
1.
Determine the primary cost flow assumption used by Corporation S. Explain the manner in which the amounts reported under this cost flow assumption are different under alternative cost flow assumptions and also explain the reasons behind the selection of the cost flow assumption by Corporation S.
2.
Identify the type of inventory system used by Corporation S.
3.
Identify whether Corporation S has purchase commitments and whether it is included in inventory or not.
4.
Compute the inventory turnover ratio for 2013 and 2012.
5.
Prepare summary journal entries to record the transactions that affected the inventory during the year.

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Chapter 7 Solutions
Bundle: Intermediate Accounting: Reporting and Analysis, 2017 Update, Loose-Leaf Version, 2nd + CengageNOWv2, 2 terms Printed Access Card
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