disbursed for office supplies $92 and miscellaneous expense $169.
Prepare journal entries for the establishment of the fund and the
reimbursement. Brief Exercise 8-4 (Part Level Submission) Pharoah
Company uses a periodic inventory system. For April, when the
company sold 500 units, the following information is available. Units
Unit Cost Total Cost April 1 inventory
290 $32 $ 9,280
April 15 purchase
430 38
16,340
April 23 purchase
280 42 11,760
1,000
$37,380 Brief Exercise 8-6
Your answer is correct. Sandhill Company uses a periodic inventory
system. For April, when the company sold 600 units, the following
information is available. Units Unit Cost Total Cost April 1
inventory 270 $30 $ 8,100
April 15 purchase
440 36
15,840
April 23 purchase
290 39 11,310
1,000
$35,250 Compute the April 30 inventory and the April cost of
goods sold using the LIFO method. Multiple Choice Question 21 Which
of the following inventories carried by a manufacturer is similar to the
merchandise inventory of a retailer? Question 14 A fire destroys all of
the merchandise of Shamrock Company on February 10, 2017.
Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017 $432,200 Sales revenue to February 10,
2017 1,935,200 Purchases to February 10, 2017 1,104,580 Freight-in
to February 10, 2017 59,180
Rate of gross profit on selling price
35% What is the approximate inventory on February 10, 2017?
Exercise 9-4 Martinez Company began operations in 2017 and
determined its ending inventory at cost and at LCNRV at December 31,
2017, and December 31, 2018. This information is presented below.
Cost Net Realizable Value 12/31/17 $322,170 $299,520 12/31/18
409,250 390,440 (a) Prepare the journal entries required at
December 31, 2017, and December 31, 2018, assuming inventory is
recorded at LCNRV and a perpetual inventory system using the cost-of-
goods-sold method. Brief Exercise 10-6 Waterway Inc. purchased land,
building, and equipment from Laguna Corporation for a cash payment of
$327,600. The estimated fair values of the assets are land $62,400,
building $228,800, and equipment $83,200. At what amounts should
each of the three assets be recorded? Brief Exercise 10-8 Pearl