Accouting due 36 hours | Accounting homework help

1-    FIFO and LIFO inventory methods.


During June, the following changes in inventory item 27 took place:


      June     1          Balance                        1,400 units @ $36

                  14        Purchased                       800 units @ $54

                  24        Purchased                       700 units @ $45

                  8          Sold                                400 units @ $75

                  10        Sold                             1,000 units @ $60

                  29        Sold                                500 units @ $66


Perpetual inventories are maintained.



What is the cost of the ending inventory for item 27 under the following methods? (show calculations)

(a)   FIFO.

(b)  LIFO.




1-    Lower-of-cost-or-market.

Determine the proper unit inventory price in the following independent cases by applying the

lower of cost or market rule.

Circle your choice.


    1               2              3               4               5

 $7.80      $10.50      $11.80      $6.00         $7.20

  8.85        10.00         12.20        4.25           6.90

  8.15        9.00           11.40        3.75           6.50

  7.90        10.10         12.50        4.00           5.40



Net realizable value

Net realizable value less normal profit

Market replacement cost






2-    Lower-of-cost-or-market

The December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below.



                                                Replacement       Estimated            Expected           Normal Profit

Product            Original Cost         Cost           Disposal Cost     Selling Price           on Sales

   A                  $24.00                 $22.00            $6.50                   $40.00                    20%

   B                  $42.00                 $40.00            $10.00                 $48.00                    25%

   C                  $120.00               $115.00          $25.00                 $190.00                  30%

   D                  $19.00                 $15.80            $4.00                   $26.00                    10%



Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017.




1-    Relative sales value method.

Doran Realty Company purchased a plot of ground for $1,900,000 and spent $4,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $120,000, $90,000, and $60,000 each, respectively.



Complete the table below to allocate the cost of the lots using a relative sales value method.


            No. of              Selling             Total                % of                Apportioned cost

Grade    Lots              Price                Revenue          Total Sales       Total                Per Lot

Highland   20              $                      $                                              $                      $

Midland    40               $                                                                                              $

Lowland   100            $                      _______                                  _______          $

                 160                                   $_______                                $_______



2-    A major difference between GAAP and IFRS with respect to accounting for inventories pertains to:


a.     Guidelines on ownerships of goods.

b.     Costs to include in inventories.

c.     The use of LIFO cost flow assumption.

d.     The use of LCNRV.



1-    Calculate depreciation.

A machine which cost $500,000 is acquired on October 1, 2017. Its estimated salvage value is $40,000 and its expected life is eight years.



(1)  Calculate depreciation expense for 2017 and 2018 by each of the following methods, showing the figures used.

(a)   Double-declining balance

(b)  Sum-of-the-years’-digits

(2)  At the end of 2018, which method results in the larger accumulated depreciation amount?


2-     Calculate depreciation.


A machine cost $900,000 on April 1, 2017. Its estimated salvage value is $90,000 and its expected life is eight years.



(1)  calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.

(a)   Straight-line for 2017

(b)   Double-declining balance for 2018

(c)    sum-of-the-years’-digits for 2018



(2)  which method would result in the smallest income amount for 2018?





1-    The following costs are incurred during the research and development phases of a laser bone scanner


Laboratory research aimed at discovery of new knowledge                      $800,000

Search for application of new research findings                                          400,000

Salaries of research staff designing new laser bone scanner                    1,200,000

Material, labor and overhead costs of prototype laser scanner                   850,000

Costs of testing prototype and design modifications                                  450,000

Engineering costs incurred to advance the laser scanner to full                  700,000

Production stage (technological feasibility reached)


Identify which of these are development phase item and will be immediately expensed under GAAP and IFRS


GAAP                         IFRS    

a.          $1,200,000                   $1,200,000

b.          $2,400,000                   $1,400,000

c.          $2,400,000                   $2,500,000

d.          $3,200,000                   $2,500,000

Order a unique copy of this paper
(550 words)

Approximate price: $22

Place Order
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
× WhatsApp us for help