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act 3391 traditional hw assignment

33. (5 points) Hartley’s accounting records included the following information:

Inventory, 01-01-13$319,500

Purchases during 2013 (excluding shipping)$1,200,000

Purchase returns during 2013$15,000

Freight-in on 2013 purchases$8,500

Sales during 2013$1,998,750

Hartley completed a physical inventory on 12-31-13 and calculated an ending inventory of $525,000, at cost. In recent years, Hartley’s gross profit equaled 105% of Hartley’s cost. Hartley suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.

34. (8 points) Gage’s accounting records included the following information:

Inventory, 01-01-15$211,000

Purchases during 2015$805,000

Purchase returns during 2015$4,000

Freight-out on 2015 sales$10,000

Sales during 2015$1,662,000

Sales returns during 2015$60,000

Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at retail selling price. In recent years, Gage’s gross profit equaled 42% of Gage’s selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.

35. (3 points) As of 12-31-15, Zena Company has four different inventory items on hand. Data on the four items follows:

Item

Quantity on hand

Unit cost

Expected selling price

Estimated disposal costs

C3Z22P3

550

$30.75

$40

$3

PQ27845

75

$ 9.50

$10

$2

ZT15577

253

$17.00

$29

$0

SF98888

87

$43.00

$50

$9

Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis, determine if Zena needs to make an entry to write her inventory down. If so, prepare the entry Zena should make

36. (4 points) As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three items follows:

Item

Quantity

on hand

Unit cost

(Acme uses LIFO)

Replacement

cost

Normal

profit

Expected

selling price

Estimated

disposal costs

A

75

$405

$625

$750

$1,500

$100

B

24

$310

$300

$230

$400

$25

C

51

$775

$800

$300

$1,000

$250

Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down. If so, prepare the entry Acme should make

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