(Get Answer) – Is there someone better in intermediate accounting? i need in the

(Get Answer) – Is there someone better in intermediate accounting? i need in theFulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition):•             43 units at $97•             74 units at $71•             175 units at $61  Sales for the year totaled 268 units, leaving 24 units on hand at the end of the year. Ending inventory using the average cost method is (Do not round unit cost calculation. Round your final answer to the nearest whole dollar amount):$1,652.$2,328.$1,464.$1,514.  Top of FormNu Company reported the following pretax data for its first year of operations.  Net sales 2,810        Cost of goods available for sale 2,310        Operating expenses 780        Effective tax rate 30%      Ending inventories:          If LIFO is elected 970            If FIFO is elected 1,130     What is Nu’s net income if it elects LIFO?$690.$850.$595.$483.Bottom of Form Nueva Company reported the following pretax data for its first year of operations.   Net sales 7,400         Cost of goods available for sale 5,650         Operating expenses 1,578         Effective tax rate 40%      Ending inventories:          If LIFO is elected 634             If FIFO is elected 809      What is Nueva’s net income if it elects FIFO? (Round your intermediate and final answer to the nearest whole dollar amount.)$806.$484.$981.$589. Thompson TV and Appliance reported the following in its 2016 financial statements:     2016  Sales $437,000    Cost of goods sold:          Inventory, January 1 73,000          Net purchases 333,000          Goods available for sale 406,000          Inventory, December 31     87,000          Cost of goods sold 319,000    Gross profit $118,000   Thompson’s 2016 gross profit ratio is (Round your answer to the nearest whole percentage):24%.26%.27%.None of these is correct. Top of FormAnthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:     2016   2015  Sales $315,000   $295,000    Sales returns and allowances       7,500       5,500    Net sales $307,500   $289,500    Cost of goods sold:            Inventory, January 1 47,000   31,000          Net purchases 138,000   129,000          Goods available for sale 185,000   160,000          Inventory, December 31     60,000     47,000          Cost of goods sold 125,000   113,000    Gross profit $182,500   $176,500   ATC’s gross profit ratio in 2016 is (Round your answer to one decimal place e.g., .123 as 12.3%):59.3%.60.1%.56.2%.None of these is correct.Bottom of Form  Top of FormAnthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:     2016   2015  Sales $306,000   $288,000    Sales returns and allowances 8,100   5,000    Net sales $297,900   $283,000    Cost of goods sold:            Inventory, January 1 62,000   18,000          Net purchases 139,000   142,000          Goods available for sale 201,000   160,000          Inventory, December 31 62,000   62,000          Cost of goods sold 139,000   98,000    Gross profit $158,900   $185,000   The average days inventory for ATC for 2016 is (Round intermediate calculations to two decimal places. Round your final answer to a whole number):rev: 11_19_2015_QC_CS-33523223 days.163 days.Less than 100 days.213 days.Bottom of Form On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $115,000. The 2016 ending inventory, valued at year-end costs, was $150,800. The relative cost index for this inventory in 2016 was 1.16. Assume that Badger’s 2017 ending inventory, valued at year-end costs, was $164,700 and that the relative cost index for this inventory in 2016 was 1.22.  Suppose that Badger’s 2018 ending inventory, valued at year-end costs, was $167,500 and that the relative cost index for this inventory in 2018 was 1.25. What inventory balance would Badger report on its 12/31/18 balance sheet?  $134,000$137,280$167,500None of these answer choices is correct. Top of FormLinguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2016, when it had an inventory of $864,000. Its inventory as of December 31, 2016, was $897,000 at year-end costs and the cost index was 1.15. What was DVL inventory on December 31, 2016?780,000864,000897,000993,600Bottom of Form  Top of Form           Data related to the inventories of Costco Medical Supply are presented below:    SurgicalEquipment SurgicalSupplies RehabEquipment RehabSupplies  Selling price $268      $134      $351      $158       Cost 153      131      251      155       Costs to sell 26      17      23      10       In applying the lower of cost and net realizable value rule, the inventory of surgical supplies would be valued at:$99.$131.$77.$117.Bottom of Form  Top of FormData related to the inventories of Costco Medical Supply are presented below:    SurgicalEquipment SurgicalSupplies RehabEquipment RehabSupplies  Selling price $264      $134      $324      $150       Cost 165      106      288      148       Costs to sell 15      9      28      9       In applying the lower of cost and net realizable value rule, the inventory of rehab equipment would be valued at:$267.