ACC 205 Week 3 Exercise Assignment Inventory (New) | Documents and Forms | Research Papers

ACC 205 Week 3 Exercise Assignment Inventory (New)

ACC 205 Week 3 Exercise Assignment Inventory (New) PLDZ-417
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  1.  Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

                                        Painting

                     Cost

1/2 Beginning inventory

Woods

$11,000

4/19 Purchase

Sunset

21,800

6/7 Purchase

Earth

31,200

12/16 Purchase

Moon

4,000

 

 

 

 

 

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s

 

  1.  Inventory valuation methods: basic computations. The January beginning inven­tory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

Date                      Quantity              Cost

1/15                       700                         $45

1/31                       1200                       $48

2/12                       800                         $46

2/27                       650                         $51

 

 

Sales during the first quarter were.

Date                      Sold

1/19                       500

2/2                         600

2/13                       500

2/28                       100

 

 The White Company uses a perpetual inventory system.

 

Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.

 

FIFO

    LIFO

Weighted Average

 

 

 

 

Goods available for sale             

   $

$

$

Ending inventory, March 31

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

  1. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:

QUESTIONS No. 1 to No. 7 included. All solutions 100% Correct

Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting
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