9th Edition

ISBN: 9781260255775

Author: SPICELAND, Nel

Publisher: MCG

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Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Chapter 8, Problem 8.7BE

Inventor y cost flow methods; perpetual system

• LO8–4

Refer to the situation described in BE 8–6. SAM uses a perpetual inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.

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Chapter 8, Problem 8.6BE

Chapter 8, Problem 8.8BE

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Chapter 8 Solutions

SPICELAND GEN CMB LL INTRM ACCTG; CNCT

Ch. 8 - Describe the three types of inventory of a...Ch. 8 - What is the main difference between a perpetual...Ch. 8 - The Cloud Company employs a perpetual inventory...Ch. 8 - The Bockner Company shipped merchandise to Laetner...Ch. 8 - What is a consignment arrangement? Explain the...Ch. 8 - Prob. 8.6Q Ch. 8 - The Esquire Company employs a periodic inventory...Ch. 8 - Prob. 8.8Q Ch. 8 - Its common in the electronics industry for unit...Ch. 8 - Explain why proponents of LIFO argue that it...

Ch. 8 - Prob. 8.11Q Ch. 8 - Describe the ratios used by financial analysts to...Ch. 8 - Prob. 8.13Q Ch. 8 - Prob. 8.14Q Ch. 8 - The Austin Company uses the dollar-value LIFO...Ch. 8 - Identify any differences between U.S. GAAP and...Ch. 8 - Determining ending inventory; periodic system ...Ch. 8 - Prob. 8.2BE Ch. 8 - Prob. 8.3BE Ch. 8 - Purchas e discounts; gross method LO83 On...Ch. 8 - Prob. 8.5BE Ch. 8 - Prob. 8.6BE Ch. 8 - Inventor y cost flow methods; perpetual system ...Ch. 8 - LIFO method LO84 Esquire Inc. uses the LIFO...Ch. 8 - LIFO method LO84 AAA Hardware uses the LIFO...Ch. 8 - LIFO liquidation LO86 Refer to the situation...Ch. 8 - Prob. 8.11BE Ch. 8 - Ratio analysis LO87 Selected financial statement...Ch. 8 - Dollar-value LIFO LO88 At the beginning of 2018,...Ch. 8 - Perpetual inventory system; journal entries LO81...Ch. 8 - Prob. 8.2E Ch. 8 - Determining cost of goods sold; periodic inventory...Ch. 8 - Perpetual and periodic inventory systems compared ...Ch. 8 - Prob. 8.6E Ch. 8 - Goods in transit; consignment LO82 The December...Ch. 8 - Physical quantities and costs included in...Ch. 8 - Prob. 8.9E Ch. 8 - Prob. 8.10E Ch. 8 - Prob. 8.11E Ch. 8 - FASB codification research LO82, LO83 Access the...Ch. 8 - Inventory cost flow methods; periodic system ...Ch. 8 - Inventory cost flow methods; perpetual system ...Ch. 8 - Comparison of FIFO and LIFO; periodic system ...Ch. 8 - Average cost method; periodic and perpetual...Ch. 8 - FIFO, LIFO, and average cost methods LO81, LO84...Ch. 8 - Supplemental LIFO disclosures; LIFO reserve; AEP...Ch. 8 - LIFO liquidation LO81, LO84, LO86 The Reuschel...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018, the...Ch. 8 - Dollar-value LIFO LO88 Mercury Company has only...Ch. 8 - Dollar-value LIFO LO88 Carswell Electronics...Ch. 8 - Concepts; terminology LO81 through LO85 Listed...Ch. 8 - Various inventory transactions; journal entries ...Ch. 8 - Prob. 8.2P Ch. 8 - Prob. 8.4P Ch. 8 - Various inventory costing methods LO81, LO84...Ch. 8 - Various inventory costing methods LO81, LO84...Ch. 8 - Supple mental LIFO disclosures; Caterpillar LO84,...Ch. 8 - LIFO liquidation LO84, LO86 Taylor Corporation...Ch. 8 - LIFO liquidation LO84, LO86 Cansela Corporation...Ch. 8 - Prob. 8.11P Ch. 8 - Integrating problem; inventories and accounts...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018, the...Ch. 8 - Dollar-value LIFO LO88 Kingston Company uses the...Ch. 8 - Dollar-value LIFO LO88 On January 1, 2018,...Ch. 8 - Prob. 8.1BYP Ch. 8 - Real World Case 82 Physical quantities and costs...Ch. 8 - Judgment Case 83 The specific identification...Ch. 8 - Prob. 8.4BYP Ch. 8 - Prob. 8.5BYP Ch. 8 - Judgment Case 86 Goods in transit LO82 At the end...Ch. 8 - Ethics Case 87 Profit manipulation LO84 In 2017...Ch. 8 - Real World Case 88 Effects of inventory valuation...Ch. 8 - Real World Case 89 Effects of inventory valuation...Ch. 8 - Communication Case 810 Dollar-value LIFO method ...Ch. 8 - Prob. 8.11BYP Ch. 8 - Prob. 8.CCTC Ch. 8 - Prob. CCIFRS

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Inventor y cost flow methods; perpetual system • LO8–4 Refer to the situation described in BE 8–6. SAM uses a perpetual inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.

Solution Summary: The author explains the perpetual inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis.

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Chapter 8 Solutions