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Posted: October 14th, 2022
Instructions:
Create a single Excel document with one
worksheet/tab for each problem.
Problem
1
On February 1,
2007, York Contractors agreed to construct a building at a contract price of
$6,000,000. York estimated total construction costs would be $4,000,000 and the
project would be finished in 2009. Information relating to the costs and
billings for this contract is as follows:
2007
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2008
2009
Total costs
incurred to date
$1,500,000
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$2,640,000
$4,600,000
Estimated
costs to complete
Prices start at $10 per page for undergrad work and go up to $21 for advanced levels, depending on urgency and any extras you toss in. Deadlines range from a lightning-fast 3 hours to a chill 14 days—plenty of wiggle room there! Plus, if you’re ordering big, you’ll snag 5-10% off, making it easier on your wallet while still getting top-notch quality.
2,500,000
1,760,000
-0-
Customer
billings to date
Nope—your secret’s locked down tight. We encrypt all your data with top-tier security, and every paper’s crafted fresh just for you, run through originality checks to prove it’s one-of-a-kind. No one—professors, classmates, or anyone—will ever know you teamed up with us, guaranteed.
2,200,000
4,000,000
5,600,000
Collections
to date
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2,000,000
3,500,000
5,500,000
Fill in the
correct amounts on the following schedule. For percentage-of-completion
accounting and for completed-contract accounting, show the gross profit that
should be recorded for 2007, 2008, and 2009. Create your response on a separate
Excel spreadsheet.
Our writers are Ph.D.-level pros who live for nailing the details—think deep research and razor-sharp arguments. We pair that with top plagiarism tools, free revisions to tweak anything you need, and fast turnarounds that don’t skimp on quality. Your research paper won’t just shine—it’ll set the bar.
Percentage of Completion
Completed-Contract
Gross Profit
Gross Profit
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2007
----------------------------
2007
----------------------------
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2008
----------------------------
2008
----------------------------
Yep—APA, Turabian, IEEE, Chicago, MLA, whatever you throw at us! Our writers nail every detail of your chosen style, matching your guidelines down to the last comma and period. It’s all about making sure your paper fits academic expectations perfectly, no sweat.
2009
----------------------------
2009
----------------------------
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Problem 2
Part A:
Wells Company has a beginning inventory in year one of $300,000 and an ending
inventory of $363,000. The price level has increased from 100 at the beginning
of the year to 110 at the end of year one. Calculate the ending inventory under
the dollar-value LIFO method.
Prepare your
response on a separate Excel spreadsheet as directed on the Problem Set 2
instructions.
Part B:
At the end of year two, Wells' inventory is $437,000 in terms of a price level
of 115 which exists at the end of year two. Calculate the inventory at the end
of year two continuing the use of the dollar-value LIFO method.
Prepare your
response on a separate Excel spreadsheet as directed on the Problem Set 2
instructions.
Problem
3
The
December 31, 2008 inventory of Dwyer Company consisted of four products, for
which certain information is provided below.
Replacement Estimated Expected Normal
Profit
Product Original Cost Cost Disposal Cost Selling Price on Sales
A $25.00 $22.00 $6.50 $40.00 20%
B $42.00 $40.00 $12.00 $48.00 25%
C $120.00 $115.00 $25.00 $190.00 30%
D $18.00 $15.80 $3.00 $26.00 10%
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Directions Using the
lower-of-cost-or-market approach applied on an individual-item basis, compute
the inventory valuation that should be reported for each product on December
31, 2008. Prepare your
response on a separate Excel spreadsheet as directed on the Problem Set 2
instructions.
Problem
4
Flynt
Company was formed on December 1, 2007. The following information is available
from Flynt 's inventory record for Product X.
Units
Unit Cost
January
1, 2008 (beginning inventory) 1,600 $18.00
Purchases:
January
5, 2008 2,600 $20.00
January
25, 2008 2,400 $21.00
February
16, 2008 1,000 $22.00
March
15, 2008 1,800 $23.00
A physical inventory on
March 31, 2008, shows 2,500 units on hand.
Directions : Prepare schedules to
compute the ending inventory at March 31, 2008, under each of the following
inventory methods: Prepare
your response on a separate Excel spreadsheet as directed on the Problem Set 2
instructions.
(a) FIFO.
(b) LIFO.
Show supporting computations in good form.
Problem 5
A machine cost
$500,000 on April 1, 2008. Its estimated salvage value is $50,000 and its
expected life is eight years.
Directions :
Calculate the depreciation expense (to the nearest dollar) by each of the
following methods, showing the figures used on a separate Excel spreadsheet as
directed on the Problem Set 2 instructions.
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a) Straight-line for 2008
b)
Double-declining balance for 2009
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You’ll never get a paper from us with plagiarism or that robotic AI feel. We carefully research, write, cite and check every final draft before sending it your way.