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Concord Companys inventory of $1,058,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments

Concord Companys inventory of $1,058,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.
(a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $69,520 to Concord Company were received on January 4, 2021.
(b) The physical count included $31,120 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021.
What amount should Concord report as inventory on its balance sheet?
Inventory to be reported $enter Inventory to be reported in dollars

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Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each. Purchases of part M.O. during May were as follows.

Units

Units Cost

May 9

2,200 $26

17

3,700 28

26

1,200 29
A physical count on May 31, 2020, shows 2,200 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)

FIFO

LIFO

Average Cost

Inventory Cost

$enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 0 decimal places

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Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

Inventory

At Base-Year Cost

At Current-Year Cost

1/1/20

$201,600 $201,600

12/31/20

248,900 273,790

12/31/21

255,500 291,270
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?

December 31, 2021

Price Index

enter the price index

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Dollar-value LIFO inventory

$enter a dollar amount

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Nash Inc., a retail store chain, had the following information in its general ledger for the year 2021.
Merchandise purchased for resale $898,098
Interest on notes payable to vendors 7,836
Purchase returns 14,980
Freight-in 21,560
Freight-out (delivery expense) 18,084
Cash discounts on purchases 7,333
What is Nashs inventoriable cost for 2021?
Nashs inventoriable cost for 2021 $enter Nashs inventoriable cost for 2021 in dollars

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