1 In its first month of operations, Pina Colada Corp made three purchases of merchandise in the following sequence (1) 360 units at $5, (2) 460 units at $7, and (3) 560 units at $8 Assuming there are 260 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method Pina Colada Corp uses a periodic inventory system FIFO LIFO The Ending Inventory $ $ 2 In its first month of operations, Waterway Industries made three purchases of merchandise in the following sequence (1) 270 units at $8, (2) 370 units at $10, and (3) 470 units at $11 Calculate average unit cost (Round answer to 3 decimal places, e g 5 125 ) Average unit cost $ SHOW LIST OF ACCOUNTS Compute the cost of the ending inventory under the average cost method, assuming there are 170 units on hand at the end of the period (Round answer to 0 decimal places, e g 125 ) The cost of the ending inventory $ 3 Umatilla Bank and Trust is considering giving Pearl Industries a loan Before doing so, it decides that further discussions with Pearl Industriess accountant may be desirable One area of particular concern is the Inventory account, which has a year end balance of $286,950 Discussions with the accountant reveal the following 1 Pearl Industries sold goods costing $53,940 to Hemlock Company FOB shipping point on December 28 The goods are not expected to reach Hemlock until January 12 The goods were not included in the physical inventory because they were not in the warehouse 2 The physical count of the inventory did not include goods costing $97,100 that were shipped to Pearl Industries FOB destination on December 27 and were still in transit at year end 3 Pearl Industries received goods costing $26,120 on January 2 The goods were shipped FOB shipping point on December 26 by Yanice Co The goods were not included in the physical count 4 Pearl Industries sold goods costing $55,230 to Ehler of Canada FOB destination on December 30 The goods were received in Canada on January 8 They were not included in Pearl Industries physical inventory 5 Pearl Industries received goods costing $38,960 on January 2 that were shipped FOB destination on December 29 The shipment was a rush order that was supposed to arrive December 31 This purchase was included in the ending inventory of $286,950 Determine the correct inventory amount on December 31 The correct inventory amount on December 31 $

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1-In its first month of operations, Pina Colada Corp. made three purchases of merchandise in the following sequence: (1) 360 units at $5, (2) 460

1-In its first month of operations, Pina Colada Corp. made three purchases of merchandise in the following sequence: (1) 360 units at $5, (2) 460 units at $7, and (3) 560 units at $8. Assuming there are 260 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Pina Colada Corp. uses a periodic inventory system.

		FIFO		LIFO
The Ending Inventory		$		$

2-In its first month of operations, Waterway Industries made three purchases of merchandise in the following sequence: (1) 270 units at $8, (2) 370 units at $10, and (3) 470 units at $11.

Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average unit cost

image text in transcribed

SHOW LIST OF ACCOUNTS

Compute the cost of the ending inventory under the average-cost method, assuming there are 170 units on hand at the end of the period. (Round answer to 0 decimal places, e.g. 125.)

The cost of the ending inventory

image text in transcribed

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3-Umatilla Bank and Trust is considering giving Pearl Industries a loan. Before doing so, it decides that further discussions with Pearl Industriess accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $286,950. Discussions with the accountant reveal the following.

1.		Pearl Industries sold goods costing $53,940 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2.		The physical count of the inventory did not include goods costing $97,100 that were shipped to Pearl Industries FOB destination on December 27 and were still in transit at year-end.
3.		Pearl Industries received goods costing $26,120 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4.		Pearl Industries sold goods costing $55,230 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pearl Industries physical inventory.
5.		Pearl Industries received goods costing $38,960 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $286,950.