Instructions: Complete the requirements specified for each of the following independent situations. 1.State the missing items identified by “?”. A.? + Purchases – Purchases discounts – Purchases returns and allowances + Freight-in = ? B.Net purchases + ? = Cost of goods purchased C.Net purchases + ? + ? = Purchases 2.Pettitte Company uses the lower of cost or market (LCM) basis for its inventory. The following information relates to its December 31, 2012, inventory. Determine the amount of the ending inventory applying LCM to individual items. December 31, 2012 ProductUnitsUnit CostMarket A600$1720 B3502825 C4001517 D2503129 E3802019
Instructions: Complete the requirements specified for each of the following independent situations. 1.State the missing items identified by “?”. A.? + Purchases – Purchases discounts – Purchases returns and allowances + Freight-in = ? B.Net purchases + ? = Cost of goods purchased C.Net purchases + ? + ? = Purchases 2.Pettitte Company uses the lower of cost or market (LCM) basis for its inventory. The following information relates to its December 31, 2012, inventory. Determine the amount of the ending inventory applying LCM to individual items. December 31, 2012 ProductUnitsUnit CostMarket A600$1720 B3502825 C4001517 D2503129 E3802019
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12GI: Consider each of the following independent situations. Should a company report the goods in its...
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Instructions: Complete the requirements specified for each of the following independent situations.
1.State the missing items identified by “?”.
A.? + Purchases – Purchases discounts – Purchases returns and allowances
+ Freight-in = ?
B.Net purchases + ? = Cost of goods purchased
C.Net purchases + ? + ? = Purchases
2.Pettitte Company uses the lower of cost or market (LCM) basis for its inventory. The following information relates to its December 31, 2012, inventory. Determine the amount of the ending inventory applying LCM to individual items.
December 31, 2012
ProductUnitsUnit CostMarket
A600$1720
B3502825
C4001517
D2503129
E3802019
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