ACC211
Homework Chapter 9
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Brief Exercise 9-2
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Your answer is correct.
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Floyd Corporation has the following four items in its ending
inventory.
Brief
Exercise 9-2
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Brief Exercise 9-4
Bell, Inc. buys 1,200 computer game CDs from a
distributor who is discontinuing those games. The purchase price for the lot
is $14,900. Bell will group the CDs into three price categories for resale,
as indicated below
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Brief Exercise 9-4
Brief Exercise 9-7
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Your answer is correct.
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Brief Exercise 9-8
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Your answer is correct.
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Boyne Inc. had beginning inventory of $17,900 at cost
and $23,500 at retail. Net purchases were $143,420 at cost and
$181,700 at retail. Net markups were $12,800; net markdowns were $7,200;
and sales revenue was $148,100. Compute ending inventory at cost using the
conventional retail method.
Brief
Exercise 9-8
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Cost
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Retail
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Beginning inventory
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$17,900
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$23,500
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Exercise 9-9
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Your answer is correct.
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Marvin
Gaye Company has been having difficulty obtaining key raw materials for its
manufacturing process. The company therefore signed a long-term noncancelable
purchase commitment with its largest supplier of this raw material on November
30, 2014, at an agreed price of $570,120. At December 31, 2014, the raw
material had declined in price to $543,070.
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Exercise 9-4
Corrs Company began operations in 2013 and determined its
ending inventory at cost and at lower-of-cost-or-market at December 31, 2013,
and December 31, 2014. This information is presented below.
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