UMUC ACC310 Chapter 9 Homework
Michael Bolton Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
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Get Help Now!| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | ||||||||||||
| 1320 | 1,600 | $4.35 | $4.08 | $6.12 | $0.48 | $1.70 | ||||||||||||
| 1333 | 1,300 | 3.67 | 3.13 | 4.76 | 0.68 | 0.68 | ||||||||||||
| 1426 | 1,200 | 6.12 | 5.03 | 6.80 | 0.54 | 1.36 | ||||||||||||
| 1437 | 1,400 | 4.90 | 4.22 | 4.35 | 0.34 | 1.22 | ||||||||||||
| 1510 | 1,100 | 3.06 | 2.72 | 4.42 | 1.09 | 0.82 | ||||||||||||
| 1522 | 900 | 4.08 | 3.67 | 5.17 | 0.54 | 0.68 | ||||||||||||
| 1573 | 3,400 | 2.45 | 2.18 | 3.40 | 1.02 | 0.68 | ||||||||||||
| 1626 | 1,400 | 6.39 | 7.07 | 8.16 | 0.68 | 1.36 |
From the information above, determine the amount of Bolton Company inventory.
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Your answer is correct. |
Phil Collins Realty Corporation purchased a tract of unimproved land for $52,000. This land was improved and subdivided into building lots at an additional cost of $27,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.
| Group | No. of Lots | Price per Lot | ||||
| 1 | 9 | $4,050 | ||||
| 2 | 18 | 5,400 | ||||
| 3 | 21 | 2,700 |
Operating expenses for the year allocated to this project total $17,400. Lots unsold at the year-end were as follows.
| Group 1 | 5 lots | |
| Group 2 | 7 lots | |
| Group 3 | 3 lots |
At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 4 decimal places, e.g. 78.7234% and final answer to 0 decimal places, e.g. 5,845.)
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Your answer is correct. |
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.
| Inventory, May 1 | $ 164,900 | |
| Purchases (gross) | 642,600 | |
| Freight-in | 31,100 | |
| Sales revenue | 1,034,400 | |
| Sales returns | 72,500 | |
| Purchase discounts | 12,480 |
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales.
| The estimated inventory at May 31 | $ |
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)
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Your answer is correct. |
Presented below is information related to Ricky Henderson Company.
| Cost | Retail | |||
| Beginning inventory | $ -10,040 | $ 288,700 | ||
| Purchases | 1,514,000 | 2,143,000 | ||
| Markups | 91,600 | |||
| Markup cancellations | 16,700 | |||
| Markdowns | 43,500 | |||
| Markdown cancellations | 7,700 | |||
| Sales revenue | 2,285,000 |
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Exercise 9-21
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Your answer is correct. |
The financial statements of ConAgra Foods, Inc.’s 2012 annual report disclose the following information.
| (in millions) | May 27, 2012 | May 29, 2011 | May 30, 2010 | |||
| Inventories | $1,870 | $1,803 | $1,598 | |||
| Fiscal Year | ||||||
| 2012 | 2011 | |||||
| Net sales | $13,263 | $12,303 | ||||
| Cost of goods sold | 10,436 | 9,390 | ||||
| Net income | 474 | 818 |
Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2012 and 2011. (Round times to 1 decimal place, e.g. 7.6 and all other answers to 0 decimal places, e.g. 65.)
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