EBK COLLEGE ACCOUNTING: A CAREER APPROA
13th Edition
ISBN: 9781337516525
Author: Scott
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Textbook Question
Chapter 11, Problem 1PA
The
Here are the data for the adjustments.
a–b. Merchandise Inventory at December 31, $64,742.80.
c. Store supplies inventory (on hand), $420.20.
d. Insurance expired, $738.
e. Salaries accrued, $684.50.
f. Depreciation of store equipment, $3,620.
Required
Complete the work sheet after entering the account names and balances onto the work sheet.
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Students have asked these similar questions
Marin Company follows the practice of pricing its inventory at the lower-
of-cost-or-market, on an individual-item basis.
Cost Cost to
Ite
Estimated
Cost of
Norm
Qua
m
per
Replac
Selling
Completion
al
ntity
No.
Unit
e
Price
and Dsposal
Profit
1320 1,400 $ 3.81
$ 3.57
$ 5.36
$0.42 $1.49
1333 1,100 3.21
2.74
4.17
0.60
0.60
1426 1,000 5.36
4.40
5.95
0.48
1.19
1437 1,200 4.28
3.69
3.81
0.30
1.07
1510 900
2.68
2.38
3.87
0.95
0.71
1522 700
3.57
3.21
4.52
0.48
0.60
1573 3,200 2.14
1.90
2.98
0.89
0.60
1626 1,200 5.59
6.19
7.14
0.60
1.19
From the information above, determine the amount of Marin Company
Inventory.
The amount of Marin Company inventory $
The inventory of 3T Company on December 31, 2014, consists of the following items.
Part No.
Quantity
Cost per Unit
Cost to Replace per Unit
110
630
$ 99
$ 110
111
1,110
66
57
112
510
88
84
113
260
187
198
120
470
226
229
121 a
1,700
18
15
122
360
264
259
a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.
(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market
method, applying this method directly to each item.
Inventory as of December 31, 2013
$
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to
the total of the inventory.
Inventory as of December 31, 2013
$
Subject:- General Account
Chapter 11 Solutions
EBK COLLEGE ACCOUNTING: A CAREER APPROA
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Adjusting Entries Two months (July and August)...
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