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In 2016, Wade Window and Glass changed its inventory method from FIFO to LIFO.
In 2016, Winslow International, Inc.'s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively.
What steps would be taken to report the error in the 2016 financial statements?
What unit value should Royal Decking use for each of its products when applying the lower of cost and net realizable value rule to units of inventory?
On November 21, 2016, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex.
Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method.
The company used the average cost flow method and estimated inventory at the end of September to be $17,437.50.
Calculate the inventory value at the end of 2016 and 2017 using the dollar-value LIFO retail method.
Determine the effect of these errors on retained earnings at January 1, 2016, before any adjustments.
Determine the book value of inventory at year-end, assuming the lower of cost and net realizable value rule.
The company must provide its insurance company with an estimate of the amount of inventory lost.
List the factors that may have caused the difference between computed inventory and the physical count.
Prepare a schedule showing the computation of the cost of inventory at December 31, 2014, based on the conventional retail method.
Determine the correct December 31, 2016, inventory balance and, assuming that the errors were discovered after the 2016 financial statements were issued.
Determine the correct amounts for 2016 ending inventory, purchases, accounts payable, sales revenue, and accounts receivable.
In the calculation of the cost-to-retail percentage used to determine the estimated cost of its ending retail inventories, how should Hudson treat.
The lower of cost and net realizable value approach to valuing inventory is a departure from the accounting principle of reporting assets at their historical.
Describe how disclosure requirements are designed to address the departure from consistency and comparability of changes in accounting principle.
Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017.
At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation.
Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31.
Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2016.
Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies for their fiscal years ending in 2014.
Prepare the journal entry to record the payment on December 15, 2016, using the gross method of accounting for purchase discounts.