This website uses cookies to ensure you have the best experience. Learn more

Week Three Essay

882 words - 4 pages

Week Three Exercise Assignment

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting | Cost |
1/2 Beginning inventory | Woods | $21,000 |
4/19 Purchase | Sunset | 21,800 |
6/7 Purchase | Earth | 31,200 |
12/16 Purchase | Moon | 4,000 |

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning ...view middle of the document...

a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.

4. Inventory valuation methods: computations and concepts.

Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:

Date | Quantity | Unit Cost | Total Cost |
1/3 | 100 | $125 | $12,500 |
4/3 | 200 | $135 | $27,000 |
6/3 | 100 | $145 | $14,500 |
7/3 | 100 | $155 | $15,500 |
Total | 500 | | $69,500 |

Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system.

Date | Quantity Sold | Unit Price | Total Sales |
3/17 | 50 | $250 | $12,500 |
5/17 | 75 | $250 | $18,750 |
8/10 | 275 | $250 | $68,750 |
Total | 400 | | $100,000 |
a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
* First-in, first-out
* Last-in, first-out
* Weighted average

b. Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation on the balance sheet?
(2) show the lowest net income for tax purposes?

5. Depreciation methods. Mike Davis Enterprises purchased a delivery van for $40,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods:
a. Units-of-output, assuming 17,000 miles were driven...

Other Papers Like Week Three

Bus 370 Week Three Assignment

852 words - 4 pages Real World Application of OD Principles Carlos A. Horton BUS 370-Orgainizational Development Instructor: Armando Nunez 21 April 2014 Major businesses such as the automotive industry, bring customers to other businesses who are not so popular. When these businesses migrate to a new location, this means that customers no longer have a reason to visit certain cities and towns. This is when organization development (OD) comes into play. It

Bus642 Week Three Paper Assignment

1641 words - 7 pages Rajagopal used in order to gather his information: Figure 1 - Conceptual Framework (Rajagopal, 2013) I will be using the same framework, but instead of looking as the service quality of healthcare delivery system, I will be looking at the ratings of healthcare institutions on how regulatory agencies have rated them in respect to the regulation of ethical and legal management and use of patient data. I will be selecting three of the highest and

Bus 681 Entire Course

369 words - 2 pages In this file of BUS 681 Entire Course you will find the next docs: BUS 681 Week 1 DQ 1 Compensation Strategy.doc BUS 681 Week 1 DQ 2 Compensation Practices.doc BUS 681 Week 1 Journal Article Research and Analysis.doc BUS 681 Week 2 DQ 1 Seniority and Merit Pay.doc BUS 681 Week 2 DQ 2 Incentive Pay Plans.doc BUS 681 Week 2 Performance Management Issues.doc BUS 681 Week 3 DQ 1 Building Blocks.doc BUS 681 Week 3


1037 words - 5 pages discuss the value of such certification, and the difference between CPA certification and CMA certification. Respond to at least two of your classmates’ postings ACC 202 Week 3 Assignment Week Three Exercises Week Three Exercises. Complete the following exercises from Chapter 14 and submit them to the instructor by the end of Day 3. This assignment will be graded as a completion only. The instructor will post the answers to these exercises


519 words - 3 pages 02.06 Shopping for a Stress Free Lifestyle Record any stressors you checked yes for listing them from easiest to hardest to change. Two changes to work on now: Today’s date: __6/29/15__________________________________ 1. Do you frequently put things off until later? 2. Do you frequently get angry when you are kept waiting? Two changes to work on three weeks from today’s date: Beginning date for these: ___6/29

MGT 230 UOP Tutorial / mgt230dotcom

568 words - 3 pages social responsibility have had on management planning at BP. Provide at least one example for each. • Analyze at least three factors that influence the company's strategic, tactical, operational, and contingency planning. Format your paper consistent with APA guidelines. ......................................... MGT 230 week 4 Individual Assignment Organizational Structure Paper Write a 1,050- to 1,400-word paper in which you select

