Week Three Exercise Assignment Essay

1516 Words Jul 15th, 2013 7 Pages
CRAM Exclusive
Essay Sample
Week Three Exercise Assignment Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting | Cost | 1/2 Beginning inventory | Woods | $11,000 | 4/19 Purchase | Sunset | 21,800 | 6/7 Purchase | Earth | 31,200 | 12/16 Purchase | Moon | 4,000 | Woods and Moon were sold during

middle of document…

Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation on the balance sheet?
FIFO would be used because units purchased first would be sold first, keeping the inventory current
(2) approximate the physical flow of a sand and gravel dealer?
LIFO would be used seeing how newer units placed in front, which are then sold in that order last in is the first to leave
(3) report low earnings (for tax purposes) for a separate electronics company that has been experiencing declining purchase prices?
FIFO would be used since the older units are priced higher

5. Depreciation methods. Betsy Ross Enterprises purchased a delivery van for $30,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods:
a. Units-of-output, assuming 17,000 miles were driven during 20X8
Cost $30,000 – Residual Value / 20,000*5, 100,000 = $0.24 depreciation rate
Miles 17,000 * 0.24 / 1 = $4,080 depreciation expense
b.
CRAM Exclusive
Plum67955Peach

Related Documents

  • week three assignment Essay

    is obvious there are issues in the inventory control, but it is very possible that there are underlying causes for the inventory to be substandard (Valacich, George, & Hoffer, 2009). I would spend a couple hours over the course of a two weeks, on every shift to observe the cooks, waitresses/waiters, customers, and the watch the inventory process. By doing the aforementioned, I would get a firsthand observation of the entire process. I would do the onsite observation prior to the interviews

    Words: 939 - Pages: 4
  • Acc 202 Week 5 Assignment Week Five Exercises Essay

    This assignment will be graded as a completion only. The instructor will post the answers to these exercises by the end of Day 5 for you to check your accuracy and comprehension of the subject matter. Exercises: 16-1, 16-2, 16-3, 16-5. ACC 202 Week 5 Assignment Week Five Exercises Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-week-five-exercises/ For More Courses and Exams use this form ( http://hwguiders

    Words: 2518 - Pages: 11
  • PSYCH 610 Week 4 Individual Assignment Homework Exercise Essay

    It may be more trouble than its worth to have it there, so find out what you can before you bring the car. Psychology - General Psychology Week Four Homework Exercise Answer the following questions, covering material from Ch 8–10 of Methods in Behavioral Research : 1.  What is a confounding variable and why do researchers try to eliminate confounding variables? Provide two examples of confounding variables. 2.  What are the advantages and disadvantages of posttest only

    Words: 623 - Pages: 3
  • Essay on Acc 206 Week 2 Assignment Chapter Two and Three Problems

    _______ _______ _______ Unamortized premium as of December 31, 20X1 _______ _______ _______ Unamortized discount as of December 31, 20X1 _______ _______ _______ Bond carrying value as of December 31, 20X1 _______ _______ _______ Chapter 3 Exercise 1 1. Product costs and period costs The costs that follow were extracted from the accounting records of several different manufacturers: 1. Weekly wages of an equipment maintenance worker 2. Marketing costs of a soft drink bottler 3. Cost of

    Words: 1050 - Pages: 5
  • Acc 400 Week 5 Team Assignment-Text Assignments – Byp 13-7, Exercises 23.10 and 23.12

    com/downloads/acc400-week-5-team-assignment-text-assignments-byp-13-7-exercises-23-10-23-12/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) ACC 400 Week 5 Team Assignment-Text Assignments – BYP 13-7, Exercises 23.10 and 23.12 Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc400-week-5-team-a

    Words: 1898 - Pages: 8
  • Acc 490 Week 4 Individual Assignment Chapters 8, 10, & 11 Textbook Exercises

    com/downloads/acc-490-week-4-individual-assignment-chapters-8-10-11-textbook-exercises/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) ACC 490 Week 4 Individual Assignment Chapters 8, 10, & 11 Textbook Exercises Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-490-week-4-individual-assignment-chapters-8-10-11-textbook-exercises/

    Words: 1633 - Pages: 7
  • Bus520 Week 3 Assignment Bus 520 Week 3 Assignment Essay

    BUS520 Week 3 Discussion "Leading with Your Head and Your Heart"  Please respond to the following: Watch the video titled “Appreciating emotional intelligence” (4 min 28 s), located at http://www.lynda.com/Business-Skills-tutorials/Appreciating-emotional-intelligence/137886/151208-4.html?org=strayer.edu. Next, detail the significant ways that an awareness of emotional intelligence can improve a leader’s effectiveness. Select a situation in which you demonstrated emotional intelligence that improved

    Words: 2870 - Pages: 12
  • Essay on Week 9 Assignment

    I can use the same skill I used to prioritize my academic assignments to prioritize my professional assignments. All of these methods will help me reduce the amount of stress I inflict on my mind and body. Critical Thinking My career choice is in the healthcare field and critical thinking is a major part of my daily life professionally. The critical thinking skills that I have learned in this class will help me solve problems and receive the best possible outcome for both me and the people

    Words: 841 - Pages: 4
  • Week Five Exercises Phy/101 Essay

    24 Exercise 3 An object must be ferromagnetic in order for that object to have a strong magnetic properties of their own. If the object is ferromagnetic, it must then have all its magnetic dipoles to be uniform and point in the same direction. However, if an object is not ferromagnetic or the dipoles are not uniform, the magnetic field generated by the materials would not process any noticeable fields. This is caused by the Vector Field inside the material which cancels each other out. http://hyperphysics

    Words: 1047 - Pages: 5
  • Week Three Summary for Mgt 311 Essay

    group is also embodied people that are working together to complete their assignment. The interest group is created when employees joined together like a union representative those employees that has been discharged, or looking to enhance the united body and promote the common interest of the employee’s well beings.  Friendship groups extend their social alliances outside of their work conditions. We learned that there are three kinds of conflicts: traditional view of conflict, interactionist view of

    Words: 839 - Pages: 4