account exam 5

use the following information from marvel company for the month of July to answer questions July 1 beg inventory 75 unit @25 each July 3 purchase 348 unit @ 27 each July 8 sales. 300 unit July 15 purchase. 257 unit@28 each July sale. 275 unit assume that marvel uses a perpetual fifo inventory system. what is the dollar value of its ending inventory

(20+40+45)105@$28=2,940

a company has cost of good sold of 85,000 and ending inventory of 18,000.its day sales

(ending inventory/COGS)*365 18,000/85,000*365=77.29

a company reports the following beginning inventory and purchases, and it ends the period with 30 unit in inventory beg inventory 100@$10 purchase 1. 40@$12 purchase. 20@$14 1) fifo 2)lifo

1)(20*14)+(10*12)=400 2)(20*14)+(40*12)+(70*10)=1,460

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units.fifo beg inventory 320*$3.00 purchase jan 9. 80*$3.20 purchase jan 25. 100*$3.34

Jan1 320*$3 jan 9 80*$3.20 320*$3 80*3.20 jan 25 100*3.34 320*3 80*3.2 100*3.34 jan 26 320*3 30*3.2 50*3.2 100*3.34 150=494***

use the following information from marvel company for the month of July to answer questions July 1 beg inventory 75 unit @25 each July 3 purchase 348 unit @ 27 each July 8 sales. 300 unit July 15 purchase. 257 unit@28 each July sale. 275 unit perpetual: assume that marvel uses a perpetual fifo inventory system.what is the dollar value at the end inventory

July 1 75unit@25=1875 July 3. 348 @27=9,396. 75 unit@25 348unit@27 =11,271 July 8. 75 unit@25. 123@27=3,321 225 unit@27 =7,950 July15. 257@28=7,196 123@27 257@28 =10,517 July23. 123@27. 105@28=2940**** 152@28 =7,577

Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it purchases an additional 10 units at respective costs of $61, $62, $65 and $70 per unit for weeks 1 through 4. Calculate the cost of goods available for sale and the units available for sale for this four week period. Assume that no sales occur during those four weeks.

beg inventory 10*60 1 week 10*61 2 week 10*62 3 week 10*65 4 week 10*70 units available for sale 50 cost of good available for sales 3,180***

a car dealer acquires a used car for 14,000 with term FOB shipping point.compute total inventory costs assigned to the used car if add costs include 250 for transportation-in 300 for shipping insurance 900 for car import duties 150 for advertising 1250 for sales staff 180 for trimming shrubs

included in inventory cost cost 14,000 transportation-in 250 import duties 900 insurance during shipment 300 =15,450 expensed as incurred advertising 150 sales staff salaries 1,250

use the following information from marvel company for the month of July to answer questions July 1 beg inventory 75 unit @25 each July 3 purchase 348 unit @ 27 each July 8 sales. 300 unit July 15 purchase. 257 unit@28 each July sale. 275 unit Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 purchase, and 45 units from the July 15 purchase. What is the dollar value of its ending inventory?Please explain.

inventory in the beginning(20*25)500 July 3(40*27)1,080 July 15(45*28)1,260 ending inventory 2,840

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units.LIFO beg inventory 320*$3.00 purchase jan 9. 80*$3.20 purchase jan 25. 100*$3.34

jan(1)320*$3=960 jan(9) 80*$3.20=256 320*$3 80*$3.20 jan(25)100*3.34. 320*$3 80*$3.20 100*$3.34 jan(26) 100*3.34. 150*3=450*** 80*3.20 170*3

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units.weighted average method beg inventory 320*$3.00 purchase jan 9. 80*$3.20 purchase jan 25. 100*$3.34

jan1 320*3 jan9 80*3.20 320*3 80*3.2 average cost 400*3.04=1,216 jan25 100*3.34 400*3.04 100*3.34 average cost 500*3.1 jan26 350*3.1 150*3.1=465***

use the following information from marvel company for the month of July to answer questions July 1 beg inventory 75 unit @25 each July 3 purchase 348 unit @ 27 each July 8 sales. 300 unit July 15 purchase. 257 unit@28 each July sale. 275 unit perpetual: assume that marvel uses a perpetual lifo inventory system.what is the dollar value at the end inventory

july1 75@$25=1,875 july3. 348@$27 75@$25 348@$27 =11,271 July8. 300@$27. 75@$25 48@$27 =3,171 July 15 257@28=7,196. 75@$25 48@$27 257@$28 =10,367 July 23 257@$28 75@$25 18@$27. 30@$27 =7,682 =2,685***

Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has 1300 unit in basement,20 damage 350 units in van, fob destination 80 unit out on consignment to a friend who owns a retail store how many unit should Emma include in her company end inventory

number of unit on hand 1,300 +number of units in the van 350 +number of units in consignment 80 =1,730 - damaged units 20 period end inventory 1,710