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11 Samuelson and Messenger (S&M) began 2018 with 240 units of its one product. These units were purchased near the end of 2017 for $25 each.

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11 Samuelson and Messenger (S&M) began 2018 with 240 units of its one product. These units were purchased near the end of 2017 for
$25 each. During the month ofJanuary, 120 units were purchased on January 8 for $28 each and another 240 units were purchased
on January 19 for $30 each. Sales of150 units and 125 units were made on January 10 and January 25, respectively. There were 325
units on hand at the end of the month. S&M uses a periodic inventory system. Required:
1. Calculate ending inventory and cost of goods sold for January using FIFO.
2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Beginning inventory $ 25.00 $ 6,000 ————
January 19 Required 2 >

 
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Property, Plant, and Equipment and Intangible Assets: Acquisitions and Dispositions 2-1 Discussion: Fixed Asset Turnover Ratio: Bed Bath & Beyond,

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Intangible Assets: Acquisitions and Dispositions

2-1 Discussion: Fixed Asset Turnover Ratio: Bed Bath & Beyond, Inc. 

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Bed Bath & Beyond is a leading retailer of domestic merchandise and home furnishings. The company’s 2011 fixed-asset turnover ratio, using the average book value of property, plant, and equipment (PP&E) as the denominator, was approximately 7.8355. Additional information taken from the company’s 2011 annual report is as follows: ($ in thousands)

Book value of PP&E-beginning of 2011                    $1,119,292

Purchases of PP&E during 2011                         $183,474

Depreciation of PP&E for 2011                           $183,820

Equipment having a book value of $2,649 thousand was sold during 2011.

How is the fixed-asset turnover ratio computed? Discuss how you would interpret Bed Bath & Beyond’s ratio of 7.8355?

Use the data to determine Bed Bath & Beyond’s net sales for 2011.

 
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On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a noninterest—bearing note requiring $36,000 to be paid on December 31, 2020.

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On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a noninterest—bearing note
requiring $36,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of 10% properly
reflects the time value of money for this type of loan agreement. The company’s fiscal year-end is December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:
1. Prepare thejournal entry to record the acquisition of the tractor.
2. How much interest expense will the company include in its 2018 and 2019 income statements for this note? 3. What is the amount of the liability the company will report in its 2018 and 2019 balance sheets for this note? Complete this question by entering your answers in the tabs below. Req 2 and 3 How much interest expense will the company include in the income statements and the liability the company will report in the
balance sheets for this note for 2018 and 2019? (Do not round intermediate calculations. Round your answers to the nearest whole dollars.) < Req1

 
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On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a non interest bearing note requiring $36,000 to be paid

/in /by

On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a non interest—bearing note
requiring $36,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of10% properly
reflects the time value of money for this type of loan agreement. The company’s fiscal year-end is December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry to record the acquisition of the tractor. 2. How much interest expense will the company include in its 2018 and 2019 income statements for this note?
3. What is the amount of the liability the company will report in its 2018 and 2019 balance sheets for this note? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest
whole dollars.) View transaction list Journal entry worksheet < 1 > Record the acquisition of the tractor.

 
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