Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.

  
For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

Required information

[The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.  

For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 455 units from the March 5 purchase; the March 29 sale consisted of 135 units from the March 18 purchase and 215 units from the March 25 purchase.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places

The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase.

A). Suppose Travel and Leisure reported the average hotel price in Miami, Florida, was $153.57 per night in 2019. Assume the population standard deviation is $26.86 and that a random sample of 30 hotels was selected. Calculate the standard error of the mean.

B). According to the US Labor Department, the average hourly wage for private-sector production and non-supervisory workers was $20.04 in February 2013. Assume the standard deviation for this population is $6.00 per hour. A random sample of 35 workers from this group was selected. What is the standard error of the mean?

C). According to the US Labor Department, the average hourly wage for private-sector production and non-supervisory workers was $20.04 in February 2013. Assume the standard deviation for this population is $6.00 per hour. A random sample of 35 workers from this group was selected. What is the probability that the mean for this sample is less than $19.00?

D). According to the US Labor Department, the average hourly wage for private-sector production and non-supervisory workers was $20.04 in February 2013. Assume the standard deviation for this population is $6.00 per hour. A random sample of 35 workers from this group was selected. What is the probability that the mean for this sample is more than $20.84??

How would we interpret the probability calculated in the questions D?

E). According to the US Labor Department, the average hourly wage for private-sector production and non-supervisory workers was $20.04 in February 2013. Assume the standard deviation for this population is $6.00 per hour. A random sample of 35 workers from this group was selected. What is the probability that the mean for this sample is exactly $20.00?

1.The pre merger balance sheets of firm A and B are given below.Firm A is interested in taking over firm B.Prepare the post- merger balance sheet for firm A according to the pooling of interest method.

2.Using the Same balance sheets in Question 1,Prepare the post -merger balance sheet for A under the Purchase Method.Take into account the following additional information:

(A) The fair value of the firm B's net fixed assets is US$10000

(B) Firm A pays US$20000 for firm Band Finances the purchase by issuing additional long -term debt

In the social discussion of minimum wage labeling in the United States, many commentators regard Costco as an example of how high wages can make companies more successful, and often take Costco's competitors such as Walmart and target as counterexamples, believing that these examples are not enough to provide employees with corresponding benefits. Other commentators think Costco's model is difficult to apply to different types of enterprises, and they think that salary is only one of the many factors to be considered for the company's success. Costco pays about 40% more to its employees than Wal Mart and target, and provides more comprehensive medical and retirement benefits, which saves a lot of employee turnover costs. Costco refuses to lay off staff, invest in staff training and give them full autonomy to solve problems. "The extraordinary loyalty [of employees] to [Costco co co-founder Jim sinegal] is due to his firm rejection of the view that 'I either care for my shareholders or my workers," said Thomas Perez, the US Labor Secretary. "It's a wrong choice," he said
While few disagree with the benefits of fair treatment of employees, some commentators attribute Costco's success to its broader business model, which promotes productivity rather than employee satisfaction. Megan McArdle, a columnist and economist, explains: "a typical Costco store has about 4000 SKUs (inventory units), most of which are stacked on pallets so that store employees can act as cargo managers themselves. Wal Mart has 140000 SKUs, which have to be sorted, replaced, reordered, delivered and so on. People tend to underestimate the cost of complexity because management problems don't simply add up, they multiply. " In addition, McArdle pointed out that Costco mainly targeted grocery stores rather than department stores, and catered to the needs of the general affluent customer base in the suburbs.

Question 1: Wal Mart, Costco's rival, pays its employees much less. When Costco pays employees 40% more than its direct competitors, how to maintain its operation and profitability? Why do some people say it's realistic, and others say it's unrealistic?

Question 2: Do you think Costco's other business practices contribute more to success than to improving employee pay and satisfaction? Can these two strategies be implemented?

Question 3: Is a company that does not follow Costco's compensation model an "unfair employee agency"? Should all companies treat their employees like Costco? This is discussed from the perspective of result theory and fundamental rights.

P11.14  Roland Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10 million and had an estimated useful life of eight years with no residual value. In early April 2020, a part costing $875,000 and designed to increase the machinery's efficiency was added. The machine's estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Roland's equipment. Roland's controller estimates that expected undiscounted future net cash flows on the equipment would be $6.3 million, and that expected discounted future net cash flows on the equipment would be $5.8 million. Fair value of the equipment at December 31, 2020, was estimated to be $5.6 million. Roland intends to continue using the equipment, but estimates that its remaining useful life is now four years. Roland uses straight-line depreciation. Assume that Roland is a private company that follows ASPE.

Instructions

a. Prepare the journal entry to record asset impairment at December 31, 2020, if any.

b. Fair value of the equipment at December 31, 2021, is estimated to be $5.9 million. Prepare any journal entries for the equipment at December 31, 2021.

c. Repeat part (b), assuming that on December 31, 2021, Roland's management decides to dispose of the equipment. As at December 31, 2021, the asset is still in use and not ready for sale in its current state. In February 2022, Roland's management will meet to outline an active program to find a buyer.

d. Repeat part (b), assuming that the equipment is designated as “held for sale” as of January 1, 2021, and that the equipment was not in use in 2021 but was still held by Roland on December 31, 2021.

e. For each situation in parts (b), (c), and (d), indicate where the equipment will be reported on the December 31, 2021 balance sheet.

f. Repeat parts (a) and (b), assuming instead that Roland is a public company that prepares financial statements in accordance with IFRS.

g.  From the perspective of a financial statement user, discuss the importance of frequent impairment testing in producing relevant and faithfully representative financial statements. Do IFRS and ASPE differ in the required frequency? Explain briefly.

a. With aid of a diagram, carefully illustrate the private and social benefits and costs to education. Demonstrate that as more years of education are acquired the expected gains from education tends to increase for private individual but falls for the society as a whole. (Note: Indicate the differences in the educational preferences from the perspectives of the society and private person).

b. From (a) above, suggest some policy recommendations to governments in the developing world.

c. Discuss the following concepts population:
i. Hidden momentum of population growth rate
ii. Demographic transition

Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $118,300. At that date, the noncontrolling interest had a fair value of $50,700 and Soda reported $70,000 of common stock outstanding and retained earnings of $31,000. The differential is assigned to buildings and equipment, which had a fair value $24,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $44,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows:

On December 31, 20X2, Soda purchased inventory for $27,000 and sold it to Pop for $45,000. Pop resold $28,000 of the inventory (i.e., $28,000 of the $45,000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3.

During 20X3, Soda sold inventory purchased for $54,000 to Pop for $90,000, and Pop resold all but $26,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $14,000 to Soda for $28,000. Soda sold all but $7,000 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition.

Required:
a. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3, for Pop and Soda.

b. Prepare a three-part consolidation worksheet for 20X3.