ACC 205 Week 3 Exercise Assignment Inventory New
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting | Cost | ||
| 1/2 Beginning inventory | Woods | $11,000 | |
| 4/19 Purchase | Sunset | 21,800 | |
| 6/7 Purchase | Earth | 31,200 | |
| 12/16 Purchase | Moon | 4,000 | |
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:
Date Quantity Cost
1/15 700 $45
1/31 1200 $48
2/12 800 $46
2/27 650 $51
Sales during the first quarter were.
Date Sold
1/19 500
2/2 600
2/13 500
2/28 100
The White Company uses a perpetual inventory system.
Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO | LIFO | Weighted Average | |||
Goods available for sale | $ | $ | $ | ||
| Ending inventory, March 31 | |||||
| Cost of goods sold | |||||
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:
- Purchases on account: 500 units @ $4 = $2,000
- Sales on account: 300 units @ $5 = $1,500
- Purchases on account: 600 units @ $5 = $3,000
- Sales on account: 300 units @ $5 = $1,500
a. Prepare journal entries for the above purchases and sales.
b. Calculate the balance in the firm’s Inventory account.
4. Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company began business on January 1 of the current year. Below are the transactions for the year
:
1/3: | Purchase 100 boards @ $125 |
3/17: |
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ACC 205 Week 3 Exercise Assignment Inventory New
ACC 205 Week 3 Exercise Assignment Inventory New
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ACC 205 Week 3 Exercise Assignment Inventory New
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