Question : 119. The following units of a particular item were available for : 1247154

 

119. The following units of a particular item were available for sale during the year:

Beginning inventory

150 units @ $755

Sale

120 units @ $925

First purchase

400 units @ $785

Sale

200 units @ $925

Second purchase

300 units @ $805

Sale

290 units @ $925

 

 

The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to FIFO? 

120. The following units of a particular item were available for sale during the year:

Beginning inventory

150 units @ $755

Sale

120 units @ $925

First purchase

400 units @ $785

Sale

200 units @ $925

Second purchase

300 units @ $805

Sale

290 units @ $925

 

 

The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO? 

121. The following data were taken from the annual reports of Jong Inc., a manufacturer of fireworks, and Hobson Inc., a manufacturer of computers. 

 

Jong, Inc.

Hobson, Inc.

Cost of Goods Sold

$830,000

$11,540,000

Inventory, end of year

$185,000

315,000

Inventory, beginning of year

$235,000

155,000

 

 

 

(a) Determine the inventory turnover for Jong and Hobson, rounded to two decimal places.(b) Would you expect Jong’s inventory turnover to be higher or lower than Hobson’s? Why? 

 

 

 

 

 

 

 

 

 

 

 

122. List the internal control objectives illustrated by the following: 

(a)

keeping the inventory storeroom locked

(b)

counting the inventory at the end of the accounting period and comparing it with the inventory ledger clerk’s records

(c)

using subsidiary ledgers and a perpetual inventory system

 

 

 

 

 

 

 

 

 

 

 

123. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: 

June 1

Balance

25 units at $60

        6

Sale

20 units

        8

Purchase

20 units at $61

      16

Sale

10 units

      20

Purchase

20 units at $62

      23

Sale

25 units

      30

Purchase

15 units at $63

 

 

 

 

(a)

Determine the cost of the inventory balance at June 30, using (1) the first-in, first-out method and (2) the last-in, first-out method.  Identify the quantity, unit price, and total cost of each lot in the inventory.

(b)

Present the journal entry to record a shortage (shrinkage) of $75 discovered by the physical count on June 30.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more