Work Sheets for Exercises 7-3, 7-4, and 7-5 appear on the following pages. Exercise 7-6 a.
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1 Exercise 7-1 CROCKER COMPANY Schedule of Corrected Net Income Year Total Exercise 7-2 Work Sheets for Exercises 7-3, 7-4, and 7-5 appear on the following pages. Exercise 7-6 a. KETTLE COMPANY FIFO LIFO Weighted Average b. Exercise 7-7 CUSTER COMPANY GENERAL JOURNAL DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Chapter 7-1
2 Exercise 7-3 Date Purchased MIAMI DISCOUNT COMPANY Sold Balance Chapter 7-2
3 Exercise 7-4 Date Purchased MIAMI DISCOUNT COMPANY Sold Balance Chapter 7-3
4 Exercise 7-5 Date Purchased LONDON COMPANY Sold Balance Chapter 7-4
5 Exercise 7-8 GAMBLE COMPANY GENERAL JOURNAL DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Chapter 7-5
6 Exercise 7-9 WELLS COMPANY GENERAL JOURNAL DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Exercise 7-10 Exercise 7-11 Exercise 7-12 Chapter 7-6
7 Exercise 7-13 Exercise 7-14 Exercise 7-15 Item Cost Market Lower of Cost or Market Exercise 7-16 Items Cost Market Exercise 7-17 Chapter 7-7
8 Exercise 7-18 Exercise 7-19 Cost Retail Chapter 7-8
9 Problem 7-1 or 7-1A Schedule of Corrected Income COMPANY Total Chapter 7-9
10 Problem 7--2 or 7-2A a. COMPANY Total b. c. Chapter 7-10
11 Problem 7-3 or 7-3A COMPANY a. b. c. Chapter 7-11
12 Problem 7-4 THIMBLE COMPANY GENERAL JOURNAL DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Chapter 7-12
13 Problem 7-4 A CORAL COMPANY a. b. c. Chapter 7-13
14 Problem 7-5 or 7-5A a. (1) FIFO perpetual: COMPANY Schedule of Alternative Inventory Valuations Date Purchased Sold Balance Chapter 7-14
15 Problem 7-5 or 7-5A (continued) a. (2) LIFO perpetual: COMPANY Schedule of Alternative Inventory Valuations Date Purchased Sold Balance Chapter 7-15
16 Problem 7-5 or 7-5A (continued) COMPANY Schedule of Alternative Inventory Valuations a. (3) Weighted-average perpetual (moving average): Date Purchased Sold Balance Chapter 7-16
17 Problem 7-5 or 7-5A (concluded) b. Chapter 7-17
18 Problem 7-6 or 7-6A a. GENERAL JOURNAL COMPANY DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Chapter 7-18
19 Problem 7-6 or 7-6A (concluded) b. GENERAL JOURNAL COMPANY DATE (or entry no.) ACCOUNT TITLES AND EXPLANATION POST. REF. DEBIT CREDIT Chapter 7-19
20 Problem 7-7 or 7-7A a. (1) FIFO perpetual: COMPANY Schedule of Alternative Inventory Valuations Date Purchased Sold Balance Chapter 7-20
21 Problem 7-7 or 7-7A (continued) a. (2) LIFO perpetual: COMPANY Schedule of Alternative Inventory Valuations Date Purchased Sold Balance Chapter 7-21
22 Problem 7-7 or 7-7A (continued) a. (2) (concluded) COMPANY Schedule of Alternative Inventory Valuations Date Purchased Sold Balance Chapter 7-22
23 Problem 7-7 or 7-7A (continued) COMPANY Schedule of Alternative Inventory Valuations a. (3) Weighted-average perpetual (moving average): Date Purchased Sold Balance Chapter 7-23
24 Problem 7-7 (concluded) b. BRAXTON COMPANY Schedule of Alternative Inventory Valuations Periodic Procedures (1) Cost of goods available for sale: (2) Cost of goods available for sale: (3) Weighted-average unit cost: Chapter 7-24
25 Problem 7-7A (concluded) b. (1) FIFO periodic (2) LIFO periodic: (3) Weighted-average periodic: Chapter 7-25
26 Problem 7-8 or 7-8A COMPANY Computation of Gross Margin a. b. c. Chapter 7-26
27 Problem 7-8 or 7-8A (concluded) COMPANY Computation of Gross Margin d. Chapter 7-27
28 Problem 7-9 or 7-9A Schedule of Inventory Valuation December 31, 2006 COMPANY Item Cost Market Lower of Cost or Market Chapter 7-28
29 Problem 7-10 a. BRAZOS COMPANY b. BRAZOS COMPANY Income Statement for the Quarters Ended March 31, 2006, and June 30, 2006, and for the Six Months Ended June 30, 2006 First Quarter Second Quarter Six Months Ended 6/30/06 Chapter 7-29
30 Problem 7-10A a. LIVELY COMPANY b. Computation of Ending Merchandise Inventory Chapter 7-30
31 Problem 7-11 or 7-11A COMPANY Cost Retail Chapter 7-31
32 Business Decision Case 7-1 a. Green Lewis b. c. Green Lewis Chapter 7-32
33 Business Decision Case 7-2 CONNIE DALTON Annual Report Analysis 7-3 Chapter 7-33
34 Ethics Case Writing Experience 7-4 Chapter 7-34
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