hwlp for Excerise 5-1 5-2 and 5-3

Chapter 5 Reporting and Analyzing Inventories 219 ing connect 1. A1 year-end. Barr. Cobal shipped S12.500 of merchandise FOB destination to Lee Co. Which com- EXERCISES puny should include the $12.500 of merchandise in transit as part of its year-end inventory 2. Parris Company has shipped $20,000 of goods to Harlow Co and Harlow Co has arranged to sell the goods for Parris. Identify the consignor and the consignee. Which company should include any unsold inventory ownership C1 Exercise 5-1 goods as part of its inventory? Walberg Associates, antique dealers. purchased goods for $75.000. Terms of the purchase were FOB ship Exercise 5-2 ping point, and the cost of transporting the goods to Walberg Associates's warehouse was $2,400, Walberg Inventory costs Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980. Determine the cost of inventory. C1 Laker Company reported the following January purchases and sales data for its only product. Exercise 5-3 Periodic: Inventory costing methods P1 Date Activities Units Acquired at Cost Units Sold at Retail 140 units a $6.00 $ 840 100 units $15 Jan. 1 Jan 10 Jan. 20 Jan 25 Jan 30 60 units @ $5.00 = 300 Beginning inventory.... Sales..... Purchase Sales... Purchase Totals 80 units $15 180 units a $4.50 380 units 810 $1,950 180 units Required The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (b) weighted average. (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory th of Ianuary for Laker Company similar Exercise 5-4