Acc 290 Week 5 Assignment

BE5-1 Presented here are the components in Korinek Companys income statement. confab the missing amounts. Sales Revenue follow of Goods Sold revenue Profit Operating Expenses Net Income $ 71,200 (b) $41,200 $ 30,000 (d) $17,900 $12,100 $108,000 $70,000 (c) $38,000 (e) $8,500 $29,500 (a) $181,500 $71,900 $109,600 $46,200 (f) $63,400 BE5-2 Pocras Company buys merchandise on account from Wedell Company. The exchange wrong of the goods is $900 and the equal of the goods sold is $590. mates companies use perpetual strain systems. Journalize the transactions on the books of both(prenominal) companies. BE6-5 In its first month of operation, Moraine Com pany purchased 100 units of scroll for $6, then 200 units for $7, and finally 140 units for $8. At the intermit of the month, 180 units remained. Compute the amount of apparition profit that would forces if the company used first in first out rather than last in first out. Explain wherefore this amount is referred to as phantom profit. The company uses the periodic method. The cost of goods sold is $240 less when FIFO is used then when LIFO is used. This is the amount that is the phantom profit.

It is considered to be the phantom profit because when victimization FIFO it matches the current selling prices t o the old inventory costs. In order for the ! company to deputize the units they sold, they will have to break the higher current price of $8 per unit. BE6-7 Olsson Video fondness accumulates the following cost and trade data at celestial latitude 31. Inventory Categories Cost Data Market Data Cameras $12,500 $13,400 Camcorders 9,000 9,500 DVDs 13,000 12,200 Compute the lower-of-cost-or-market rating for Olsson inventory. BE7-4...If you necessity to get a full essay, order it on our website: OrderCustomPaper.com

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