User Account

All Pages

Change to lifo retail diderot stores inc

Assignment Help Accounting Basics
Reference no: EM131117864

1. Change to LIFO Retail Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2010.Amounts as shown below appear on the store's books before adjustment.

At Cost At Retail
Inventory, January 1, 2010 $ 15,800 $ 24,000
Purchases in 2010 116,200 184,000
Markups in 2010 12,000
Markdowns in 2010 5,500
Sales in 2010 175,000
You are to assume that all markups and markdowns apply to 2010 purchases, and that it is appropriate to treat the entire inventory as a single department. Compute the inventory at December 31, 2010, under the following methods.

(a) The conventional retail method.

(b) The last-in, first-out retail method, effecting the change in method as of January 1, 2010. Assume that the cost-to-retail percentage for 2009 was recomputed correctly in accordance with procedures necessary to change to LIFO. This ratio was 59%.(AICPA adapted) 

Reference no: EM131117864

Questions Cloud

Prepare a schedule showing the computation of the cost : Prepare a schedule showing the computation of the cost of inventory on hand at December 31, 2009, based on the conventional retail method.
Set up ledger accounts and enter balances : Set up a Ledger accounts for these and accounts and enter balances
Differences between the reformations in england : Describe the differences between the reformations in England, France, and the Netherlands. How did Protestantism ultimately succeed in each?
Surviving example of gupta paintings : There are only two known examples of cave paintings of the Gupta period in ancient India. One of these is paintings of Ajanta Caves. Where is the other surviving example of Gupta paintings
Change to lifo retail diderot stores inc : You are to assume that all markups and markdowns apply to 2010 purchases, and that it is appropriate to treat the entire inventory as a single department. Compute the inventory at December 31, 2010, under the following methods.
Outdoor advertising association of american marketing : Why are the annual awards given for the best billboards called Obies by the Outdoor Advertising Association of American Marketing
Complete the following worksheet : Describe how a bull spread can be constructed using these put options. What is the difference between using put options versus call options to construct a bull spread? Complete the following worksheet.
Periodic and perpetual inventory systems : Compare merchandising transactions using both periodic and perpetual inventory systems.
Shapes the american culture : In 300 words please Comment about racial discrimination and how it shapes the American culture

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Tacoma inc bottles and distributes spring water on june12

tacoma inc. bottles and distributes spring water. on june12 of the current year tacoma inc. reacquired 15000 shares of

  Events occurred for taylor corporation

Events occurred for Taylor Corporation

  Basic elements and compliance issues of federal framework

Explain the basic elements and compliance issues of the federal procurement framework

  On march 12013 pyne furniture co issued 700000 of 10 bonds

on march 12013 pyne furniture co. issued 700000 of 10 bonds to yield 8. interest is payable semiannually on feb 28 a of

  Study a famous painting or sculpture

supplying details that locate the action in time and place

  Explain how companies handle uncollectible accounts

Explain how companies handle uncollectible accounts and revenue recognition when the right of return exists.

  Balances of accounts receivable prepaid expenses and

as a preliminary to requesting budget estimates of sales costs and expenses for the fiscal year beginning january 1

  Ending balance in the retained earnings account

The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings a..

  Power company sells merchandise with a one year warranty in

power company sells merchandise with a one year warranty. in 2012 sales consisted of 1600 units. it is estimated that

  Ameen company purchased a building for 36 million ameen

ameen company purchased a building for 36 million. ameen uses straight-line depreciation for financial statement

  On november 1 year 1 placid co borrowed 100000 from bay

on november 1 year 1 placid co. borrowed 100000 from bay bamk and signed a 12 six-month note payable all due at

  Omni products computes its predetermined overhead rate

omni products computes its predetermined overhead rate annually on the basis of direct labor hours dlh. the beginning

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd