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January 1, 2007 (beginning inventory)
Purchases:
January 5, 2007
January 25, 2007
February 16, 2007
March 26, 2007
600 $ 8.00
1,200
1,300
800
600 9.00
10.00
11.00
12.00
A physical inventory on March 31, 2007, shows 1,600 units on hand.
Select any one of the inventory methods (LIFO, FIFO, Average Cost, or
others).
1. On July 6, Jamona Corp. acquired the plant assets of Berry
Company, which had discontinued operations. The appraised value
of the property is:
Land
Building
Machinery and equipment
Total
$ 400,000
1,200,000
800,000
$2,400,000
Jamona Corp. gave 12,500 shares of its $100 par value common stock in
exchange. The stock had a market value of $168 per share on the date of
the purchase of the property.
Jamona Corp. expended the following amounts in cash between July 6
and December 15, the date when it first occupied the building.
Repairs to building
$105,000
Construction of bases for machinery to be installed later
135,000
Driveways and parking lots
122,000
Remodeling of office space in building
161,000
Special assessment by city on land
18,000