A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending Inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Inventory Balance Perpetual FIFO: Good purchased # of Cost per Date units unit January 1 January 80 @ $ 3.20 # of units sold ost of Goods. So Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 350 @ $3.00 - $1,050.00 $ 3.00 - $ 3.20 s 0.00 January 25 100 $ 3.34 0 $ 3.00 $ 3.20 $ 3.34 - January 26 Totals A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $ 3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Date # of Cost per units unit January 1 January 9 Cost of Goods Sold # of units Cost per Cost of Goods unit sold Sold Inventory Balance Cost per Inventory of units Balance 320 @ $ 3.00 $ 960.00 Average cost January 25 Average cost January 26 Totals A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include: $250 for transportation-in. $300 for insurance during shipment. $900 for import duties. $150 for advertising. $1,250 for sales staff salaries. For computing inventory, what cost is assigned to the used car? Expensed as incurred $ Cost Transportation in Import duties Insurance during shipment Advertising Sales staff salaries Total Included in Cost Inventory Cost 14,000 250 900 300 150 1.250 16,850 $ A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cont $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO Perpetual LIFO: Goods purchased # of Cost per Dato units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory unit Balance January 1 January 9 January 25 January 26 Totals Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma reports she has: 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. . 350 units in her van, ready to deliver per a customer order, terms FOB destination 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company's period-end inventory? Units in Ending Inventory: Units of Product on hand Add: 1,300 units Less: Total units in period-end Inventory units Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units # $ 6.00 cost 20 units e $12.00 cost 15 units @ $14.00 cost Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost per unit Goods Purchased Cost of Goods Sold # of Units Cost per Cost of Goods unit Sold Sold Inventory Balance # of Units Cost Per Inventory Unit Balance December 7 December December 15 December 21 Totals Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $ 6.00 cost 20 units @ $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods purchased Cost of Cost per Goods unit Available for Sale # of units Date # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance December 7 December 14 December 15 December 21 Totals Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units $ 6.00 cost 20 units e $12.00 cost 15 units @ $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Weighted Average - Perpetual: Goods purchased # of Date Inventory units unit Value Cost per Cost of Goods Sold # of units Cost of sold unit Goods Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance December 7 December 14 Average cost December 15 December 21 Average cost Totals