+1-415-315-9853

info@mywordsolution.com

## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions.

Required:

1) find out cost of goods available for sale and the number of units available for sale.

Cost of goods available for sale

Number of units available for sale

2) Compute the number of units in ending inventory.

3)Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification-units sold consist of 530 units from beginning inventory and 130 units from the March 13 purchase, and (d) weighted average. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 2 decimal places. Round your final answers to the nearest dollar amount.)
Ending inventory
(a) FIFO                                    -
(b) LIFO                                    -
(c) Specific identification              -
(d) Weighted average                 -

4) Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 2 decimal places and inventory balances and final answer to the nearest dollar amount.)
Gross profit
(a) FIFO                                    -
(b) LIFO                                    -
(c) Specific identification              -
(d) Weighted average                 -

Doubletree Company’s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2010, is understated by \$68,000, and inventory on December 31, 2011, is overstated by \$38,000.

For Year Ended December 31                2010        2011              2012

(a)      Cost of goods sold                 \$743,000      \$973,000      \$808,000
(b)      Net income                             286,000       293,000        268,000
(c)      Total current assets              1,265,000      1,378,000     1,248,000
(d)      Total equity                         1,405,000      1,598,000     1,263,000

Required:

1) For each key financial statement figure—(a), (b), (c), and (d) above—prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted should be indicated with a minus sign.

(a)

Cost of goods sold:                           2010    2011    2012
Reported amount                                -          -        -
Adjustments for: 12/31/2010 error        -          -           -
12/31/2011 error           -         -           -
Corrected amount

(b)

Net income                                      2010    2011    2012
Reported amount                                -          -        -

Adjustments for: 12/31/2010 error      -           -        -
12/31/2011 error
Corrected amount                        -           -        -

(c)

Total current assets                       2010    2011    2012
Reported amount
Adjustments for: 12/31/2010 error     -        -           -
12/31/2011 error     -         -           -
Corrected amount                             -         -           -

(d)

Equity:                                      2010    2011    2012
Reported amount                           -         -          -
12/31/2011 error  -         -         -

Corrected amount                            -        -         -

2) What is the error in total net income for the combined three-year period resulting from the inventory errors?

Cost Accounting, Accounting

• Category:- Cost Accounting
• Reference No.:- M9993

Have any Question?

## Related Questions in Cost Accounting

### For your assignment you will apply the fundamental concepts

For your Assignment, you will apply the fundamental concepts of accounting and finance that you are studying to complete several problems indicative to real-world business scenarios and challenges. For this Assignment, t ...

### Cost of capital assignment questions -1 what does the cost

Cost of Capital Assignment Questions - 1. What does the cost of capital represents? What is should reflect? 2. How do taxes affect the cost of debt? 3. What are the retained earnings? Do they have any costs for the firm? ...

### Assignmentwhile a form of abc was being used by general

Assignment While a form of ABC was being used by General Electric back in the sixties, widespread use of ABC didn't began in the United States until the late eighties. The early focus of ABC was on developing more reliab ...

### Cost accounting- little debbie brownieshere is a copy of

Cost Accounting- Little Debbie Brownies Here is a copy of the assignment. My snack of choice is the Little Debbie Fudge Brownies Comprehensive Product Costing Select your favorite drink or snack item manufactured by a pu ...

Polaris Reading the case and answer the all question: Polaris: Suggested assignment questions Why does the Polaris outsource the manufacture of most components but in-source final assembly? Which manufacturing location o ...

### Discuss cost management as a professionname three

Discuss cost management as a profession Name three professional cost management organizations and explain their roles. Where in the corporate, not for profit, areas would cost accountants work and what types of work woul ...

### Cost accountingquestion 1 which of the following statements

Cost Accounting Question 1. Which of the following statements regarding differential costs is (are) false? (A). The full cost fallacy occurs when a decision-maker fails to include fixed manufacturingoverhead in the produ ...

### Instructionsnbspbull all questions carry equal marksbull

Instructions:   • All Questions carry equal marks. • All Questions are compulsory • All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subse ...

### Scenario-you seemed to develop significant interest with

Scenario- You seemed to develop significant interest with your talk on the future of cost accounting. Your boss has heard about the excellent presentation and you are hopeful that your early retirement will take place. A ...

### Cost behaviordetermining cost behavior please respond to

Cost Behavior Determining Cost Behavior: Please respond to one of the following: Option 1 Choose a company that interests you. It could be your current employer, a past employer, or even a future employer. Compare and co ...

• 13,132 Experts

## Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

### WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

### Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

### Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

### Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

### Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro