A 88% Fri Nov 13 1:44:19 AM Q Excel File Edit View Insert Format Tools Data Window Help AutoSave OFF ASEO = Accounting_Principles_1-_Exam_3_Review Questions - sp 20.xls - Compatibility Mode a Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial 16 X LC VAI A 2 Wrap Text General - 5 S 2Y- WS 4 V Pacic ar Ar = Format Sort Insert Delete Y Ideas Merge & Center v Y Conditional Format Cell Formatting as Table Styles Filter Find & Select A1 A G H J Inventory Valuation Assume that Bob's Books purchased 50,000 books as follows: Date No. of Books Purchased Cost/Book Total Cost 3-Jan 8,000 $14.00 $112,000.00 10-Apr 22,000 $14.75 $324,500.00 9-Jul 14,000 $15.25 $213,500.00 23-Sep 6,000 $16.00 $96,000.00 Total 50,000 $746,000.00 B 10 11 12 If the year-end inventory reveals 11,500 books on hand, (i) What is the Merchandise Inventory value (Balance Sheet)? (1) How much of the cost goes to the Cost of Merchandise Sold (Income Statement)? 13 Show the answer to both questions above if the company uses a) FIFO, b) LIFO, and c) the weighted average (average costing). 15 16 17 18 19 20 21 22 23 24 25 26 Inventory Valuation Quest Journal Entries Quest Inventory Questions Gross Profit Quest Terms + E- + 100% %