ACC 291T Wk 2 - Apply: Connect Homework (2021 New)

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ACC 291T Wk 2 - Apply: Connect Homework (2021 New)

1. A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include  

$200 for transportation-in.

$180 for shipping insurance.

$750 for car import duties.

$170 for advertising.

$2,000 for sales staff salaries.

$100 for trimming shrubs.

2. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units.  

Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

3. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units.  

  Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.