Part No.
Quantity Cost Market Total Cost Total Market Cost or Market 110 600 $95 $100.00 $57,000 $60,000 $57,000 111 1,000 60 52.00 60,000 52,000 52,000 112 500 80 76.00 40,000 38,000 38,000 113 200 170 180.00 34,000 36,000 34,000 120 400 205 208.00 82,000 83,200 82,000 121 1,600 16 0.50 25,600 800 800 122 300 240 235.00 72,000 70,500 70,500 Totals $370,600 $340,500 $334,300(a) $334,300(b) $340,500Question 2E9-12(Gross Profit Method)Astaire Company uses the gross profit method to estimate inventory for monthly reportingpurposes. Presented below is information for the month of May. Inventory, May 1 $160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales 1,000,000 Sales returns 70,000 Purchase discounts 12,000(a) Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000) Net sales (at selling price) 930,000 Less: Gross profit (25% of $930,000) 232,500 Sales (at cost) 697,500 Approximate inventory, May 31 (at cost) $120,500(b) Gross profit as a percent of sales must be computed: 2. 25% = 20% of sales 100% + 25% Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000) Net sales (at selling price) 930,000 Less gross profit (20% of $930,000l) 186,000 Sales (at cost) 744,000 Approximate inventory, May 31 (at cost) $74,000Question 3E10-5(Treatment of Various Costs)Allegro Supply Company, a newly formed corporation, incurred the following expendituresrelated to Land, to Buildings, and to Machinery and Equipment. ]
Expert answered|bolingit|Points 66|
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Asked 6/28/2013 8:08:55 PM
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