Reference no: EM132487941

On December 31 of the current year, Plunkett Company reported an ending inventory balance of $219,000. The following additional information is also available:

Point 1: Plunkett sold and shipped goods costing $38,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point.

Point 2: The goods were not included in the ending inventory amount of $219,000.

Point 3: Plunkett purchased goods costing $44,800 on December 29. The goods were shipped FOB destination and were received by

Point 4: Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $219,000.

Point 5: Plunkett's ending inventory balance of $219,000 included $15,800 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)

Point 6: Plunkett's ending inventory balance of $219,000 did not include goods costing $95,800 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.

Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:

Question 1: A company had inventory on November 1 of 5 units at a cost of $24 each. On November 2, they purchased 14 units at $26 each. On November 6 they purchased 10 units at $29 each. On November 8, 11 units were sold for $59 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

Question 2: Grays Company has inventory of 29 units at a cost of $10 each on August 1. On August 3, it purchased 39 units at $11 each. 31 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 31 units that were sold?