ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 46

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. 11) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: prepare general journal entries to record the transactions 12) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: prepare general journal entries to record the transactions 13) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time.