The percentage completed for each year.

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Answer 1

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Presented below is information related to Swifty Inc.'s inventory, assuming Swifty uses lower-of-LIFO cost-or-market. (Per unit) Skis Boots Parkas Historical cost $285.00 $ 159.00 $ 79.50 Selling price $318.00 $217.50 $ 110.63 Cost to distribute $ 28.50 $ 12.00 $ 3.75 Current replacement cost $304.50 $157.50 $ 76.50 Normal profit margin $ 48.00 $ 43.50 $ 31.88 Determine the following: a. The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Celling Limit $ Floor Limit $ b. The cost amount that should be used in the lower-of-cost-or-market comparison of boots. The cost amount $ c. The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market. The market amount $

All 3 questions take and provide correct solutions

Carmelita Inc. has the following information available: Costs from Beginning Direct materials Conversion costs Inventory Costs from Current Period $5,100 6,800 $ 20,200 1,46,900 At the beginning of the period, there were 500 units in a process that was 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,100 units were started and completed. The ending inventory contained 400 units that were 29% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were: a. 5,100 from direct materials and 5,491 for conversion costs. b. 5,491 for direct materials and 5,500 for conversion costs. c. 5,491 for direct materials and 5,491 for conversion costs. d. 5,500 for direct materials and 5,491 for conversion costs.

Answer 2

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Answer 3

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Answer 6

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

Answer 7

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

Answer 8

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

Answer 9

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

Answer 10

c.

To determine

To prepare: Journal entry to record the contract.

Answer 11

c.

To determine

To prepare: Journal entry to record the contract.

Answer 12

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 13

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 14

e.

To determine

Net assets or liability for each year.

Answer 15

e.

To determine

Net assets or liability for each year.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 8 - What are the primary issues involved in revenue...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - Prob. 8.4Q Ch. 8 - Prob. 8.5Q Ch. 8 - How is a performance obligation defined?Ch. 8 - What are the two criteria to define a good or...Ch. 8 - Prob. 8.8Q Ch. 8 - What principles regarding timing and measurement...Ch. 8 - Prob. 8.10Q

The percentage completed for each year.

The percentage completed for each year.

The gross profit and revenue to be recognized each year. Given Information: Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively. Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

To prepare: Journal entry to record the contract.

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Net assets or liability for each year.

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Chapter 8 Solutions

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.