A flash flood swept through FMB, Inc.’s warehouse on May 1. After the flood, FMB’s accounting records showed the following: Inventory, January 1  $   35,000 Purchases, January 1 through May 1  $ 200,000 Sales, January 1 through May 1  $ 250,000 Inventory not damaged by flood  $   30,000 Gross profit percentage on sales 40% What amount of inventory was lost in the flood?

Which of the following statements is false regarding an assumption of inventory cost flow?

Davis Wade Corporation’s inventory on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?

Jack Co.’s inventory on December 31, 2005 was $1,800,000, based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $75,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005, had a cost of $160,000 (and were not set aside for the customer). What amount should Jack report as inventory in its December 31, 2005, balance sheet?

LIFO liquidation often distorts net income, but usually leads to substantial tax savings.

Lee Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Andrea Spain, controller for Lee, has gathered the following data concerning inventory. At May 31, 2020, the balance in Lee’s Raw Materials Inventory account was $448,800, and Allowance to Reduce Inventory to Market had a credit balance of $29,690. Spain summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Spain assigned Peter DeGabriel, an intern from a local college, the task of calculating the amount that should appear on Lee’s May 31, 2020, financial statements for inventory at lower-of-cost-or-market as applied to each item in inventory. DeGabriel expressed concern over departing from the historical cost principle. Assume Lee uses LIFO inventory costing. Cost Replacement Cost Sales Price Net Realizable Value Normal Profit Aluminum siding $77,000 $68,750 $70,400 $61,600 $5,610 Cedar shake siding $94,600 $87,340 $103,400 $93,280 $8,140 Louvered glass doors $123,200 $136,400 $205,040 $185,130 $20,350 Thermal windows $154,000 $138,600 $170,280 $154,000 $16,940 Total $448,800 $431,090 $549,120 $494,010 $51,040   Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. Do NOT use a dollar sign ($) in your answer. Balance in the Allowance to Reduce Inventory to Market $   For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Do NOT use a dollar sign ($) in your answer. Indicate loss with either parenthesis or a negative sign (-). The amount of gain (loss) $

Which of the following diseases or conditions typically develops in childhood?

The issue(s) with keeping children from consuming foods high in sugar and fat is:

Teens, as do many Americans, do not eat enough fiber every day.  In order to increase their fiber intake, what foods should adolescents be encouraged to eat?

What does an obesogenic environment refer to?