2024 - Brief Exercise 7 1 Kraft Enterprises Owns The Following Assets At December 31

WEEK 5 FINAL EXAM – 2024

Brief Exercise 7-1

Kraft Enterprises owns the following assets at December 31, 2014.

Cash in bank—savings account	68,000	Checking account balance	17,000
Cash on hand	9,300	Postdated checks	750
Cash refund due from IRS	31,400	Certificates of deposit (180-day)	90,000

2024 – Brief Exercise 7 1 Kraft Enterprises owns the following assets at December 31.

What amount should be reported as cash?

Cash to be reported

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Brief Exercise 7-2

Restin 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	Credit
June 1	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
June 12	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]

Brief Exercise 8-2

Matlock 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)	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
(2)	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
(3)	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(To record sales)
	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(To record cost of goods sold)

Brief Exercise 8-5

Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.

	Units	Unit Cost	Total Cost
April 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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Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average cost per unit

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Compute 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		$ [removed]
Cost of goods sold		$ [removed]

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rief Exercise 8-6

Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.

	Units	Unit Cost	Total Cost
April 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		$ [removed]
Cost of goods sold		$ [removed]

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Exercise 8-15

Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP.

	Units	Unit Cost
January 1, 2014 (beginning inventory)	600	$ 8
Purchases:
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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Prepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.)

		FIFO
Ending Inventory at March 31, 2014		$ [removed]

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Prepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.)

		LIFO
Ending Inventory at March 31, 2014		$ [removed]

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Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average-cost per unit

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Prepare 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-Average
Ending Inventory at March 31, 2014		$ [removed]

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Brief Exercise 9-1

Presented below is information related to Rembrandt Inc.’s inventory.

(per unit)	Skis	Boots	Parkas
Historical cost	$190.00	$106.00	$53.00
Selling price	212.00	145.00	73.75
Cost to distribute	19.00	8.00	2.50
Current replacement cost	203.00	105.00	51.00
Normal 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		$ [removed]
Floor Limit		$ [removed]

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

The cost amount

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

The market amount

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Brief Exercise 9-2

Floyd Corporation has the following four items in its ending inventory.

Item	Cost	Replacement Cost	Net Realizable Value (NRV)	NRV less Normal Profit Margin
Jokers	$2,000	$2,050	$2,100	$1,600
Penguins	5,000	5,100	4,950	4,100
Riddlers	4,400	4,550	4,625	3,700
Scarecrows	3,200	2,990	3,830	3,070

Determine the final lower-of-cost-or-market inventory value for each item.

Jokers		$ [removed]
Penguins		[removed]
Riddlers		[removed]
Scarecrows		[removed]

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Brief Exercise 9-3

Kumar Inc. uses a perpetual inventory system. At January 1, 2014, inventory was $214,000 at both cost and market value. At December 31, 2014, the inventory was $286,000 at cost and $265,000 at market value.

Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
(b)	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]

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Brief Exercise 9-8

Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000; net markdowns were $7,000; and sales revenue was $147,000. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the conventional retail method

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Brief Exercise 7-1

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Brief Exercise 7-2

Brief Exercise 8-2

Brief Exercise 8-5

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Exercise 8-15

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