A company purchased inventory as follows: 212 units at $6.00 405 units at $6.60 The average unit cost for inventory is $6.60. O $6.39. O $6.30. $6.00. Current Attempt in Progress Sunland Inc. has the following inventory data: July 1 2 Beginning inventory Purchases Purchases 56 units at $19 110 units at $20 28 units at $22 22. $ 1064 2200 616 $ 3880 A physical count of merchandise inventory on July 31 reveals that there are 52 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $2394 $2784 $2816 e $2508 Current Attempt in Progress Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc., ending inventory $173,600, beginning inventory $134,400. cost of goods sold $371,140, and sales revenue $805,600. Calculate the inventory turnover and days in inventory for Oakley, Inc. (Round inventory turnover to 2 decimal places, ez. 15.25 and days in Inventory to decimal places, e... 15. Use 365 days for calculation.) Inventory turnover times Days in inventory days 2. Farley Bains, an auditor with Nolls CPAs, is performing a review of Splish Brothers Company's Inventory account. Splish Brothers did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $858,400. However, the following information was not considered when determining that amount Included in the company's count were goods with a cost of $264,480 that the company is holding on consignment. The goods belong to Nader Corporation The physical count did not include goods purchased by Splish Brothers with a cost of $46,400 that were shipped FOB shipping point on December 28 and did not arrive at Splish Brothers's warehouse until January 3. Included in the Inventory account was $19,720 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $46,400 and a cost of $33,640. The goods were not included in the count because they were sitting on the dock. 5. Included in the count was $58,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Splish Brothers's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them after all" 3 4. Prepare a schedule to determine the correct inventory amount Ending inventory as reported $ 1 2 GRATUTTE YETICULOU WEESURE YOFCTVCCUCUDOWY the company's supervisors and managers during the coming year. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $46,400 and a cost of $33,640. The goods were not included in the count because they were sitting on the dock Included in the count was $58.000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Splish Brothers's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, since that is what we paid for them, after alli S. Prepare a schedule to determine the correct inventory amount. Ending inventory-as reported $ > 2 > 3. 4 V 5. Correct inventory
