DEVRY ACCT 550 Week 5 Homewor .pdf
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DEVRY ACCT 550 Week 5 Homework
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ACCT 550 Week 5 Homework Assignment
E8-3 (Inventoriable Costs) Assume that in an annual audit of Harlowe Inc. at
December 31, 2014, you find the following transactions near the closing date.
A special machine, fabricated to order for a customer, was finished and specifically
segregated in the back part of the shipping room on December 31, 2014. The
customer was billed on that date and the machine excluded from inventory although
it was shipped on January 4, 2015.
Merchandise costing $2,800 was received on January 3, 2015, and the related
purchase invoice recorded January 5. The invoice showed the shipment was made on
December 29, 2014, f.o.b. destination.
A packing case containing a product costing $3,400 was standing in the shipping
room when the physical inventory was taken. It was not included in the inventory
because it was marked “Hold for shipping instructions.” Your investigation revealed
that the customer’s order was dated December 18, 2014, but that the case was
shipped and the customer billed on January 10, 2015. The product was a stock item
Merchandise received on January 6, 2015, costing $680 was entered in the purchase
journal on January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s
warehouse on December 31, 2014. Because it was not on hand at December 31, it
was not included in inventory. 5. Merchandise costing $720 was received on
December 28, 2014, and the invoice was not recorded. You located it in the hands of
the purchasing agent; it was marked “on consignment
Merchandise costing $720 was received on December 28, 2014, and the invoice was
not recorded. You located it in the hands of the purchasing agent; it was marked “on
P8-4 Hull Company’s record of transactions concerning part X for the month of April
was as follows:
April 1 (bal on hand) 100 @ $5.00 April 5 300
April 4 400 @ 5.10 April 12 200
April 11 300 @ 5.30 April 27 800
April 18 200 @ 5.35 April 28 150
April 26 600 @ 5.60
April 30 200 @ 5.80
(a)Compute the inventory at April 30 on each of the following bases. Assume that
perpetual inventory records are kept in units only. Carry unit costs to the nearest
First-in, first-out (FIFO)
b) If the perpetual inventory record is kept in dollars, and costs are computed at the
time of each withdrawal, what amount would be shown as ending inventory in (1),
(2), and (3) above? Carry average unit costs to four decimal places
E9-1 The inventory of Oheto Company on December 31, 2013, consists of the
E9-12 (Gross Profit Method)