The overstatement of the ending inventory balance causes:

Product Units on Hand Unit Cost Market Value Hand Pies 50 $2.25 $1.15 Whole Pies 18 8 11 Cobblers 15 9.75 7.50 Do not round answers.  What is current inventory cost? What is value of inventory after applying the lower of cost or market (LCM) value for each individual item? What is the adjusting entry to adjust the inventory after applying LCM? Accounts Debit Credit            

  October 1 Planet Express Inc. sold to Moe’s Tavern LLC. merchandise that cost $14,440 for $58,880, 2/10, n EOM, FOB Destination. October 2 Shipping cost of $2,009 is paid.  October 7 Planet Express accepted a return of merchandise of $3,880 that cost $890.  October 10 Moe’s Tavern pays the invoice.  Create a table and prepare journal entries for Planet Express and Moe’s Tavern. ***Do all entries for Planet Express and then all entries for Moe’s Tavern.***

Use the adjusted trial balance and prepare a properly formatted Multi-step Income Statement.  Holiday’s Music Corp. Adjusted Trial Balance 30-Apr   Dr. Cr. Cash $68,000   Accounts Receivable 12,000   Prepaid Insurance 850   Prepaid Advertising 13,250   Office Supplies                1,475   Merchandise Inventory            27,850   Equipment          250,000   Accumulated Depreciation-Equipment   $100,000 Music Copyrights            60,000   Accounts Payable   10,300 Salaries Payable   63,018 Notes Payable   7,500 Long-term Notes Payable    92,500 Common Stock   25,000 Retained Earnings   173,862 Dividends 30,000   Sales   $265,065 Sales Discount            25,702   Sales Returns and Allowances              4,370   Cost of Goods Sold          124,209   Insurance Expense (on office)              3,000   Advertising Expense              1,900   Office Salaries Expense            23,000   Office Supplies Expense              13,319   Office Rent            24,000   Depreciation Expense- Office Building              5,000   Royalties (an expense)            26,000   Travel Expenses (sales related)            13,200   Utilities Expense              7,230   Interest Expense              2,890                 Totals $737,245 $737,245

In applying the lower of cost or market method to LIFO inventory valuation, market is defined as:

Answer each question thoroughly. Be sure to label each question.  In general, what accounts are affected by adjusting entries? (2 points) Why are adjusting entries important? (2 points) What are the types of adjusting entries? (4 points) Give an example of one type of adjusting entry; you must provide the transaction and journal entry. (5 points)  

How many moles of water, O, are present in 75.0 g O?  

How many grams of MgO are produced when 40.0 grams of O2 react completely with excess Mg? 2Mg(s)+O2(g)→2MgO(s)  

Which measurement describes the pressure of a gas?  

0.400 mole of sucrose, , contains ________ C atoms.