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Practice - 1 Blossom Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) Purchases Purchase returns $ 79,700 287,900 28,300 Sales revenue Sales returns Gross profit % based on net selling price $413,500 21,200 35 % Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,900. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss $ Practice - 2 Presented below is information related to Cheyenne Inc. Inventory, 12/31/17 Purchases Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost Retail $250,900 943,206 61,200 18,200 42,400 $396,700 1,469,100 80,800 1,414,000 99,200 120,500 39,200 44,900 20,400 7,800 4,700 Assuming that Cheyenne Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $ Practice - 3 Blue Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1993, Blue has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Blue's fiscal year, November 30, 2017, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods Work in process Raw materials Factory supplies $657,300 121,000 264,300 64,600 The following information relates to Blue's inventory and operations. 1. The finished goods inventory consists of the items analyzed below. Cost NRV $63,100 95,600 114,600 $62,500 90,700 116,800 273,300 270,000 85,800 93,200 93,400 91,900 179,000 185,300 83,700 121,300 83,300 123,900 Down tube shifter Standard model Click adjustment model Deluxe model Total down tube shifters Bar end shifter Standard model Click adjustment model Total bar end shifters Head tube shifter Standard model Click adjustment model Total head tube shifters Total finished goods 205,000 207,200 $657,300 $662,500 2. One-half of the head tube shifter finished goods inventory is held by catalog outlets on consignment. 3. Three-quarters of the bar end shifter finished goods inventory has been pledged as collateral for a bank loan. 4. One-half of the raw materials balance represents derailleurs acquired at a contracted price 20% above the current market price. The NRV of the rest of the raw materials is $130,800. 5. The total NRV of the work in process inventory is $113,500. 6. Included in the cost of factory supplies are obsolete items with an historical cost of $4,100. The market value of the remaining factory supplies is $61,500. 7. Blue applies the LCNRV method to each of the three types of shifters in finished goods inventory. For each of the other three inventory accounts, Blue applies the LCNRV method to the total of each inventory account. 8. Consider all amounts presented above to be material in relation to Blue's financial statements taken as a whole. (a) Prepare the inventory section of Blue's balance sheet as of November 30, 2018. (Round answers to 0 decimal places, e.g. 2,556.) Continues on the next page... Blue Specialty Company Balance Sheet November 30, 2018 $ $ Practice - 1 Blossom Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) Purchases Purchase returns $ 79,700 287,900 28,300 Sales revenue Sales returns Gross profit % based on net selling price $413,500 21,200 35 % Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,900. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss $ 45005 Practice - 2 Presented below is information related to Cheyenne Inc. Inventory, 12/31/17 Purchases Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost Retail $250,900 943,206 61,200 18,200 42,400 $396,700 1,469,100 80,800 1,414,000 99,200 120,500 39,200 44,900 20,400 7,800 4,700 Assuming that Cheyenne Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $ 270,000 Practice - 3 Blue Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1993, Blue has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Blue's fiscal year, November 30, 2017, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods Work in process Raw materials Factory supplies $657,300 121,000 264,300 64,600 The following information relates to Blue's inventory and operations. 1. The finished goods inventory consists of the items analyzed below. Cost NRV Down tube shifter Standard model Click adjustment model Deluxe model Total down tube shifters $63,100 95,600 114,600 $62,500 90,700 116,800 273,300 270,000 85,800 93,200 93,400 91,900 179,000 185,300 83,700 121,300 83,300 123,900 Bar end shifter Standard model Click adjustment model Total bar end shifters Head tube shifter Standard model Click adjustment model Total head tube shifters Total finished goods 205,000 207,200 $657,300 $662,500 2. One-half of the head tube shifter finished goods inventory is held by catalog outlets on consignment. 3. Three-quarters of the bar end shifter finished goods inventory has been pledged as collateral for a bank loan. 4. One-half of the raw materials balance represents derailleurs acquired at a contracted price 20% above the current market price. The NRV of the rest of the raw materials is $130,800. 5. The total NRV of the work in process inventory is $113,500. 6. Included in the cost of factory supplies are obsolete items with an historical cost of $4,100. The market value of the remaining factory supplies is $61,500. 7. Blue applies the LCNRV method to each of the three types of shifters in finished goods inventory. For each of the other three inventory accounts, Blue applies the LCNRV method to the total of each inventory account. 8. Consider all amounts presented above to be material in relation to Blue's financial statements taken as a whole. (a) Prepare the inventory section of Blue's balance sheet as of November 30, 2018. (Round answers to 0 decimal places, e.g. 2,556.) Continues on the next page... Blue Specialty Company Balance Sheet November 30, 2018 Current Assets Inventory $ Raw Materials 270,000 Work-in-Process Finished Goods Factory Supplies 113,500 207,200 270,000 $ Total Inventories $662,500