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13) Barker Pet supply uses the conventional retail method to
determine its ending inventory at cost. Assume the beginning
inventory at cost (retail) were $531,200 ($653,800), purchases during
the current year at cost (retail) were $2,137,200 ($2,772,200),
freight-in on these purchases totaled $127,800, sales during the
current year totaled $2,704,000, and net markups (markdowns) were
$4,000 ($192,600). What is the ending inventory value at cost?
14) Barker Pet supply uses the conventional retail method to
determine its ending inventory at cost. Assume the beginning
inventory at cost (retail) were $531,200 ($653,800), purchases during
the current year at cost (retail) were $2,137,200 ($2,772,200),
freight-in on these purchases totaled $127,800, sales during the
current year totaled $2,704,000, and net markups (markdowns) were
$4,000 ($192,600). What is the ending inventory value at cost?
15) Under the lower-of-cost-or-market method, the replacement cost
of an inventory item would be used as the designated market value
16) Under the lower-of-cost-or-market method, the replacement cost
of an inventory item would be used as the designated market value
17) During 2014, Larue Co., a manufacturer of chocolate candies,
contracted to purchase 200,000 pounds of cocoa beans at $4.00 per
pound, delivery to be made in the spring of 2015. Because a record
harvest is predicted for 2015, the price per pound for cocoa beans
had fallen to $3.30 by December 31, 2014.
Of the following journal entries, the one which would properly reflect
in 2014 the
effect of the commitment of Larue Co. to purchase
the 200,000 pounds of cocoa is
18) During 2014, Larue Co., a manufacturer of chocolate candies,
contracted to purchase 200,000 pounds of cocoa beans at $4.00 per
pound, delivery to be made in the spring of 2015. Because a record