ACC 300 Lecture Notes - Lecture 5: Income Statement, Lealui, Executive Compensation
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Example 1 weighted-average periodic: kramerica distribution corp. regularly purchases cases of junior mints for resale to stores. Kramerica sells the cases for per case. Below is a summary of kramerica"s purchases and sales. Example 2 fifo: assume now that kramerica uses fifo and has a periodic system. Example 3 lifo: use the data from the kramerica example, but assume that kramerica. When counting its ending inventory at december 31, 2014, a federly co. employee skipped a row of the warehouse and failed to include ,000 of inventory. At the end of 2015, the inventory was counted correctly. Describe the impact on 2014 and 2015 financial statements. Wolverine corp. lost all of its inventory and financial records due to a flood on march. The financial statements from last year show an ending inventory of ,000. Analyzing cash receipts, wolverine estimates that sales since january 1, 2013 were. By confirming purchases with its suppliers, wolverine estimates that purchases.
