Help View Window me Tools * Chapter 15.pdf Q LEARNING OBJECTIVE 1/ Ch 15 Exercises.pdf 11 135%. T e e EXERCISE 15-1 Objective: To determine what goods are counted in merchandise inventory Directions: Karras Company takes a physical inventory and calculates a dollar value of $58,800. Included among these goods ai $2,500 of goods accepted on consignment, $500 of goods sold to Webster company and awaiting shipment, and $790 of goods received from a vendor but not yet unpacked. Calculate the actual value of Karras Company's merchandise inventory CHECK FIGURE $56,590 LEARNING OBJECTIVE 2 EXERCISE 15-2 Objective: To calculate the effects of merchandise inventory values on net income CHECK FIGURE (a) 536,700 Directions: Benson Company reports a net income for 20x1 of $36,600. The ending inventory reported for 20X1 and figured in the net income is $3,600. The beginning inventory reported for 20X1 and figured in the net income is $4,200. Calculate the reported 20Xl net income under each of the following assump- tions: (a) The ending inventory should have been $3,700. (b) The ending inventory sind have been $3,300. (c) The beginning inventos ud have been $4,000. (d) The beginning inventorstol have been $4,600. EXERCISE 15-3 D e Search Lenovo brercises.pdl - Adobe Acrobat Reader DC View Window Help Tools Chapter 15.pdf Ch 15 Exercises.pdf X D] The ending inventory shoudhave been $3,300. (c) The beginning inventor should have been $4,000. d) The beginning inventory stand have been $4,600, LEARNING OBJECTIVE 2 CHECK FIGURE Company A $76.000 EXERCISE 15-3 Objective: To determine cost of goods sold Directions: For each business, calculate the cost of goods sold. Co. A Co. B Beginning merchandise inventory $14,000 Net merchandise purchases $124,000 Ending merchandise inventory 82,000 347,000 20,000 98,000 EXERCISE 15-4 Objective: To calcula ED Co.c $ -0- 130,000 44,000 LEARNING OBJECTIVES ses.pdf - Adobe Acrobat Reader w Window Help Tools Chapter 15.pdf Ch 15 Exercises.pdf % T een 217 cm 135%. m a LEARNING OBJECTIVER EXERCISE 15-4 Objective: To calculate ending inventory by four co. methods Directions: For Product X, calculate the value of the ending inventory of 21,000 units by each of these methods: (a) specific identification, if 10,000 came from CHECK FIGURE (a) 589,750 Kn 551 Accounting for Merchandise Inventory ) FIFO. the last purchase and the rest came from the list purchase; bli d weighted cage Beginning inventory First purchase Second purchase Third purchase 12.000 units $300 15,000 unds a $325 25 000 units # $330 28 000 units 9 $3.40 WING ONLY Ohr O a nite cost oods sold and gross profit Chapter 15.pdf Q ING OBJECTIVE 4 FIGURE 519 972 Ch 15 Exercises.pdf 311 cm 135% H T La PROBLEM 15-1A Objective: To determine the cost of the ending inventory and the cost of goods sold by three inventory cost methods West TV uses the periodic inventory system. Data for beginning inventory and purchases for three models follow. 19" Portable 24" Portable 45" Cabinet Inventory, Jan. 1 20 @ $ 99 16 @ $349 8 @ $779 Purchase, Jan. 18 18 @ 99 15 @ 360 12 @ 781 Purchase, Mar. 15 20 @ 101 18 @ 368 20 @ 790 Purchase, May 20 20 @ 102 21 @ 375 15 @ 805 Purchase, Aug. 2 25 @ 105 25 @ 379 Purchase, Oct. 19 30 @ 111 830 Purchase, Dec. 1 25 @ 112 25 @ 385 25 @ 835 Inventory, Dec. 31 27 18 Directions: 1. Determine the cost of the entire ending inventory, assuming costing by ja FIFO; (b) LIFO; and (c) weighted average. 