ACC211 Homework Chapter 9

ACC211 Homework Chapter 9 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-9/ Contact Us: [email protected] Brief Exercise 9-2 Your answer is correct. Floyd Corporation has the following four items in its ending inventory. Brief Exercise 9-2 Brief Exercise 9-4 Your answer is correct. Bell, Inc. buys 1,200 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $14,900. Bell will group the CDs into three price categories for resale, as indicated below Brief Exercise 9-4 Brief Exercise 9-7 Your answer is correct. Brief Exercise 9-8 Your answer is correct. Boyne Inc. had beginning inventory of $17,900 at cost and $23,500 at retail. Net purchases were $143,420 at cost and $181,700 at retail. Net markups were $12,800; net markdowns were $7,200; and sales revenue was $148,100. Compute ending inventory at cost using the conventional retail method. Brief Exercise 9-8 Cost Retail Beginning inventory $17,900 $23,500 Exercise 9-9 Your answer is correct. Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2014, at an agreed price of $570,120. At December 31, 2014, the raw material had declined in price to $543,070. Exercise 9-4 Your answer is correct. Corrs Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented below. Solution Exercise 9-4 (a) Cost of inventory at 12/31/13 $368,210