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 :