2. The cost of goods available for sale for the three models is $141.284 Determine the cost of goods sold for the year, using each method PROBLEM 15 2A Help View Window me Tools * Chapter 15.pdf Q LEARNING OBJECTIVE 1/ Ch 15 Exercises.pdf 11 135%. T e e EXERCISE 15-1 Objective: To determine what goods are counted in merchandise inventory Directions: Karras Company takes a physical inventory and calculates a dollar value of $58,800. Included among these goods ai $2,500 of goods accepted on consignment, $500 of goods sold to Webster company and awaiting shipment, and $790 of goods received from a vendor but not yet unpacked. Calculate the actual value of Karras Company's merchandise inventory CHECK FIGURE $56,590 LEARNING OBJECTIVE 2 EXERCISE 15-2 Objective: To calculate the effects of merchandise inventory values on net income CHECK FIGURE (a) 536,700 Directions: Benson Company reports a net income for 20x1 of $36,600. The ending inventory reported for 20X1 and figured in the net income is $3,600. The beginning inventory reported for 20X1 and figured in the net income is $4,200. Calculate the reported 20Xl net income under each of the following assump- tions: (a) The ending inventory should have been $3,700. (b) The ending inventory sind have been $3,300. (c) The beginning inventos ud have been $4,000. (d) The beginning inventorstol have been $4,600. EXERCISE 15-3 D e Search Lenovo brercises.pdl - Adobe Acrobat Reader DC View Window Help Tools Chapter 15.pdf Ch 15 Exercises.pdf X D] The ending inventory shoudhave been $3,300. (c) The beginning inventor should have been $4,000. d) The beginning inventory stand have been $4,600, LEARNING OBJECTIVE 2 CHECK FIGURE Company A $76.000 EXERCISE 15-3 Objective: To determine cost of goods sold Directions: For each business, calculate the cost of goods sold. Co. A Co. B Beginning merchandise inventory $14,000 Net merchandise purchases $124,000 Ending merchandise inventory 82,000 347,000 20,000 98,000 EXERCISE 15-4 Objective: To calcula ED Co.c $ -0- 130,000 44,000 LEARNING OBJECTIVES ses.pdf - Adobe Acrobat Reader w Window Help Tools Chapter 15.pdf Ch 15 Exercises.pdf % T een 217 cm 135%. m a LEARNING OBJECTIVER EXERCISE 15-4 Objective: To calculate ending inventory by four co. methods Directions: For Product X, calculate the value of the ending inventory of 21,000 units by each of these methods: (a) specific identification, if 10,000 came from CHECK FIGURE (a) 589,750 Kn 551 Accounting for Merchandise Inventory ) FIFO. the last purchase and the rest came from the list purchase; bli d weighted cage Beginning inventory First purchase Second purchase Third purchase 12.000 units $300 15,000 unds a $325 25 000 units # $330 28 000 units 9 $3.40 WING ONLY Ohr O a nite cost oods sold and gross profit Chapter 15.pdf Q ING OBJECTIVE 4 FIGURE 519 972 Ch 15 Exercises.pdf 311 cm 135% H T La PROBLEM 15-1A Objective: To determine the cost of the ending inventory and the cost of goods sold by three inventory cost methods West TV uses the periodic inventory system. Data for beginning inventory and purchases for three models follow. 19" Portable 24" Portable 45" Cabinet Inventory, Jan. 1 20 @ $ 99 16 @ $349 8 @ $779 Purchase, Jan. 18 18 @ 99 15 @ 360 12 @ 781 Purchase, Mar. 15 20 @ 101 18 @ 368 20 @ 790 Purchase, May 20 20 @ 102 21 @ 375 15 @ 805 Purchase, Aug. 2 25 @ 105 25 @ 379 Purchase, Oct. 19 30 @ 111 830 Purchase, Dec. 1 25 @ 112 25 @ 385 25 @ 835 Inventory, Dec. 31 27 18 Directions: 1. Determine the cost of the entire ending inventory, assuming costing by ja FIFO; (b) LIFO; and (c) weighted average. 2. The cost of goods available for sale for the three models is $141.284 Determine the cost of goods sold for the year, using each method PROBLEM 15 2A