A.) From the following facts, calculate the correct cost of inventory for Jake Company. times Cost of inventory on shelf, $ 4 comma 500 , which includes $ 310 of goods received on consignment. times Goods in transit en route to Jake Company shipped F.O.B. shipping point, $ 22 comma 000 . times Goods in transit en route to Jake shipped F.O.B. destination, $ 350 . times Jake Company has $ 575 worth of goods on consignment in Alice's Dress Shop.

The cost of inventory for Jake Company is $?

B.) The

Peterson

Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods.

Peterson

sells only one product, called SM57.

		Units	Cost per Unit
January 1	Beginning inventory	56	$7
March 18	Purchased	14	8
August 19	Purchased	40	10
November 8	Purchased	54	11

Ending inventory is

59

units.

Complete each table to calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. (Round the weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.

(a) FIFO
Cost of goods available for sale
Less: Ending inventory
Cost of goods sold

(b) LIFO

(c) Weighted-Average

(a) FIFO (b) LIFO (c) Weighted-Average