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1)Ski West, Incorporated, operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Ski West expects its season pass holders to use their passes equally throughout the season. The companys fiscal year ends on December 31.
On November 6, 2024, Ski West sells a season pass to Jake Lawson for $450.
What are the financial statement effects from the sale of the season pass on November 6, 2024
A company provides the following information related to its inventory.
Inventory
Number of Units
Unit Cost
Unit NRV
Item A
3,800
$ 52
$ 46
Item B
4,200
28
30
Item C
2,500
34
31
Item D
1,300
22
2
Calculate ending inventory using the lower of cost and net realizable value rule.
Based on your analysis, prepare the journal entry needed to adjust inventor
3)Sara’s Boutique has the following transactions related to its top-selling Gucci purse for the month of October.
Date
Transactions
Units
Unit Cost
Total Cost
October 1
Beginning inventory
6
$ 730
$ 4,380
October 4
Sale
4
October 10
Purchase
5
740
3,700
October 13
Sale
3
October 20
Purchase
4
750
3,000
October 28
Sale
7
October 30
Purchase
8
760
6,080
$ 17,160
1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31.
Note: Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.
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