ACC 304 All Assignments ACC 304 All Assignments | Page 188

December 31, 2016
812,500
130
What is the cost of the ending inventory at December 31, 2014 under
dollar-value LIFO?
24)Goods in transit which are shipped f.o.b. destination should be
24) Milford Company had 400 units of “Tank” in its inventory at a cost
of $6 each. It purchased 600 more units of “Tank” at a cost of $9 each.
Milford then sold 700 units at a selling price of $15 each. The LIFO
liquidation overstated normal gross profit by
26) Milford Company had 400 units of “Tank” in its inventory at a cost
of $6 each. It purchased 600 more units of “Tank” at a cost of $9 each.
Milford then sold 700 units at a selling price of $15 each. The LIFO
liquidation overstated normal gross profit by
27)Huff Co. exchanged nonmonetary assets with Sayler Co. No cash was
exchanged and the exchange had no commercial substance. The
carrying amount of the asset surrendered by Huff exceeded both the