1. Inventory Valuation and Cost of Goods Sold:
ABC Corp. uses the FIFO method for inventory valuation. At the beginning of the year, the company had 1,000 units of a product with a cost of $10 per unit. During the year, the company made the following purchases:
– Purchase 1: 2,000 units at $12 per unit
– Purchase 2: 1,500 units at $15 per unit
At the end of the year, 1,500 units are still in inventory. Calculate the cost of goods sold (COGS) for the year.
2. Bond Amortization Schedule:
XYZ Corp. issued a 5-year bond with a face value of $1,000,000, a stated interest rate of 8%, and interest paid annually. The market rate for similar bonds is 6%. Create an amortization schedule for the first two years, showing the interest expense, amortization of premium or discount, and carrying value of the bond at the end of each year.
3. Cash Flow Statement Analysis:
The following information is extracted from the financial statements of LMN Inc.:
– Net Income: $1,200,000
– Depreciation Expense: $300,000
– Increase in Accounts Receivable: $150,000
– Increase in Inventory: $200,000
– Decrease in Accounts Payable: $100,000
– Purchase of Property, Plant, and Equipment: $500,000
– Sale of Investments: $200,000
– Dividends Paid: $100,000
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