Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $70 Purchases: Feb. 11 500 $74 May 18 400 76 Oct. 23 100 80 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Round your answers to the nearest dollar.

How do you forecast earnings for a company. Example: Revenue for Google was $156,562,000 in year 1, $164,251,000 in year 2, and $166,251,000 in year 3. Forecast years 4, 5, and 6. How would you do that? Also, would it be the same way for all forcasting on Balance sheet and Income Statement items?

Describe ways in which an organization’s business model may affect its approach to governance oversight. Provide examples that contrast publicly held companies from privately held companies.

Describe ways in which an organization’s business model may affect its approach to governance oversight. Provide examples that contrast publicly held companies from privately held companies.

Provide a reason why a privately-held firm is valued higher/lower than comparable publicly-held firms. To get the full mark, you must discuss both cases.

Percentage-of-Completion and Completed Contract Methods

Philbrick Company signed a three-year contract to provide sales training to the employees of Elliot Company. The contract price is $1,200 per employee and the estimated number of employees to be trained is 400. The expected number to be trained in each year and the expected training costs follow.

Required

For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized using the following method.
(Do not round until your final answers. Round your answers to two decimal places.)

1. Percentage-of-completion method, where percentage-of-completion is determined by the number of employees trained.

2. Percentage-of-completion method, where percentage-of-completion is determined by the costs incurred.

3. Completed contract method.

The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company’s fiscal year-end.

1. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
2. The office equipment is depreciated at 10 percent of original cost per year.
3. Prepaid insurance expired during the year, $1,550.
4. Accrued salaries and wages at year-end, $1,200.
5. Deferred rent revenue at year-end should be $750.

Required:
1. From the trial balance and information given, prepare adjusting entries.
2. Post the beginning balances and adjusting entries into the appropriate t-accounts.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.

The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company’s fiscal year-end.

The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.

The office equipment is depreciated at 10 percent of original cost per year.

Prepaid insurance expired during the year, $1,600.

Accrued salaries and wages at year-end, $1,250.

Deferred rent revenue at year-end should be $800.

Required:
1. From the trial balance and information given, prepare adjusting entries.
2. Post the beginning balances and adjusting entries into the appropriate t-accounts.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.

Percentage-of-Completion and Completed Contract Methods

Philbrick Company signed a three-year contract to provide sales training to the employees of Elliot Company. The contract price is $1,200 per employee and the estimated number of employees to be trained is 400. The expected number to be trained in each year and the expected training costs follow.

Required

For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized using the following method.
(Do not round until your final answers. Round your answers to two decimal places.)

1. Percentage-of-completion method, where percentage-of-completion is determined by the number of employees trained.

2. Percentage-of-completion method, where percentage-of-completion is determined by the costs incurred.

3. Completed contract method.

The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company’s fiscal year-end.

1. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
2. The office equipment is depreciated at 10 percent of original cost per year.
3. Prepaid insurance expired during the year, $1,150.
4. Accrued salaries and wages at year-end, $850.
5. Deferred rent revenue at year-end should be $400.

Required:
1. From the trial balance and information given, prepare adjusting entries.
2. Post the beginning balances and adjusting entries into the appropriate t-accounts.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.