1- FIFO and LIFO inventory methods.
During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $36
14 Purchased 800 units @ $54
24 Purchased 700 units @ $45
8 Sold 400 units @ $75
10 Sold 1,000 units @ $60
29 Sold 500 units @ $66
Perpetual inventories are maintained.
What is the cost of the ending inventory for item 27 under the following methods? (show calculations)
Determine the proper unit inventory price in the following independent cases by applying the
lower of cost or market rule.
Circle your choice.
1 2 3 4 5
$7.80 $10.50 $11.80 $6.00 $7.20
8.85 10.00 12.20 4.25 6.90
8.15 9.00 11.40 3.75 6.50
7.90 10.10 12.50 4.00 5.40
Net realizable value
Net realizable value less normal profit
Market replacement cost
The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below.
Replacement Estimated Expected Normal Profit
Product Original Cost Cost Disposal Cost Selling Price on Sales
A $24.00 $22.00 $6.50 $40.00 20%
B $42.00 $40.00 $10.00 $48.00 25%
C $120.00 $115.00 $25.00 $190.00 30%
D $19.00 $15.80 $4.00 $26.00 10%
Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017.
1- Relative sales value method.
Doran Realty Company purchased a plot of ground for $1,900,000 and spent $4,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $120,000, $90,000, and $60,000 each, respectively.
Complete the table below to allocate the cost of the lots using a relative sales value method.
No. of Selling Total % of Apportioned cost
Grade Lots Price Revenue Total Sales Total Per Lot
Highland 20 $ $ $ $
Midland 40 $ $
Lowland 100 $ _______ _______ $
160 $_______ $_______
2- A major difference between GAAP and IFRS with respect to accounting for inventories pertains to:
a. Guidelines on ownerships of goods.
b. Costs to include in inventories.
c. The use of LIFO cost flow assumption.
d. The use of LCNRV.
1- Calculate depreciation.
A machine which cost $500,000 is acquired on October 1, 2017. Its estimated salvage value is $40,000 and its expected life is eight years.
(1) Calculate depreciation expense for 2017 and 2018 by each of the following methods, showing the figures used.
(a) Double-declining balance
(2) At the end of 2018, which method results in the larger accumulated depreciation amount?
2- Calculate depreciation.
A machine cost $900,000 on April 1, 2017. Its estimated salvage value is $90,000 and its expected life is eight years.
(1) calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.
(a) Straight-line for 2017
(b) Double-declining balance for 2018
(c) sum-of-the-years’-digits for 2018
(2) which method would result in the smallest income amount for 2018?
1- The following costs are incurred during the research and development phases of a laser bone scanner
Laboratory research aimed at discovery of new knowledge $800,000
Search for application of new research findings 400,000
Salaries of research staff designing new laser bone scanner 1,200,000
Material, labor and overhead costs of prototype laser scanner 850,000
Costs of testing prototype and design modifications 450,000
Engineering costs incurred to advance the laser scanner to full 700,000
Production stage (technological feasibility reached)
Identify which of these are development phase item and will be immediately expensed under GAAP and IFRS
a. $1,200,000 $1,200,000
b. $2,400,000 $1,400,000
c. $2,400,000 $2,500,000
d. $3,200,000 $2,500,000
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.