Acc 205 Week 3 Complete Uop Exam Assignment

ACC 205 Week 3 Complete

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DQ1.From Chapter 5, Ethical Issue 5-1.  Complete all parts of the case and respond to at least two of your classmates’ postings. 

Under Dobbs’ FOB policy, when should the company record a sale?

Do you approve or disapprove of Dobbs’ manner of deciding when to ship goods to customers and record the sales revenue? If you approve, give your reason. If you disapprove, identify a better way to decide when to ship goods.

DQ2.Describe the inventory valuation methods FIFO and LIFO.  Which items are included in ending inventory under each method?  Respond to at least two of your classmates’ postings.

Individual Assignment - Inventory

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

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 inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

The White Company uses a perpetual inventory system.

Using the White Company data, fill in the following chart to compare theresults obtained under the FIFO, LIFO, and weighted-average inventory methods.

FIFO

LIFO

Weighted Average

Goods available for sale

3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:

a. Prepare journal entries for the above purchases and sales.

b. Calculate the balance in the firm’s Inventory account.

4. Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company...