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Current Attempt in Progress Umatilla Bank and Trust is considering giving Monty Corp. a loan. Before doing so, it decides that further discussions with Monty's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $308,500. Discussions with the accountant reveal the following. 1. 2. 3. Monty shipped goods costing $42,300 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. The physical count of the inventory did not include goods costing $98,100 that were shipped to Monty FOB destination on December 27 and were still in transit at year-end. Monty received goods costing $22,500 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. Monty shipped goods costing $38,400 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Monty's physical inventory. Monty received goods costing $45,600 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 $308,500. 4. 5. Determine the correct inventory amount on December 31. Correct inventory $ Farley Bains, an auditor with Nolls CPAs, is performing a review of Bramble Corp.'s Inventory account. Bramble Corp. 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 $833,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000). Enter 0 if there is no effect.) $ Ending inventory-as reported 1. Included in the company's count were goods with a cost of $330,000 that the company is holding on consignment. The goods belong to Nader Corporation. 2. The physical count did not include goods purchased by Bramble Corp. with a cost of $30,000 that were shipped FOB shipping point on December 28 and did not arrive at Bramble Corp.'s warehouse until January 3. 3. Included in the Inventory account was $18,200 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. 4. 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 $46,000 and a cost of $36,000. The goods were not included in the count because they were sitting on the dock. 5. Included in the count was $51,500 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Bramble Corp.'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. $ Correct inventory Current Attempt in Progress Swifty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Swifty's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Swifty uses a periodic inventory system. Date Units Unit Cost $88 13 Explanation Inventory Purchases Purchases Purchases 45 Sept. 1 Sept. 12 Sept. 19 Sept. 26 91 Total Cost $ 1,144 4,095 4,784 1,674 $11,697 52 92 18 93 Totals 128 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 $ $ $ Cost of goods sold $ Current Attempt in Progress Marigold Corp. uses a periodic inventory system and reports the following for the month of June. Total Cost Date Unit Cost $5 Units June 1 120 12 Explanation Inventory Purchase Purchase Inventory 340 6 $ 600 2,040 1,400 23 200 7 30 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $ $ You have the following information for Pharoah Company for the month ended October 31, 2022. Pharoah Company uses a periodic method for inventory. Date Units 59 Unit Cost or Selling Price $22 Oct. 1 Description Beginning inventory Purchase Sale Oct. 9 132 24 98 37 Oct. 11 Oct. 17 Purchase 103 25 56 42 Oct. 22 Oct. 25 Oct. 29 Sale Purchase Sale 27 74 102 42 (a1) Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ View Policies Current Attempt in Progress Bramble Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value Item Units Unit Cost Cameras: Minolta 3 $174 $157 186 11 145 Canon Light meters: Vivitar Kodak 14 135 110 18 118 139 What amount should be reported on Bramble Corp.'s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? The ending inventory $ View Policies Current Attempt in Progress Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500. Calculate cost of goods available for sale and cost of goods sold for the month. Cost of goods available for sale $ $ Cost of goods sold Inventory data for Cullumber Company are presented as follows. Date Units Unit Cost Total Cost 109 June 1 12 Explanation Inventory Purchases Purchases Inventory $5 6 335 204 $545 2,010 1,428 23 7 30 205 Assume a sale of 394 units occurred on June 15 for a selling price of $7 and a sale of 49 units on June 27 for $8. (a1) Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) June 1 June 12 $ June 15 $ June 23 $ June 27 $ The management of Sheffield Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1(9,340 units) Cost of 119,140 units purchased Selling price of 95,990 units sold Operating expenses $ 34,558 488,390 684,900 113,085 Units purchased consisted of 35,340 units at $3.90 on May 10,60,520 units at $4.10 on August 15, and 23,280 units at $4.40 on November 20. Income taxes are 30%. FIFO LIFO $ $ Beginning Inventory Cost of Goods Available for Sale Cost of Goods Purchased Cost of Goods Sold Dividends Ending Inventory Gross Profit Income before Income Taxes Income Tax Expense Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Sales Total Revenues 4 + $ $ Current Attempt in Progress Umatilla Bank and Trust is considering giving Monty Corp. a loan. Before doing so, it decides that further discussions with Monty's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $308,500. Discussions with the accountant reveal the following. 