Author Archives: winged_envoy

Davis Skaros has recently been promoted to production manager

Scenario: Davis Skaros has recently been promoted to production manager. He has just started to receive various managerial reports, including the production cost report you prepared. It showed his department had 2,000 equivalent units in ending inventory. His department has … Continue reading

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Marie LeBlanc is considering adding drilling rigs to her fleet of workover rigs

Marie LeBlanc is considering adding drilling rigs to her fleet of workover rigs. The drilling rigs are significantly more expensive and will require Ms. LeBlanc to consider raising additional capital. She has decided on a mix of debt and equity … Continue reading

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Grain Company used the periodic inventory system for purchase & sales

Grain Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used. Grain Company purchased on account $2,800 of merchandise from … Continue reading

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Aussie Ltd is an Australian subsidiary company of Meranti Ltd

Question 1 (25 Marks) Aussie Ltd is an Australian subsidiary company of Meranti Ltd. Meranti Ltd manufactures furniture manufactures high quality furniture at a much lower cost and export it to Aussie Ltd. Aussie Ltd has been very successful and … Continue reading

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Growing Real Fast Company (GRF) is expected to have a 25 percent

1. Growing Real Fast Company (GRF) is expected to have a 25 percent growth rate for the next four years (affecting D1, D2, D3, and D4). Beginning in year five, the growth rate is expected to drop to 3.5 percent … Continue reading

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Mrs. Yang is considering buying a share of stock in a firm

1. Mrs. Yang is considering buying a share of stock in a firm that has the following two possible payoffs with the corresponding probability of occurring. The stock has a purchase price of Php 7.50. You forecast that there is … Continue reading

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On November 21, 2016, a fire at Hodge Company’s warehouse caused

On November 21, 2016, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $16,000. The following information was available from the records … Continue reading

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Royal Gorge Company uses the gross profit method to estimate ending

Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $60,300. The following information for … Continue reading

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Campbell Corporation uses the retail method to value its inventory

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2016: CostRetail  Merchandise inventory, January 1, 2016$390,000 $320,000   Purchases 587,000  980,000   Freight-in 28,000      Net markups    40,000   Net markdowns    6,000   Net sales    1,000,000 … Continue reading

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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2016$1,920,000   Purchases to date 5,820,000   Freight-in 420,000   Sales to date 8,400,000 The gross profit … Continue reading

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