ACCT 310 Quiz 2
Questions
Problem 1
Houston Rockets Company adopted the dollar-value LIFO inventory method on
January 1, 2013. In applying the LIFO method, ABC uses internal indexes and the
multiple-pools approach. The following data were available for Inventory Pool
No. 3 for the two years following the adoption 9f LIFO: At Current Cost Year
Cost Index
01/01/13 $
300,000 1.00
12/31/13 $
345,600 1.06
12/31/14 $
405,000 1.10
Ending
Inventory Under the dollar-value LIFO method, the inventory at December 31,
2014, should be? You must show your work to receive credit.
Problem #2
Golden State Warriors Products uses the conventional retail method to estimate
its ending inventories. The following data has been summarized for the year
2015:
Cost Retail
Inventory, January 1 $ 63,000 $
88,000
Purchases 332,360 476,000
Net markups 10,000
Net markdowns 16,700
Net sales 392,000
Required:
Estimate the ending inventory as of December 31, 2015, using the conventional
retail method. You must show your work to receive credit.
TUTORIAL PREVIEW
01/01/13
|
$300,000
| |
12/31/13
|
$300,000 @ 1.00 =
|
$300,000
|
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