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: