Expert Answer:ACT 3391 Traditional HW Assignment

Answer & Explanation:33. (5 points) Hartley’s accounting records included the following information:Inventory, 01-01-13$319,500Purchases during 2013 (excluding shipping)$1,200,000Purchase returns during 2013$15,000Freight-in on 2013 purchases$8,500Sales during 2013$1,998,750Hartley completed a physical inventory on 12-31-13 and calculated an ending inventory of $525,000, at cost. In recent years, Hartley’s gross profit equaled 105% of Hartley’s cost. Hartley suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.34. (8 points) Gage’s accounting records included the following information:Inventory, 01-01-15$211,000Purchases during 2015$805,000Purchase returns during 2015$4,000Freight-out on 2015 sales$10,000Sales during 2015$1,662,000Sales returns during 2015$60,000Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at retail selling price. In recent years, Gage’s gross profit equaled 42% of Gage’s selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.35. (3 points) As of 12-31-15, Zena Company has four different inventory items on hand. Data on the four items follows:ItemQuantity on handUnit costExpected selling priceEstimated disposal costsC3Z22P3550$30.75$40$3PQ27845 75$ 9.50$10$2ZT15577253$17.00$29$0SF98888 87$43.00$50$9Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis, determine if Zena needs to make an entry to write her inventory down. If so, prepare the entry Zena should make36. (4 points) As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three items follows:ItemQuantityon handUnit cost(Acme uses LIFO)ReplacementcostNormalprofitExpectedselling priceEstimateddisposal costsA75$405$625$750$1,500$100B24$310$300$230$400$25C51$775$800$300$1,000$250Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down. If so, prepare the entry Acme should make

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