# Intermediate Accounting, Keiso 15e

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Question description

1. Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 54 units that cost \$37 each. During June, (1) the company purchased 162 units at \$37 each, (2) returned 6 units for credit, and (3) sold 135 units at \$54 each.

Journalize the June transactions.

2.

msterdam Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available.

 Units Unit Cost Total Cost April 1 inventory 340 \$16 \$ 5,440 April 15 purchase 380 19 7,220 April 23 purchase 310 20 6,200 1,030 \$18,860

.

Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

 Weighted average cost per unit

3.Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.

 Year Ended December 31 Inventory atCurrent-Year Cost PriceIndex 2013 \$19,400 100 2014 21,600 108 2015 26,105 115

Compute the value of the 2014 and 2015 inventories using the dollar-value LIFO method.

 2014 2015 Inventory under LIFO
4.The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated below.

 Year Net Income per Books Error in EndingInventory 2009 \$50,400 Overstated \$ 3,160 2010 52,690 Overstated 9,700 2011 54,890 Understated 12,550 2012 57,030 No error 2013 59,510 Understated 2,020 2014 61,710 Overstated 8,520

Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

5.

Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method.

 August 10 Purchased merchandise on account, \$19,800, terms 2/10, n/30. 13 Returned part of the purchase of August 10, \$1,700, and received credit on account. 15 Purchased merchandise on account, \$22,100, terms 1/10, n/60. 25 Purchased merchandise on account, \$29,300, terms 2/10, n/30. 28 Paid invoice of August 15 in full.

[img border="0" alt="" height="1" width="8" src="http://edugen.wiley.com/edugen/art2/common/pixel.gif">

[img border="0" alt="Collapse question part" height="15" width="15" src="http://edugen.wiley.com/edugen/art2/common/pixel.gif" id="part_control_icon_EAT_1361793485287_0_9412254310576954" >

#### (a1)

Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken:

Prepare general journal entries to record the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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