ACC 304 All Assignments ACC 304 All Assignments | Page 99

the fire; remaining goods were destroyed. (a). compute the cost goods
destroyed. (b). compute the cost goods destroyed, assuming that the
gross profit 33 1/3% of sales.
6) Presented below is information related to Ricky Henderson
Company. Compute the inventory by the conventional retail inventory
method.
7) The inventory section of Maddox’s balance sheet as of November
30,2014, including required foot notes, is presented below are the
inventory section supporting calculations.
8) All of the following are key similarities between GAAP and IFRS
with respect to accounting for inventories except:
9) Starfish Company (a Company using Gap and LIFO inventory
method) is considering changing to IFRS and the FIFO inventory
method. How would a comparison of these methods affect Starfish’s
financials?
10) Assume that Darcy industry had the following inventory values.
1. Inventory cost (on December 31,2014)$1,500
2. Inventory sales value (on December 31,2014)$1,350
3. Inventory net realizable value (on December 31,2014)$1,320
Under IFRS, what is the inventory carrying value on December 31, 2014
?
11) Under IFRS, agricultural activity results in which of the following
types of assets?
1.
Agricultural produce