90.2K

Verified Solution

Link Copied!

+ m/courses/28351/assignments/2700088 Question 1 View Policies Current Attempt in Progress Peete Company identifies the following items for possible inclusion in the physical inventory Indicate whether each item should be included or excluded from the inventory taking. 900 units of inventory shipped on consignment by Peete to another company. (a) 3,000 units of inventory in transit from a supplier shipped FOB destination. (b) 1.200 units of inventory sold but being held for customer pickup. (c) 500 units of inventory held on consignment from another company. (d) e Textbook and Media Attempts: 0 of 3 used Save for L Chapter 06 Homew... Device Setup View Policies Current Attempt in Progress The management of Milque Corp. is considering the effects of various inventory-costing methods on its financial statements and its income tax expense Assuming that the price the company pays for inventory is increasing, which method will (a) provide the highest net income? (b) provide the highest ending inventory? result in the lowest income tax expense? (c) result in the most stable earnings over a number of years? (d) eTextbook and Media -/2 Question 3 View Policies Current Attempt in Progress Vaughn Manufacturing sells three different categories of tools (small, medium and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Value Cost $ 65,760 $59,780 Small 249,730 310,150 Medium 175,970 142,950 Large Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. $ The total inventory value -/6 Question 4 View Policies Current Attempt in Progress Karen Company uses the periodic inventory system to account for inventories. Information related to Karen Company's inventory at October 31 is given below: $3.900 390 units x $10.00- October 1 Beginning inventory 8,240 8 Purchase 800 units x $10.30 6.360 600 units x $10.60- 16 Purchase 2.223 190 units x $11.70 24 Purchase $20.723 1.980 units Total units and cost Value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31 Ending Inventory

Answer & Explanation Solved by verified expert

See Answer