1. 2. 3. Monty shipped goods costing $42,300 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. The physical count of the inventory did not include goods costing $98,100 that were shipped to Monty FOB destination on December 27 and were still in transit at year-end. Monty received goods costing $22,500 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. Monty shipped goods costing $38,400 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Monty's physical inventory. Monty received goods costing $45,600 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 $308,500. 4. 5. Determine the correct inventory amount on December 31. Correct inventory $ Farley Bains, an auditor with Nolls CPAs, is performing a review of Bramble Corp.'s Inventory account. Bramble Corp. 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 $833,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000). Enter 0 if there is no effect.) $ Ending inventory-as reported 1. Included in the company's count were goods with a cost of $330,000 that the company is holding on consignment. The goods belong to Nader Corporation. 2. The physical count did not include goods purchased by Bramble Corp. with a cost of $30,000 that were shipped FOB shipping point on December 28 and did not arrive at Bramble Corp.'s warehouse until January 3. 3. Included in the Inventory account was $18,200 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. 4. 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 $46,000 and a cost of $36,000. The goods were not included in the count because they were sitting on the dock. 5. Included in the count was $51,500 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Bramble Corp.'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. $ Correct inventory Current Attempt in Progress Swifty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Swifty's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Swifty uses a periodic inventory system. Date Units Unit Cost $88 13 Explanation Inventory Purchases Purchases Purchases 45 Sept. 1 Sept. 12 Sept. 19 Sept. 26 91 Total Cost $ 1,144 4,095 4,784 1,674 $11,697 52 92 18 93 Totals 128 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 $ $ $ Cost of goods sold $ Current Attempt in Progress Marigold Corp. uses a periodic inventory system and reports the following for the month of June. Total Cost Date Unit Cost $5 Units June 1 120 12 Explanation Inventory Purchase Purchase Inventory 340 6 $ 600 2,040 1,400 23 200 7 30 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $ $ You have the following information for Pharoah Company for the month ended October 31, 2022. Pharoah Company uses a periodic method for inventory. Date Units 59 Unit Cost or Selling Price $22 Oct. 1 Description Beginning inventory Purchase Sale Oct. 9 132 24 98 37 Oct. 11 Oct. 17 Purchase 103 25 56 42 Oct. 22 Oct. 25 Oct. 29 Sale Purchase Sale 27 74 102 42 (a1) Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ View Policies Current Attempt in Progress Bramble Corp. Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value Item Units Unit Cost Cameras: Minolta 3 $174 $157 186 11 145 Canon Light meters: Vivitar Kodak 14 135 110 18 118 139 What amount should be reported on Bramble Corp.'s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? The ending inventory $ View Policies Current Attempt in Progress Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500. Calculate cost of goods available for sale and cost of goods sold for the month. Cost of goods available for sale $ $ Cost of goods sold Inventory data for Cullumber Company are presented as follows. Date Units Unit Cost Total Cost 109 June 1 12 Explanation Inventory Purchases Purchases Inventory $5 6 335 204 $545 2,010 1,428 23 7 30 205 Assume a sale of 394 units occurred on June 15 for a selling price of $7 and a sale of 49 units on June 27 for $8. (a1) Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) June 1 June 12 $ June 15 $ June 23 $ June 27 $ The management of Sheffield Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1(9,340 units) Cost of 119,140 units purchased Selling price of 95,990 units sold Operating expenses $ 34,558 488,390 684,900 113,085 Units purchased consisted of 35,340 units at $3.90 on May 10,60,520 units at $4.10 on August 15, and 23,280 units at $4.40 on November 20. Income taxes are 30%. FIFO LIFO $ $ Beginning Inventory Cost of Goods Available for Sale Cost of Goods Purchased Cost of Goods Sold Dividends Ending Inventory Gross Profit Income before Income Taxes Income Tax Expense Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Sales Total Revenues 4 + $ $