1 ) Matlock Company uses a perpetual inventory system . Its beginning inventory consists 50 units that cost $ 34 each . During June , ( 1 ) the company purchased units at $ 34 each , ( 2 ) returned 6 units for credit , and ( 3 ) sold 125 unit at $ 50 each . Journalize the June transactions .
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 ?