10/23/23, 7:18 AM
Question 2 of 5 – Week 6 – Homework: Chapter 6
Week 6 – Homework: Chapter 6
Question 2 of 5
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Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted
in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the
following items had not been considered.
1.
Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s
showrooms on December 31.
2.
The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point.
The goods were in transit on December 31.
3.
The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The
goods were in transit on December 31.
Compute the correct December 31 inventory.
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10/23/23, 7:18 AM
Question 2 of 5 – Week 6 – Homework: Chapter 6
Correct
December
31 inventory
Week
6 – Homework:
Chapter$ 6
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10/23/23, 7:19 AM
Question 3 of 5 – Week 6 – Homework: Chapter 6
Week 6 – Homework: Chapter 6
Question 3 of 5
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Coronado Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$11
$374
15
Purchases
27
14
378
24
Purchases
32
15
480
Totals
93
$1,232
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
FIFO
LIFO
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10/23/23, 7:19 AM
Question 3 of 5 – Week 6 – Homework: Chapter 6
$
Ending
inventory
at May 31 Chapter
Week
6 – Homework:
6
Cost of goods sold
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$
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10/23/23, 7:21 AM
Question 4 of 5 – Week 6 – Homework: Chapter 6
Week 6 – Homework: Chapter 6
Question 4 of 5
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Sheffield Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date
Number of Units
Unit Cost
May 7
55
$10
July 28
30
13
On June 1, Sheffield sold 25 units, and on August 27, 47 more units.
(a)
Prepare the perpetual inventory schedule for the above transactions using FIFO.
Product E2-D2
Date
Purchases
Cost of Goods Sold
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Balance
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10/23/23, 7:21 AM
Question 4 of 5 – Week 6 – Homework: Chapter 6
May
7
Week
6 -$Homework: Chapter 6
$
$
June 1
$
$
$
July 28
$
$
$
Aug. 27
$
$
$
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(b)
Prepare the perpetual inventory schedule for the above transactions using LIFO.
Product E2-D2
Date
May 7
Purchases
$
Cost of Goods Sold
$
Balance
$
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10/23/23, 7:21 AM
Question 4 of 5 – Week 6 – Homework: Chapter 6
June
1 6 -$Homework: Chapter 6
Week
$
$
July 28
$
$
$
Aug. 27
$
$
$
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10/23/23, 7:22 AM
Question 5 of 5 – Week 6 – Homework: Chapter 6
Week 6 – Homework: Chapter 6
Question 5 of 5
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Bramble Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at
December 31.
Item
Units
Cost per Unit
Net Realizable
Value per Unit
Cameras:
Minolta
8
$163
$153
Canon
7
151
153
Vivitar
14
125
112
Kodak
20
120
135
Light Meters:
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10/23/23, 7:22 AM
Question 5 of 5 – Week 6 – Homework: Chapter 6
Week 6should
– Homework:
Chapter
6
What amount
be reported
for inventory
on Bramble Frame Camera Shop’s balance sheet, assuming the lower-of-cost-or-net
realizable value rule is applied?
Question 5 of 5
The ending inventory
$
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