The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.

Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit.

Stilton Company uses a perpetual inventory system.

Required:
1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round the "Weighted-average cost" to 2 decimal places. Round final answers to 2 decimal places.)

2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows:

3. Using information from your answers in Parts 1 and 2, journalize the credit purchase on February 10 and the credit sale on September 10 for each of:

a. FIFO

b. Moving weighted average (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to nearest whole dollar.)

c. Specific identification

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The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk.

Instructions:

1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Indicate receipts by an asterisk. Identify each item by letter and list the amounts in columnar form as follow: (“a” is done for you as an example)

Item                 Land                Land                            Building                      Other Accounts

                                          Improvements

    a.                                                                                       80,000

2. Determine the increases to Land, Land Improvements, and Building (total columns)

Many humans claim to have a “sweet tooth”. Yet, excess sugar is bad for our health. Presumably, our craving for sweet food substrates has an evolutionary basis – it probably directed human ancestors to forage for fruit, not candy. What nutritional benefits (name at least three) do we get from fresh fruit? Why is the amount of sugar contained in a few pieces of fruit not bad for us? Given that most of the fruit matter (cell wall) is indigestible to us, what is the reason for ingesting cellulose?

Until recently, the US Dollar had been appreciating. This was occurring as the growth rates of European and some Asian economies were slowing. Based on these two trends only, how would the rate of growth for the US economy change from its previous levels (provide your basis for this). What should the effect of these two factors be on interest rates, the S&P 500 index, and commodity prices (briefly provide your basis for each of these changes). DO NOT ASSUME ANY ACTIONS BY THE FEDERAL RESERVE IN FORMULATING YOUR ANSWER.

Conduct a SWOT analysis for Korean red ginseng extract from CheongKwanJang and include a summary/explanation of the SWOT for the product as if you were researching the possibility of promoting it to native US consumers. Your “starting” market will be US citizens. Your target market should be much smaller than this.

Use your SWOT analysis and put together S and O to determine actions moving forward to help propel your marketing opportunities. Use W and T to determine what pitfalls you may experience down the road.

One of the shortcomings of monetary policy is the problem with timelags. This is a problem because:

Non banks can make loans as well as member banks over time

It takes time for the US senate to approve the FED changes

It takes time for the FED to get approval of it’s actions from the US President

After the FED takes an action it may take years for the discount rate and Fed funds rate to change

After the FED takes an action it could be months or even years before the changes impacted our macroeconomic economy

1. Until recently, the US Dollar had been appreciating. This was occurring as the growth rates of European and some Asian economies were slowing. Based on these two trends only, how would the rate of growth for the US economy change from its previous levels (provide your basis for this). What should the effect of these two factors be on interest rates, the S&P 500 index, and commodity prices (briefly provide your basis for each of these changes). DO NOT ASSUME ANY ACTIONS BY THE FEDERAL RESERVE IN FORMULATING YOUR ANSWER.

Deuteronomy 24:14 - Do not take advantage of a hired worker who is poor and needy, whether that worker is a fellow Israelite or a foreigner residing in one of your towns.

Luke 16: 1-14 - (Parable of the Shrewd Manager):

How do Deuteronomy 24:14 and the Parable of the Shrewd Manager (Luke 16: 1-14) provide us with an opportunity to look at subordinate relations from different perspectives? What do the above verses teach us about honesty and fairness in employer-employee relations?

Sandhill Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement.

Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability.

Prepare the initial entry to reflect the signing of the lease agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Prepare an amortization schedule for the term of the lease to be used by Sandhill. Use Excel. (Round answers to 0 decimal places, e.g. 5,275.)

Prepare the journal entries on Sandhill Corp.’s books to record the payments related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)