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211112013 Do It! Review 6-2 The accounting records of Biossom Company show the following data. Beginning inventory 3,130 units at $6 Purchases 8,480 units at $8 Sales 8,585 units at $11 Calcuiate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.} Average \"mt COSt $enter average unit cost in dollarsLi, 7 per unit Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the averagecost method. (Round answers to 0 decimal places, 12.9. 125.) '. . . . . FIFO? -' ,_ "._ Ilka-125773 :' \"more i Cost Of $enter a dollar amount $enter a dollar amount $enter a dollar amount goods , . 7 , ,, .. - . sold Exercise 6-2 Farley Bains, an auditor with Nolls CPAs, is performing a review of Sage Hill Inc.'s Inventory account. Sage Hill Inc. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $800,470. Howaver, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses e.g. (45).) $Enter a dollar amount Ending inventory-as reported 1. Included in the company's count were goods with a cost of Enter a dollar amount $248,330 that the company is holding on consignment. The goods -- - - - - - , ,, , belong to Nader Corporation. 2. The physical count did not include goods purchased by Sage Hill Enter a dollar amount Inc. with a cost of $43,180 that were shipped FOB shipping point on December 28 and did not arrive at Sage Hill Inc.'s warehouse until January 3. 3. Included in the Inventory account was $17,950 of office supplies Enter a dollar amount that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4. The company received an order on December 29 that was boxed Enter a dollar amount and was sitting on the loading dock awaiting pick-up on December : ~ 777 , 7 31. The shipper picked up the goods on January 1 and delivered 1I5 211112018 Print Assignment Week 4 WIleyPlus Assignment -m them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $37,050 and a cost of $26,520. The goods were not included in the count because they were sitting on the dock. 5. Included in the count was $52,100 of goods that were parts for a machine that the company no longer made. Given the hightech nature of Sage Hill Inc.'s products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, \"since that is what we paid for them, after all." Enter a dollar amount Correct inventory Exercise 6-4 Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.'s purchases of EZslide snowboards during September: During the same month, 94 EZslide snowboards were sold. Blue Spruce Corp. uses a periodic inventory system. pate, . Explanation Units Unit Cost ._ Toni-East Sept. 1 Inventory 12 $98 $ 1,176 Sept. 12 Purchases 45 101 4,545 Sept. 19 Purchases 54 102 5,508 Sept. 26 Purchases 21 103 2,163 Totals 132 $13,392 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. ( Round average cost per unit to 3 decimal places, 6.9. 125.153 and nal answers to a decimal places, e. g. 125.) - . _ _. _ are -j _. _, wuro. _ license-gem The ending $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount inventory at 77.- __._._ September 30 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and averagecost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, 9.9. 125.) Cost of $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount goods . 5035177 ,. ____...7 7 , , , ,,7 7_ ._ , ,,7,7, Exercise 6-11 Suppose this infomation is available for PepsiCo, Inc. for 2015, 2016, and 2017. 2/5 $112018 Print Assignment Week 4 VVIIeyPlus Assignment w (in. minions} .: " 2015 . -; .2015: 2011 Beginning inventory $1,800 .. $2,300 $2, 400 Ending inventory 2,300 2,400 2,900 Cost of goods sold 17,972 20,640 20,490 Sales revenue 38,791 42,981 42,907 Calculate the inventory turnover for PepsiCo, Inc. for 2015, 2016, and 2017. (Round inventory turnover to 1 decimal place, e. g. 5.1.) .. 2015"- 2016 2011. enter an inventory enter an inventory enter an Inventory 1'f'it'6l'it07'litumcmer turnover 1jrnegtumover turnover 1,\21'111'2018 Print Assignment Week 4 WileyPius Assignment - Days in inventory a ------ , 7* days enter a number of days. , Compute Deere & Company's current ratio using the 2017 data as presented, and then again after adjusting for the LIFO reserve. (Round answers to 2 decimal places, e.g. 5.12:1.) Based on data presented: Current ratio u. w enter a current ratie'___ After adjusting for LIFO reserve: Current retro enter a current relief. Fmtem 54M. Pronghorn Corp markets CD5 of numerous performing artists. At the beginning of March, Pronghorn Corp had in beginning inventory 2,600 CDs with a unit cost of $7. During March, Pronghorn Corp made the foliowing purchases of CD5. March 5 1,940 @ $8 March 21 4,990 @ $10 Math 13 3,320 @ $9 March 26 1,810 @ $11 During March 10,950 units were sold. Pronghorn Corp uses a periodic inventory system. (a) Determine the cost of goods available for sale. The cost of goods available $enter the cost of goods available for sale in dollars for sale " (1:) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) \"\"398 C5t $enter an average cost in dollars; Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost ow methods (FIFO, UFO, and averagecost). (Round answers to a decimal places, 42.9. 125.) _ . -.- FIFO _-j."' use :1 .7 ' m The ending $enter a dollar amount enter a dollar amount $enter a dollar amount inventory '_ " " 7 " ' The cost at sentryaaararamaant ei'a'danamoui sentedouarnoun't goods sold " ' ' ' ' Which cost ow method results in (1) the highest inventory amount for the balance sheet ans (2) the highest cost of goods sold for the income statement? (1} select a method whichi 7 is - . .__.. producem the highest inventory amount. (2) select a method which _7 _ . . 7, , 3 produces the highest cost of goods sold. Problem 6-7A 415 25%132018 Print Assignment Week 4 WileyPlus Assignment w Suppose this information (in millions) is available for the Automotive and Other Operations DiVisions of General Motors Corporation for a recent year. General Motors Corporation 23% the LIFO inventory method Eeginning inventory $14,646 Ending inventory i5,998 LIFO reserve 1,469 Current assets 62.700 Current liabilities 67,328 Cost of goods sold 175,176 Sales revenue 172,004 Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.} The Inventory turnover ante, a number of times 7/_________________' times Days in inventory W W days enteranumberofdays __ , _ l, .. 7 Calculate the current ratio based on inventory as reported using LIFO. (Round answer to 2 decimal places, e.g. 5.12.) The current ratio based on enter a current ratio based on inventory using LIFO inventory using LIFO WWW WW WW W WW '1 Calculate the current ratio after adjusting for the LIFO reserve. (Round answer to 2 decimal places, e.g. 5.12.) enter a current ratio after adjusting for the LIFO The current ratio after adjusting for the LIFO reserve reserve; 7 , 777,7: 515
