Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle)...Problem 2MC:
If a company has three lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle)...Problem 3MC:
When inventory items are highly specialized, the best inventory costing method is ________. A....Problem 4MC:
If goods are shipped FOB destination, which of the following is true? A. Title to the goods will...Problem 5MC:
On which financial statement would the merchandise inventory account appear? A. balance sheet B....Problem 6MC:
When would using the FIFO inventory costing method produce higher inventory account balances than...Problem 7MC:
Which accounting rule serves as the primary basis for the lower-of-cost-or-market methodology for...Problem 8MC:
Which type or types of inventory timing system (periodic or perpetual) requires the user to record...Problem 9MC:
Which of these statements is false? A. If cost of goods sold is incorrect, ending inventory is...Problem 10MC:
Which inventory costing method is almost always done on a perpetual basis? A. specific...Problem 11MC:
Which of the following describes features of a perpetual inventory system? A. Technology is normally...Problem 12MC:
Which of the following financial statements would be impacted by a current-year ending inventory...Problem 13MC:
Which of the following would cause periodic ending inventory to be overstated? A. Goods held on...Problem 14MC:
Which of the following indicates a positive trend for inventory management? A. increasing number of...Problem 1Q:
What is meant by the term gross margin?Problem 2Q:
Can a business change from one inventory costing method to another any time they wish? Explain.Problem 5Q:
When would a company use the specific identification method of inventory cost allocation?Problem 6Q:
Explain why a company might want to utilize the gross profit method or the retail inventory method...Problem 9Q:
Describe costing inventory using first-in, first-out. Address the different treatment, if any, that...Problem 10Q:
Describe costing inventory using last-in, first-out. Address the different treatment, if any, that...Problem 11Q:
Describe costing inventory using weighted average. Address the different treatment, if any, that...Problem 12Q:
How long does it take an inventory error affecting ending inventory to correct itself in the...Problem 14Q:
Explain the difference between the flow of cost and the flow of goods as it relates to inventory.Problem 15Q:
What insights can be gained from inventory ratio analysis, such as inventory turnover ratio and...Problem 1EA:
Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given...Problem 2EA:
Company accepts goods on consignment from R Company and also purchases goods from S Company during...Problem 3EA:
The following information is taken from a companys records. Applying the lower-of-cost-or-market...Problem 4EA:
Complete the missing piece of information involving the changes in inventory, and their relationship...Problem 5EA:
Akira Company had the following transactions for the month. Calculate the ending inventory dollar...Problem 6EA:
Akira Company had the following transactions for the month. Calculate the gross margin for the...Problem 7EA:
Prepare journal entries to record the following transactions, assuming periodic inventory updating...Problem 8EA:
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the...Problem 9EA:
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the...Problem 10EA:
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...Problem 11EA:
Prepare journal entries to record the following transactions, assuming perpetual inventory updating...Problem 12EA:
Prepare Journal entries to record the following transactions, assuming perpetual inventory updating,...Problem 13EA:
If a group of inventory items costing $15,000 had been omitted from the year-end inventory count,...Problem 14EA:
If Wakowski Companys ending inventory was actually $86,000 but was adjusted at year end to a balance...Problem 15EA:
Shetland Company reported net income on the year-end financial statements of $125,000. However,...Problem 16EA:
Compute Altoona Companys (a) inventory turnover ratio and (b) number of days sales in inventory...Problem 1EB:
Calculate the goods available for sale for Soros Company, in units and in $ (dollar amounts), given...Problem 2EB:
X Company accepts goods on consignment from C Company, and also purchases goods from P Company...Problem 3EB:
Considering the following information, and applying the lower-of-cost-or-market approach, what is...Problem 4EB:
Complete the missing piece of information involving the changes in inventory, and their relationship...Problem 5EB:
Bleistine Company had the following transactions for the month. Calculate the ending inventory...Problem 6EB:
Bleistine Company had the following transactions for the month. Calculate the gross margin for the...Problem 7EB:
Prepare journal entries to record the following transactions, assuming periodic inventory updating...Problem 8EB:
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the...Problem 9EB:
Calculate the cost of goods sold dollar value for B66 Company for the month, considering the...Problem 10EB:
Calculate the cost of goods sold dollar value for B67 Company for the month, considering the...Problem 11EB:
Prepare journal entries to record the following transactions, assuming perpetual inventory updating...Problem 12EB:
Prepare journal entries to record the following transactions, assuming perpetual inventory updating...Problem 13EB:
If a group of inventory items costing $3,200 had been double counted during the year-end inventory...Problem 14EB:
If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with...Problem 15EB:
Tanke Company reported net income on the year-end financial statements of $850,200. However, errors...Problem 16EB:
Compute Westtown Companys (A) inventory turnover ratio and (B) number of days sales in inventory...Problem 1PA:
When prices are rising (inflation), which costing method would produce the highest value for gross...Problem 2PA:
Trini Company had the following transactions for the month. Calculate the ending inventory dollar...Problem 3PA:
Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...Problem 4PA:
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...Problem 5PA:
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...Problem 6PA:
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...Problem 7PA:
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to...Problem 8PA:
Prepare journal entries to record the following transactions, assuming perpetual inventory updating...Problem 9PA:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...Problem 10PA:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...Problem 11PA:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...Problem 12PA:
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual...Problem 13PA:
Company Elmira reported the following cost of goods sold but later realized that an error had been...Problem 14PA:
Assuming a companys year-end inventory were overstated by $5,000, indicate the effect...Problem 15PA:
Use the following information relating to Shana Company to calculate the inventory turnover ratio...Problem 16PA:
Use the following information relating to Clover Company to calculate the inventory turnover ratio,...Problem 1PB:
When prices are falling (deflation), which costing method would produce the highest gross margin for...Problem 2PB:
DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...Problem 3PB:
DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...Problem 4PB:
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...Problem 5PB:
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...Problem 6PB:
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating,...Problem 7PB:
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to...Problem 8PB:
Prepare journal entries to record the following transactions, assuming perpetual inventory updating,...Problem 9PB:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...Problem 10PB:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...Problem 11PB:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...Problem 12PB:
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual...Problem 13PB:
Company Edgar reported the following cost of goods sold but later realized that an error had been...Problem 14PB:
Assuming a companys year-end inventory were understated by $16,000, indicate the effect...Problem 15PB:
Use the following information relating to Singh Company to calculate the inventory turnover ratio...Problem 16PB:
Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...Problem 2TP:
Assume your company uses the periodic inventory costing method, and the inventory count left out an...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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