Assignment
\n08
\nA04 Intermediate Accounting I
\nDirections: Be sure to make an
\nelectronic copy of your answer before submitting it to Ashworth College
\nfor grading. Unless otherwise stated, answer in complete sentences, and
\nbe sure to use correct English spelling and grammar. Sources must be
\ncited in APA format. Refer to the “Assignment Format” page
\nfor specific format requirements.Part
\nA (30 points)The Bravo Company manufactures a single
\nproduct. On December 31, 2012 Bravo
\nadopted the dollar-value LIFO inventory method.
\nThe inventory on that date using the dollar-value LIFO inventory method
\nwas determined to be $500,000. Inventory
\ndata for succeeding years are as follows:Year Ended December 31Inventory at Respective Year-end PricesRelevant Price Index (Base Year 2012)2012$500,0001.002013527,0001.082014635,0001.152015645,0001.21Compute the inventory amount at December
\n31, 2013, 2014, and 2015 using the dollar-value LIFO inventory method for each
\nyear. (Round all amounts to the nearest
\ndollar, 10 points each)Part
\nB (40 points)Information from Hope Company\u00e2\u0080\u0099s records for
\nthe year ended December 31, 2015 is available as follows:Net sales$2,800,000Cost of goods
\nmanufactured:Variable$1,260,000Fixed$630,000Operating
\nexpenses:Variable$196,000Fixed$240,000Units
\nmanufactured70,000Units sold60,000Finished goods
\ninventory, 1\/1\/2015$0Hope had no
\nwork-in-process inventories at either the beginning or end of 2015.a.
\nWhat would be Hope\u00e2\u0080\u0099s finished
\ngoods inventory cost under the variable (direct) costing method at December 31,
\n2015? (20 points)
\nb.
\nWhat would Hope\u00e2\u0080\u0099s operating
\nincome be under the absorption costing method? (20 points)Part
\nC (30 points, 10 each)Tool City, Inc. had 300 cordless
\nscrewdrivers on hand at January 1, 2015 costing $45 each. Purchases and sales of cordless screwdrivers
\nduring the month of January were as follows:DatePurchasesSalesJanuary
\n9200
\n@ $75January
\n14100
\n@ $47January
\n2375 @
\n$76January
\n25100
\n@ $48January
\n3075 @
\n$77Tool City does not maintain perpetual
\ninventory records. According to a
\nphysical count, 150 cordless screwdrivers were on hand at January 31, 2015.a.
\nWhat is the cost of the
\ninventory at January 31, 2015 under the FIFO method?
\nb.
\nWhat is the cost of the
\ninventory at January 31, 2015 under the LIFO method?
\nc.
\nWhat is the cost of the
\ninventory at January 31, 2015 under the FIFO method if only 145 cordless
\nscrewdrivers were on hand at the time of the physical count?<\/p>\n","protected":false},"excerpt":{"rendered":"
Assignment 08 A04 Intermediate Accounting I Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Refer to the “Assignment Format” page […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8571,7086,8572,5961,8573,8574],"tags":[7786,7785,8575,7784],"class_list":["post-49287","post","type-post","status-publish","format-standard","hentry","category-assessments-australia","category-assignments","category-assist-with-thesis-writing-online","category-homework-help","category-online-dissertation-help-from-phd-experts","category-top-u-s-dissertation-writing-services","tag-best-online-essay-writers-thesis-and-dissertation-help","tag-custom-dissertation-writing-services-for-phd-students","tag-essay-usa","tag-uk-cheap-essay-writing-service"],"_links":{"self":[{"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/posts\/49287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/comments?post=49287"}],"version-history":[{"count":0,"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/posts\/49287\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/media?parent=49287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/categories?post=49287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colapapers.com\/us\/wp-json\/wp\/v2\/tags?post=49287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}