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Moving-average cost is the same, but allows a weighted average cost to be used under a perpetual inventory system. Swan Limited follows the practice of closing of its books on 31 March every year.The company was considering an offer to sell off the business at the beginning of 2014 but due to some differences the deal was not finalized and the company carried out stock taking on 10 March 2014.The periodic system has special implications for accounting.

Additionally, sometimes under the periodic method we are required to estimate our current inventories.

For example, in the case of theft or fire, we may need to estimate our inventories for insurance purposes.

I don't feel I have enough experience to answer the below questions. The accounting staff wants to follow t May 2 1 Gallon @ 1.95 May 7 1 Gallon @ 2.10 May 9 3 Gallon @ 2.65 May14 The Store sold 4 Gallon of milk to customers Identify the amount that would be reported in the inventory on May 15 using a) FIFO b) LIFO c) Average FIFO LIFO 1. The forecasted annual demand for their premium leather jacket is 2,000.

The order-processing cost per order is $40, and the inventory holding cost is $35/item/year.

How do unrealized intercompany profits on a downstream sale of inventory made during the current period affect the computation of consolidated net income and income to the controlling int Consolidated Balance Sheets (partial), Consolidated Statements of Operations (partial), and Inventory COMP 8-1.

Complete the requirement for each of the following independent cases: Case A. Pepper Snapple Group, Inc., is a leading integrated brand owner, bottler, and distributor of nonalcoholic beverages in the United A new textbook is published in the spring of 2011.

If customers are slow to take to it or, worse, find it unattractive, the merchandise inventory becomes a liability, one that ties up cash and decreases in value o When are profits on intercorporate sales considered to be realized? How are unrealized profits on current-period intercorporate sales treated in preparing the income statement for (a) the selling company and (b) the consolidated entity? How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold in the current period? Distinguish between an upstream sale of inventory and a downstream sale.

Is it important to know if the sale was upstream or downstream? Why is it important to know whether a sale is upstream or downstream?

That is, when we do our ending inventory count, we have to decide what value to use for our inventory's per-unit cost.

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