Jag Co. purchase goods with a list price of $150,000, subject to trade discussions of 20% and 10% with no cash discounts allowable. How much should Jag Co. record as the cost of these goods?

1). Francis Company 's inventory of $1,100,000 at December 31, 2008, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

a). Goods shipped f.o.b. shipping point on December 24, 2008, from a vendor at an invoice cost of $69,000 to Francis Company were received on January 4, 2009.

b) The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2008. The carrier picked up these goods on January 3, 2009. What amount should Francis report as inventory on its balance sheet?

3). Mark Messier Corp. had 1,500 units of part M.O. on hand May 1, 2008, costing $21 each. Purchases of part M.O. during May were as follows: May 9 units 2,000, Unit cost $22, May 17 Units 3,500 Unit cost 23, May 26 1,000 units, unit cost 24. A Physical count on May 31, 2008, shows 2,100 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2008? Using the LIFO method, what is the inventory cost? Using the average cost method, what is the inventory cost?

4) Forsberg Company adopted the dollar value LIFO method on January 1, 2008 (using internal prices indexes and multiple pools).