# ACC 205 Week 3 Exercise Assignment- Inventory

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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 \$21,000 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 Gilette Company consisted of 300 units costing \$40 each. During the first quarter, the company purchased two batches of goods: 700 Units at \$44 on February 21 and 800 units at \$50 on March 28. Sales during the first quarter were 1,400 units at \$75 per unit. The White Company uses a periodic 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 first transactions that occurred during 20X3 follow:
• 1/2/20X3 Purchases on account: 500 units @ \$6 =  \$3,000
• 1/15/20X3 Sales on account: 300 units @ \$8.50 = \$2,550
• 1/20/20X3 Purchases on Account: 200 units @ 5 = \$1,000
• 1/25/20X3   Sales on Account: 300 units @ \$8.50 = \$2,550

The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.

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