ACC 205 Week 3 Exercise Assignment- Inventory | Documents and Forms | Research Papers

ACC 205 Week 3 Exercise Assignment- Inventory

ACC 205 Week 3 Exercise Assignment- Inventory PLDZ-1012
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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.

 

 

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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