Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 7.00

Ripken Company

1. Ripken Company’s ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each product.

 

 

Per Unit

Product

Units

Cost

Market

Helmets

22

$50

$54

Bats

15

78

72

Shoes

36

95

91

Uniforms 

40

36

36

2. Ringo Company had $900,000 of sales in each of three consecutive years 2010 – 2012, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $200,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2010 that caused its year-end 2010 inventory to appear on its statements as $180,000 rather than the correct $200,000.

a. Determine the correct amount of the company’s gross profit in each of the years 2010 – 2012.

b. Prepare comparative income statements show the effect of this error on the company’s cost of goods sold and gross profit for each of the years 2010 – 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 07:07 PM My Price 7.00

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