A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use each of the following inventory valuation methods except:

Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased  inventory on account for $6,400. Freight charges of $1,000 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,300 and Specialty Store’s account was credited by the supplier. 3. Inventory costing $3,500 was sold for $6,600 in cash. The journal entries to record these transactions would be:

On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $60,000. Residual value at the end of an estimated four-year service life is expected to be $12,000. The company expects the equipment to operate for 20,000 hours. The equipment operated for 3,700 and 4,500 hours in 2024 and 2025, respectively. The depreciation expense for 2024 and 2025 using double-declining-balance method is:

For companies using a cost method other than LIFO or the retail inventory method, inventory is reported at:

Kerry, Incorporated, exchanged land and cash of $8,400 for equipment. The land had a book value of $59,000 and a fair value of $64,400. Assume the exchange has commercial substance. The journal entry to record the exchange would be:

If a company uses LIFO, a LIFO liquidation causes a company’s income taxes to increase:

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year: Cost Retail Beginning inventory $ 400,000 $ 535,000 Net purchases 905,000 1,310,000 Freight-in 45,000   Net markups   58,000 Net markdowns   28,000 Net sales   1,250,000 Estimate ending inventory and cost of goods sold (average cost).

On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by Rockport Corporation. The following information is available from the records of the company’s periodic inventory system: beginning inventory, $280,000; purchases and net sales from the beginning of the year through February 26, $520,000 and $720,000, respectively; gross profit ratio , 40%. The estimated cost of the inventory destroyed by the hurricane using the gross profit is:

Select all that apply.  The nurse is educating new parents about the Vitamin K injection all newborns are recommended to receive after delivery. Select which of the following statements are true regarding the Vitamin K prophylaxis.

Select all that Apply.  A woman will be discharged 48 hours after a vaginal delivery. When planning discharge teaching select which maternal assessment finding the nurse would teach the woman that would require nursing follow up.