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ACC305 / ACC 305 / Week 4 Exercises

ACC305 / ACC 305 / Week 4 Exercises

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ACC305 / ACC 305 / Week 4 Exercise 8-13 Altira Corporation: Inventory cash flow methods, periodic system
Week 4 Exercise 8-14 Altira Corporation: Inventory cost flow methods; perpetual system
Week 4 Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; Steelcase
Week 4 Exercise 9-19 Brunswick Hat Company: Dollar-value LIFO retail
Week 4 Exercise 9-21 Lance-Hefner Specialty Shoppes: Dollar-value LIFO retail
Week 4 Problem 9-1 Decker Company: Lower of cost or market

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Required:
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, first-out (LIFO)
3. Average cost
[This is a variation of Exercise 8–13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Required:
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, first-out (LIFO)
3. Average cost
Steelcase Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
Required:
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?
On January 1, 2011, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011:
Required:
Calculate the estimated ending inventory and cost of goods sold for 2011.
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Required:
Determine ending inventory and cost of goods sold
Decker Company has five products in its inventory. Information about the December 31, 2011, inventory follows.
Required:
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.
ACC305 / ACC 305 / Week 4 Exercise 8-13 Altira Corporation: Inventory cash flow methods, periodic system
Week 4 Exercise 8-14 Altira Corporation: Inventory cost flow methods; perpetual system
Week 4 Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; Steelcase
Week 4 Exercise 9-19 Brunswick Hat Company: Dollar-value LIFO retail
Week 4 Exercise 9-21 Lance-Hefner Specialty Shoppes: Dollar-value LIFO retail
Week 4 Problem 9-1 Decker Company: Lower of cost or market

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Required:
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, first-out (LIFO)
3. Average cost
[This is a variation of Exercise 8–13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Required:
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, first-out (LIFO)
3. Average cost
Steelcase Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
Required:
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?
On January 1, 2011, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011:
Required:
Calculate the estimated ending inventory and cost of goods sold for 2011.
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Required:
Determine ending inventory and cost of goods sold
Decker Company has five products in its inventory. Information about the December 31, 2011, inventory follows.
Required:
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.

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