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Brief Exercise Page 6-7 1 of 1 *Brief Exercise 6-7 @Your answer is incorrect. Try again. Cruz Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Categories Data Net Cameras $17,460 $17,896 Realizable Camcorders 13,822 14,113 Value Data Blu-ray players 20,370 18,769 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value 50778 Question Attempts: 2 of 5 used 6-9 2 *Brief Exercise 6-9 Rosario Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 98 $10 July 28 59 13 On June 1, Rosario sold 51 units, and on August 27, 78 more units. [Z] Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to O decimal places, e.g. 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni Balance 1/18/2017 Brief Exercise Page 1 of Natasha Houston Accounting - 1605B-01 / Lab 114 Unit 10-Homework May 7 June 1 $0 July 28 Aug. 27 [Z] Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using LIFO. (Round answers to O decimal places, e.g. 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 June 1 $0 July 28 Aug. 27 6-9 2 of2 [Z] Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using movingaverage cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answers to O decimal places, e.gg 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni Balance 1/18/2017 Brief Exercise Page May 7 June 1 $0 July 28 Aug. 27 Question Attempts: 2 of 5 used http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Brief Exercise Page 1 of Natasha Houston Accounting - 1605B-01 / Lab 114 Unit 10-Homework 6-10 I *Brief Exercise 6-10 At May 31, Brunet Company has net sales of $305,000 and cost of goods available for sale of $255,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%. Estimated cost of ending inventory Question Attempts: O of 5 used http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Page 1 of Natasha Houston Accounting - 1605B-01 / Lab 114 Unit 10-Homework Exercise 6-11 1 *Exercise 6-1 1 Freeze Frame Camera Shop uses the lower-of-cost-or-net realizable value for its inventory. The following data are available at December 31. Item Units Unit Cost Market Value Minolta 5 $180 $153 Canon 11 144 175 Vivitar 15 131 100 Kodak 17 119 138 Cameras: Light meters: Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory Question Attempts: O of 5 used Exercise 6-12 1 *Exercise 6-12 Charapata Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 108 units at a cost per unit of $67 Blu-ray players 163 units at a cost per unit of $74 iPods 134 units at a cost per unit of $84 The net realizable value of units purchased at year-end was cameras $84, Blu-ray players $51, and iPods $77. http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Page 1 of Natasha Houston Accounting - 1605B-01 / Lab 114 Unit 10-Homework Determine the amount of ending inventory at lower-of-cost-or-market. Ending inventory Question Attempts: O of 5 used http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Page 1 of Problem 6-8A Natasha Houston Accounting - 1605B-01 / Lab 114 Unit IO-Homework 2 *Problem 6-8A Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Dempsey Inc. for the month of January 2017. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Quantity Beginning inventory 100 Purchase 149 114 10 55 5 95 18 Sale Sale return Purchase Purchase return Sale Purchase Unit Cost or Selling Price $1 3 16 25 25 18 18 29 20 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, eggs 5.251.) Moving-Average Cost per unit January 1 January 5 January 8 January 10 January 15 http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Page 1 of Natasha Houston Accounting - 1605B-01 / Lab 114 Unit 10-Homework January 16 January 20 January 25 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Problem 6-8A Page 2 of2 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) LIFO FIFO Moving-average Question Attempts: O of 5 used http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Problem 6-8A Page 1 of 2 *Problem 6-9A Wittmann Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Jul y Jul y Jul y Jul y Jul y Jul y 1 Units Unit Cost 35 $122 6 11 21 49 $136 14 21 Sales Units 35 56 27 $147 35 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50*) Average cost for each unit July 1 July 6 July 11 July 14 July 21 July 27 http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017 Problem 6-8A Page Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) movingaverage cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. IZ52 and final answer to O decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system Which costing method produces the highest ending inventory valuation? Question Attempts: O of 5 used http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni 1/18/2017