1.) HomeAll Corp. is a dealer of household appliances in Hong Kong. The company purchases its inventories from various suppliers and sells the products in local stores.

A. Merchandise, costing $80,000, was received on January 13, 2019, from a supplier in Singapore. The attached invoice showed that the goods were shipped on December 30, 2018, with the shipment term f.o.b. Singapore. Required: Discuss whether the merchandise purchased from Singapore should be included in the inventory of HomeAll Corp. as of December 31, 2018.

B. During March 2019, the following changes in one specific kind of inventory took place: Units Cost 1 Selling Price March 1 Balance 1,400 $24 per unit 10 Purchased 600 $28 per unit 14 Sold 1,400 $50 per unit 24 Purchased 700 $30 per unit Required: Calculate Cost of Goods Sold for March 2019, if HomeAll Corp. adopts the following cost flow assumptions (rounding to the nearest dollar).

B1. First-in, First-out (FIFO).

B2. Weighted-average.

B3. Moving-average.