$296.$288.$215.Bottom of Form       Data related to the inventories of Costco Medical Supply are presented below:   SurgicalEquipment SurgicalSupplies RehabEquipment RehabSupplies  Selling price $266      $123      $357      $161       Cost 164      100      251      162       Costs to sell 24      13      25      6       In applying the lower of cost and net realizable value rule, the inventory of rehab supplies would be valued at:$162.$107.$158.$155.  Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:   Skis Boots Apparel Supplies  Selling price $165,000      $142,000    $119,000      $77,000       Cost 139,000      140,000    83,300      50,050       Replacement cost 111,000      115,000    103,300     46,050       Sales commission 10%   10%   10%   10%    In applying the lower of cost and net realizable value rule, the inventory of boots would be valued at:$127,800.$92,300.$115,000.$140,000. Top of FormOn July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:   Sales, January 1 through July 8 $694,000       Inventory, January 1 136,000       Purchases, January 1 through July 8 644,000       Gross profit ratio 25%   What is the estimated inventory on July 8 immediately prior to the fire?$161,000.$260,100.$520,500.$259,500. Top of FormFad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $20.80 was marked up $13.00, marked down for a sale by $5.40 and then had a markdown cancellation of $3.30. The latest selling price is:$35.70.$26.20.$31.70.$37.10.        Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory.   Cost Retail  Beginning inventory $76,000   $115,000    Net purchases 362,610   530,000    Net markups   31,000    Net markdown   51,000    Net sales   474,000    Estimated ending inventory at cost is (Do not round intermediate calculations):$101,596.$106,486.$110,770.None of these answer choices are correct.  Top of Form           Willie Nelson’s Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:     Cost Retail  Beginning inventory $48,000   $65,000    Net purchases 156,000   219,000    Net markups   20,000    Net markdowns   37,000    Net sales   222,000     The conventional cost-to-retail percentage (rounded) is:76.4%.67.1%.84.3%.71.8%.Bottom of Form  Top of Form Willie Nelson’s Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:     Cost Retail  Beginning inventory $32,000   $69,000    Net purchases 151,000   201,000    Net markups   30,000    Net markdowns   35,000    Net sales   220,000     To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations):   $40,000.$28,000.$27,000.$12,000.Bottom of Form   Top of FormPoppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,000, and its ending inventory on December 31 was understated by $17,000. In addition, a purchase of merchandise costing $21,700 was incorrectly recorded as a $2,170 purchase. None of these errors were discovered until the next year. As a result, Poppy’s cost of goods sold for this year was:Overstated by $33,530.Overstated by $5,530.Understated by $50,530.Understated by $33,530.Bottom of Form            On July 10, 2016, Johnson Corporation signed a purchase commitment to purchase inventory for $360,000 on or before February 15, 2017. The company’s fiscal year-end is December 31. The contract was exercised on February 1, 2017 and the inventory was purchased for cash at the contract price. On the purchase date of February 1, the market price of the inventory was $368,000. The market price of the inventory on December 31, 2016, was $332,000. The company uses a perpetual inventory system.    How much loss on purchase commitment will Johnson recognize in 2016?   $8,000.$28,000.$36,000.None. On July 10, 2016, Johnson Corporation signed a purchase commitment to purchase inventory for $214,000 on or before February 15, 2017. The company’s fiscal year-end is December 31. The contract was exercised on February 1, 2017, and the inventory was purchased for cash at the contract price. On the purchase date of February 1, the market price of the inventory was $224,000. The market price of the inventory on December 31, 2016, was $187,000. The company uses a perpetual inventory system.   At what amount will Johnson record the inventory purchased on February 1, 2017?   $197,000$187,000$224,000$214,000  Top of Form     Haskell Corporation has determined its year-end inventory on a FIFO basis to be $803,000. Information pertaining to that inventory is as follows:     Selling price $832,000    Costs to sell 44,000    Replacement cost 774,000      What should be the reported value of Haskell’s inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?$709,000.$774,000.$788,000.$803,000.Bottom of FormBottom of FormBottom of FormTop of FormBottom of Form