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Latest notes & summaries Cambridge College
[This is a variation of Exercise 8-1 modified to focus on the periodic inventory system.] 
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013: 
1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. 
2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier. 
3. Merchandise costing ...
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Cambridge College•Introduction to Economics
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[This is a variation of Exercise 8-1 modified to focus on the periodic inventory system.] 
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013: 
1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. 
2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier. 
3. Merchandise costing ...
The Phoenix Corporation’s fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company’s controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 
1. Merchandise held on consignment for Trout Creek Clothing. 
2. Goods shipped f.o.b. destination on December 28 that arrived at the customer’s location on January 4. 
3. Goods p...
- Summary
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Cambridge College•Introduction to Economics
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The Phoenix Corporation’s fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company’s controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 
1. Merchandise held on consignment for Trout Creek Clothing. 
2. Goods shipped f.o.b. destination on December 28 that arrived at the customer’s location on January 4. 
3. Goods p...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2013 is available: 
Aug. 1 Inventory on hand—2,000 units; cost $6.10 each. 
8 Purchased 10,000 units for $5.50 each. 
14 Sold 8,000 units for $12.00 each. 
18 Purchased 6,000 units for $5.00 each. 
25 Sold 7,000 units for $11.00 each. 
31 Inventory on hand—3,000 units. 
Required: 
Determine the inventory balance Altira would report in its August 31, 2...
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Cambridge College•Introduction to Economics
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Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2013 is available: 
Aug. 1 Inventory on hand—2,000 units; cost $6.10 each. 
8 Purchased 10,000 units for $5.50 each. 
14 Sold 8,000 units for $12.00 each. 
18 Purchased 6,000 units for $5.00 each. 
25 Sold 7,000 units for $11.00 each. 
31 Inventory on hand—3,000 units. 
Required: 
Determine the inventory balance Altira would report in its August 31, 2...
The following information is taken from the inventory records of the CNB Company: 
Beginning inventory, 9/1/13 5,000 units @ $10.00 
Purchases: 
9/7 3,000 units @ $10.40 
9/25 8,000 units @ $10.75 
Sales: 
9/10 4,000 units 
9/29 5,000 units 
7,000 units were on hand at the end of September. 
Required: 
1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September’s ending inventory. 
2. Repeat requirement 1 a...
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Cambridge College•Introduction to Economics
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The following information is taken from the inventory records of the CNB Company: 
Beginning inventory, 9/1/13 5,000 units @ $10.00 
Purchases: 
9/7 3,000 units @ $10.40 
9/25 8,000 units @ $10.75 
Sales: 
9/10 4,000 units 
9/29 5,000 units 
7,000 units were on hand at the end of September. 
Required: 
1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September’s ending inventory. 
2. Repeat requirement 1 a...
On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on 
January 6, 2014. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
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Cambridge College•Introduction to Economics
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On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on 
January 6, 2014. Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
At the beginning of 2013, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool’s value on that date was $1,400,000. The 2013 ending inventory valued at year-end costs was $1,664,000 and the year-end cost index was 1.04. Calculate the inventory value at the end of 2013 using the dollar-value LIFO method.
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Cambridge College•Introduction to Economics
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At the beginning of 2013, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool’s value on that date was $1,400,000. The 2013 ending inventory valued at year-end costs was $1,664,000 and the year-end cost index was 1.04. Calculate the inventory value at the end of 2013 using the dollar-value LIFO method.
You were recently hired to work in the controller’s office of the Balboa Lumber Company. Your boss, Alfred Eagleton, took you to lunch during your first week and asked a favor. “Things have been a little slow lately, and we need to borrow a little cash to tide us over. Our inventory has been building up and the CFO wants to pledge the inventory as collateral for a short-term loan. But I have a better idea.” Mr. Eagleton went on to describe his plan. “On July 1, 2013, the first day of the...
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Cambridge College•Introduction to Economics
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You were recently hired to work in the controller’s office of the Balboa Lumber Company. Your boss, Alfred Eagleton, took you to lunch during your first week and asked a favor. “Things have been a little slow lately, and we need to borrow a little cash to tide us over. Our inventory has been building up and the CFO wants to pledge the inventory as collateral for a short-term loan. But I have a better idea.” Mr. Eagleton went on to describe his plan. “On July 1, 2013, the first day of the...
Kelly Corporation shipped goods to a customer f.o.b. destination on December 29, 2013. The goods arrived at the customer’s location in January. In addition, one of Kelly’s major suppliers shipped goods to Kelly f.o.b. shipping point on December 30. The merchandise arrived at Kelly’s location in January. Which shipments should be included in Kelly’s December 31 inventory?
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Cambridge College•Introduction to Economics
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Kelly Corporation shipped goods to a customer f.o.b. destination on December 29, 2013. The goods arrived at the customer’s location in January. In addition, one of Kelly’s major suppliers shipped goods to Kelly f.o.b. shipping point on December 30. The merchandise arrived at Kelly’s location in January. Which shipments should be included in Kelly’s December 31 inventory?
McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. 
(a)Assuming no errors occurred during journalizing or posting, what caused this unusual balance? 
(b)Is the $1,850 credit balance in the cash account an asset, a liability, owner’s equity, a revenue, or an expense?
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Cambridge College•Introduction to Economics
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McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. 
(a)Assuming no errors occurred during journalizing or posting, what caused this unusual balance? 
(b)Is the $1,850 credit balance in the cash account an asset, a liability, owner’s equity, a revenue, or an expense?
Jose Loder established Bronco Consulting on August 1, 2014. The effect of each transaction and the balances after each transaction for August are shown below.
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Cambridge College•Introduction to Economics
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Jose Loder established Bronco Consulting on August 1, 2014. The effect of each transaction and the balances after each transaction for August are shown below.