SmartExpert

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    Adelphi University/Devry
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Category > Accounting Posted 12 Feb 2019 My Price 2.00

Flounder Company

 Flounder Company has outstanding noncancelable purchase commitments for 34,400 gallons, at $3.90 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Exercise 9-2 Exercise 9-9 Assuming that the market price as of December 3 2017, is $3.51, record the journal entry. (Credit account titles are automatically indented Exercise 9-12 when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to o decimal places, e.g. 6,225.) Exercise 9-15 Account Titles and Explanation Debit Date Dec 31 Review Results by Study Objective SHOW LIST OF ACCOUNTS Give the entry in January 2018, when the 34,400-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2017, and that the market price in January 2018 was $3.51 per gallon. Prepare the journal entry for when the materials are received in January 2018 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 6,225.) Date Account Titles and Explanation Jan 2018          

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SmartExpert
(118)
Status NEW Posted 12 Feb 2019 01:02 AM My Price 2.00

  ----------- ----------- ----------- Co-----------st -----------  ----------- M-----------ark-----------et -----------  ----------- Â-----------  -----------  -----------  ----------- Â-----------  ----------- -----------  ----------- Â-----------  -----------  -----------  ----------- Â-----------  -----------  -----------  ----------- Â-----------  ----------- ----------- Ga-----------llo-----------ns -----------  ----------- Â----------- Â ----------- Â----------- Â ----------- 34-----------,40-----------0 -----------Gal-----------lon-----------s ----------- Â----------- Â ----------- Â----------- Â -----------  -----------34,-----------400----------- C-----------ost-----------

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