Managerial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134067179
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.41BE
1.
To determine
To record:
2.
To determine
Posting of journal entries in Blending Department.
To find: Ending balance in inventory.
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The second step, when using dollar-value LIFO retail method for inventory, is to determine the estimated:
Multiple Choice
Cost of goods sold for the current year.
Ending inventory at cost.
Ending inventory at current year retail prices.
Ending inventory at base year retail prices.
Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Equipment
Surgical Supplies
Rehab Equipment
Rehab Supplies
Selling price
$ 315
$ 175
$ 395
$ 220
Cost
225
145
305
217
Replacement cost
295
135
290
213
Costs to sell
52
16
36
32
Normal gross profit ratio
40%
40%
40%
40%
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
Multiple Choice
$155.
$145.
$135.
$119.
Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
Skis
Boots
Apparel
Supplies
Selling price
$ 168,000
$ 163,000
$ 109,000
$ 66,000
Cost
140,000
142,000
70,850
42,900
Replacement cost
131,000
128,000
90,850
38,900
Sales commission
10%
10%
10%
10%
In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
Multiple Choice
$151,200.
$131,000.
$140,000.
$117,600.
Chapter 5 Solutions
Managerial Accounting, Student Value Edition (5th Edition)
Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QCCh. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QCCh. 5 - Prob. 9QCCh. 5 - Prob. 10QC
Ch. 5 - Compare job costing and process costing (Learning...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Determine the physical flow of units (process...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Summarize total costs to account for (process...Ch. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Continuation of S5-16: Record journal entry and...Ch. 5 - Compute equivalent units in second department...Ch. 5 - Prob. 5.19SECh. 5 - Prob. 5.20SECh. 5 - Prob. 5.21SECh. 5 - Prob. 5.22SECh. 5 - Analyze flow of costs through inventory T-accounts...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.25AECh. 5 - Prob. 5.26AECh. 5 - Continuation of E5-26A: Journal entries (Learning...Ch. 5 - Complete the production cost report in first...Ch. 5 - Prob. 5.29AECh. 5 - Analyze costs and gross profit in a process...Ch. 5 - Prob. 5.31AECh. 5 - Compute equivalent units and assign costs...Ch. 5 - Complete five-step procedure in first department...Ch. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Exercises Group B E5-37B Analyze flow of costs...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.39BECh. 5 - Complete five-step procedure in first department...Ch. 5 - Prob. 5.41BECh. 5 - Prob. 5.42BECh. 5 - Prob. 5.43BECh. 5 - Prob. 5.44BECh. 5 - Record journal entries (Learning Objective 4)...Ch. 5 - Compute equivalent units and assign costs...Ch. 5 - Prob. 5.47BECh. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.53APCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.55APCh. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.58BPCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.60BPCh. 5 - Prob. 5.61SCCh. 5 - Discussion Questions 1. What characteristics of...Ch. 5 - Prob. 5.63ACTCh. 5 - Prob. 5.64ACTCh. 5 - Process costing and hybrid costing issues...
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- Need help this question general accountingarrow_forwardgeneral accountingarrow_forwardHome Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 50 $ 26 $ 32 Desks 20 74 59 Tables 70 85 93 Accessories: Rugs 50 61 49 Lamps 30 23 19 Required: (already completed this part) Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Stuck here: Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products, product categories, total inventory.arrow_forward
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