Accouting due 36 hours | Accounting homework help

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)

(a)   FIFO.

(b)  LIFO.




1-    Lower-of-cost-or-market.

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






2-    Lower-of-cost-or-market

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

(b)  Sum-of-the-years’-digits

(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


GAAP                         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

Calculate your paper price
Pages (550 words)
Approximate price: -

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!

Calculate the price of your order

Total price:

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.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

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.


Editing Support

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.


Revision Support

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.