ISCOM 424 UOP Tutorial / iscom424dotcom

576 words - 3 pages ISCOM 424 Entire Course ISCOM 424 Week 1 Individual Assignment Supply Chain Visual Representation ISCOM 424 Week 1 DQ 1 ISCOM 424 Week 1 DQ 2 ISCOM 424 Week 2 Individual Assignment Supply Chain Management Strategy Training Document ISCOM 424 Week 2 DQ 1 ISCOM 424 Week 2 DQ 2 ISCOM 424 Week 3 Individual Assignment Statement of Professional Ethics ISCOM 424 Week 3 Learning Team Supply Chain Complexities ISCOM 424 Week 3 DQ 1 ISCOM 424

Cru Computer Rentals

1648 words - 7 pages increases. Alternatives (Question2) 1) Assuming that operations will be able to ensure that all buffer sizes are the same as they were in 1996 for all the three options. (a)Option 1 (Capture 60% of 4 week market, 30% of 3 week market, 10% of 12 week market) | Customer | Receiving | Status 24 | Status 40 | Status 41 | Status 42 | Status 20 | Throughput (units/week) | 900+300+60 = 1260 | 1260 | 882 | 378+132 = 510 | 510 | 510 | 1260

Ops 571 Final Exam Latest University of Phoenix Tutoring

1615 words - 7 pages looking • Efficient • Agile Complete Answers just a click away OPS 571 Week 1 Complete 13. There are many applications of poka-yokes in service organizations. Which of the following is one of the three-T's used to classify poka-yokes? • Trust • Teamwork • Task • Time 14. Which of the following is a major factor that distinguishes service design and development from manufacturing design and development? • The service package has the same

Bottle Company Case Study

662 words - 3 pages . -------------------------------------------------------------------------------- .Class Introductions .Week 1 .Week 2 .Week 3 .Week 4 .Week 5 .Week 6 .Week 7 .Week 8 .Week 9 .Week 10 .Week 11 .Supplemental Instruction .Week 10 Assignment 1 Skip to Course Menu Skip to Top Frame Tabs . .Content Week 10 Assignment 1 - Submit Here . Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Assignment

Ops 571 Final Exam Latest Uop Final Exam Questions with Answers

1539 words - 7 pages . Which of the following is one of the three-T's used to classify poka-yokes? • Trust • Teamwork • Task • Time 14. Which of the following is a major factor that distinguishes service design and development from manufacturing design and development? • The service package has the same legal protection available to manufactured goods. • Manufacturing is far more capital intensive than services. • The service process and service product can be

Related Essays

Week Three Open Book Test Essay

520 words - 3 pages Week Three Open Book Test The following 25 questions are based on the Week Three readings. You may use your textbooks to complete this open-book test. True or False Determine whether each statement is true or false and write your answer in the “True of False” column Statement Answer 1. All cultures share a common need to solve similar human problems. True 2. American psychologists tend to treat their research as being

Week Three Team Paper

1942 words - 8 pages bottom of the chart shows the lowest positions in the company. Studying the organization chart can help you in understanding that of the bottom level jobs are important to the company. * Step three would be to analyze the job descriptions and also the strategic contributions of each executive position that is in the organizational structure. The top positions are essential because they help in providing direction and supervision to all layers

Week Three Knowledge Check Essay

1856 words - 8 pages Week 3 Knowledge Check The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material. Personalized Study Guide Results: Score: 17 / 18 Concepts Mastery Questions Stakeholder Influence 67% 123 Ethical Differences 100% 456

Accounting System Week Three Essay

1000 words - 4 pages Accounting System Rosemarie Blakley BSA/310 April 28, 2013 Anastasia Jakubow Accounting System Although Kudler Fine Foods currently has an accounting system that they are using that seems to be adequate, the goal in the future is for the organization to continue to grow, and along with this growth is going to come the need for a more comprehensive system that can support their growing changes. We all know that proper accounting practices