Financial Accounting Homework: Inventory, Overhead, Process, Contracts

This document provides a comprehensive solution to a financial accounting assignment. It begins with a perpetual inventory system analysis, comparing the FIFO and LIFO methods to determine the value of stock balances and cost of goods sold. The solution then includes an overhead analysis sheet, detailing the allocation of overhead costs to production and service departments based on various bases of apportionment. Next, the document presents a process costing problem, showing the calculation of equivalent units of production, cost per unit, and the valuation of finished goods and work-in-progress. Finally, the solution includes a contract account, demonstrating the accounting for contract costs, revenue, and the valuation of work-in-progress, including the calculation of realized profit and work certified.