Reference no: EM131353502
Question 1
Headland Company uses a periodic inventory system. For April, when the company sold 560 units, the following information is available.
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Units
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Unit Cost
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Total Cost
|
|
April 1 inventory
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240
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$27
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$ 6,480
|
|
April 15 purchase
|
370
|
32
|
11,840
|
|
April 23 purchase
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390
|
35
|
13,650
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|
|
1,000
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|
$31,970
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Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Question 2
Sandhill Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
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Units
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Unit Cost
|
Total Cost
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April 1 inventory
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350
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$24
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$ 8,400
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April 15 purchase
|
370
|
29
|
10,730
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|
April 23 purchase
|
280
|
31
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8,680
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|
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1,000
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|
$27,810
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Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Question 3
Presented below is information related to Sarasota Inc.'s inventory, assuming Sarasota uses lower-of-LIFO cost-or-market.
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(per unit)
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Skis
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Boots
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Parkas
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Historical cost
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$235.60
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$131.44
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$65.72
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Selling price
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262.88
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179.80
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91.45
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Cost to distribute
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23.56
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9.92
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3.10
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Current replacement cost
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251.72
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130.20
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63.24
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Normal profit margin
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39.68
|
35.96
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26.35
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Determine the following:
(a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis.
(b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots.
(c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.
Question 4
A fire destroys all of the merchandise of Indigo Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
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Inventory, January 1, 2017
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$411,600
|
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Sales revenue to February 10, 2017
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1,990,300
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Purchases to February 10, 2017
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1,145,430
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|
Freight-in to February 10, 2017
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63,700
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|
Rate of gross profit on selling price
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30%
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What is the approximate inventory on February 10, 2017?
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