ACC 304 All Assignments ACC 304 All Assignments | Page 30

2) Amsterdam Company uses a periodic inventory system. For April,
When the company sold 600 units, The following information is
available. calculate weighted average cost per unit.
3) Arna, Inc. uses the dollar value LIFO method of computing its
inventory. Data for the past 3 year follow. Compute the value of the
2014 and 2015 inventories using the dollar-value LIFE method.
4) Craig Company asks you to review its December 31, 2014,
inventory values and prepare the necessary adjustments to the book.
The following information is given to u. determine the proper inventory
balance for Craig Company at December 31, 2014.
5) Prepare any correcting entries to adjust inventory to its proper
amount at December 31, 2014. Assume the books have not been
closed.
6) The net income per books of Linda Patrick Company was
determined without knowledge of the errors indicated below. Prepare
work sheet to show the adjusted net income figure for each of the 6
years after taking into account the inventory errors.
7) Presented below the information related to Dino Radja Company.
Compute the ending inventory for Dino Radja Company for 2011 throw
2016 using the Dollar value LIFO method.
8)
Under IFRS, an entity should initially recognize inventory when
9) With respect to accounting of inventories, which of the following
is a difference that exists for IFRS, as opposed to U.S GAAP?
10) Some of the transactions of Torres Company during August are
listed below. Torres uses the periodic inventory method.