Brief Exercise 7-1Kraft Enterprises owns the following assets at December 31, 2014.Cash in bank—savings account 68,000 Checking account balance 17,000Cash on hand 9,300 Postdated checks 750Cash refund due from IRS 31,400 Certificates of deposit (180-day) 90,000

What amount should be reported as cash?

Cash to be reported $
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Ok  Cancel   Brief Exercise 7-2Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.

Prepare the required journal entries for Restin Co. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
CreditJune 1
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WEEK 5 FINALBrief Exercise 8-2Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each, (2) returned 6 units for credit, and (3) sold 125 units at $50 each.

Journalize the June transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit(1)
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WEEK 5 FINALBrief Exercise 8-5Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.  Units Unit Cost Total CostApril 1 inventory 250 $10  $ 2,500 April 15 purchase 400 12  4,800 April 23 purchase 350 13  4,550   1,000    $11,850 

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WEEK 5 FINALCalculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted average cost per unit $WEEK 5 FINAL

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WEEK 5 FINALCompute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.)Ending inventory $WEEK 5 FINALCost of goods sold $WEEK 5 FINAL

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Ok  Cancel   rief Exercise 8-6Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.  Units Unit Cost Total CostApril 1 inventory 250 $10  $ 2,500 April 15 purchase 400 12  4,800 April 23 purchase 350 13  4,550   1,000    $11,850 

Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

Ending inventory $WEEK 5 FINALCost of goods sold $WEEK 5 FINAL

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WEEK 5 FINALExercise 8-15Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP.  Units Unit CostJanuary 1, 2014 (beginning inventory) 600 $ 8Purchases:       January 5, 2014 1,200 9   January 25, 2014 1,300 10   February 16, 2014 800 11   March 26, 2014 600 12

A physical inventory on March 31, 2014, shows 1,600 units on hand.

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WEEK 5 FINALPrepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.)  FIFOEnding Inventory at March 31, 2014 $WEEK 5 FINAL

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WEEK 5 FINALPrepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.)  LIFOEnding Inventory at March 31, 2014 $WEEK 5 FINAL

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WEEK 5 FINALCalculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted average-cost per unit $WEEK 5 FINAL

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WEEK 5 FINALPrepare schedules to compute the ending inventory at March 31, 2014, under Weighted-average inventory methods. (Round answer to 0 decimal places, e.g. 2,760.)  Weighted-AverageEnding Inventory at March 31, 2014 $WEEK 5 FINAL

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WEEK 5 FINALBrief Exercise 9-1Presented below is information related to Rembrandt Inc.’s inventory.(per unit) Skis Boots ParkasHistorical cost $190.00 $106.00 $53.00Selling price 212.00 145.00 73.75Cost to distribute 19.00 8.00 2.50Current replacement cost 203.00 105.00 51.00Normal profit margin 32.00 29.00 21.25

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.

Ceiling Limit $WEEK 5 FINALFloor Limit $WEEK 5 FINAL

(b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots.

The cost amount $WEEK 5 FINAL

(c) the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.

The market amount $WEEK 5 FINAL

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Ok  Cancel   Brief Exercise 9-2Floyd Corporation has the following four items in its ending inventory.Item Cost Replacement

Cost

 

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