Parkas Historical Cost
273.79
152.75
76.37 Selling Price
312.70
208.95
106.27 Cost to distribute
27.38
11.53
3.60 Current replacement cost
292.52
151.31
73.49 Normal profit margin
46.11
41.79
30.62 Determine the following: Question 3 Matlock Company uses a
perpetual inventory system. Its beginning inventory consists of 67 units
that cost $40 each. During June, the company purchased 202 units at $40
each, returned 8 units for credit, and sold 168 units at $67 each.
Journalize the June transactions. Question 4 Amsterdam Company uses
a periodic inventory system. For April, when the company sold 700
units, the following information is available. Compute the April 30
inventory and the April cost of goods sold using the average cost
method. Question 5 Amsterdam Company uses a periodic inventory
system. For April, when the company sold 600 units, the following
information is available. Compute the April 30 inventory and the April
cost of goods sold using the FIFO method. Question 6 (FIFO, LIFO,
Average Cost Inventory) Esplanade Company was formed on December
1, 2011. The following information is available from Esplanade’s
inventory records for Product BAP. Purchases
Units
Unit Cost January 1, 2012(beginning inventory)
762
8.00 January 5, 2012
1,524
9.00 January 25, 2012
1,651
10.00
February 16, 2012
1,061
11.00 March
26, 2012
762
12.00 A physical
inventory on March 31, 2012, shows 2,032 units on hand. Prepare
schedules to compute the ending inventory at March 31, 2012, under
each of the following inventory methods. Assume Esplanade Company
uses the periodic inventory method. Question 7 Floyd Corporation has
the following four items in its ending inventory. Determine the final
lower of cost or market inventory value for each item. Question 8
Kumar Inc. uses a perpetual inventory system. At January 1, 2013,
inventory was $320,786 at both cost and market value. At December 31,
2013, the inventory was $428,714 at cost and $403,231 at market value.
Prepare the necessary December 31 entry under: Question 9 Boyne Inc.