I only need the solution for Problem 6-3B but have to post all three because the third question includes information for first and second problem.
per unit to two decimal places). ALTERNATE PROBLEMS Problem 6-1B Inventory ownership-perpetual L01 On November 30, 2020, York + Robin Shoes (Y+R) performed the annual inventory count and determined the year-end ending inventory value to be $49,222. It is now December 3, 2020, and you have been asked to double- check the inventory listing. Y+R uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. York + Robin Shoes Inventory Listing Year-Ended November 30, 2020 Inventory Number Inventory Description Unit Cost ($) A20 Quantity (units) 74 Men's brown dress shoes $50 Total Value ($) $ 3.700 1,500 2 B30 Women's black boots 50 30 Total Inventory $49.222 The following situations have been brought to your attention: include this inventory. Y+R's inventory count and inventory listing. a. On November 28, 2020, Y+R received a customer order for men's sneakers (Item # D50) with a site of $1,000 and cost of $600, FOB shipping. The order was shipped on November 30, 2020. Y+R... b. On December 2, 2021, Y+R received a shipment of $1,500 women's black boots (Item #B30). The lower was purchased November 22, 2020, FOB destination from Global Threads. This inventory was includes c. Women's sandals (Item # C40) were purchased and shipped from International Sole Co. on November 2020 for $2,300, FOB shipping. The shipment arrived December 5, 2020 and the appropriate party pellte the shipping charges of $230. Additional costs were $161 for import duties and $86 for insurance de shipment. d. On November 30, 2020, Y+R shipped women's flip flops (Item #E60) to a customer for $2,520, FH destination. The inventory cost $1,800 and the customer received the goods on December 3, 2020. Y not included this inventory. e. Y+R had been holding $3,700 of men's brown dress shoes (Item #A20) on consignment for designer die Co. as at November 30, 2020. This inventory was included in Y+R's inventory count and inventory listy Required 1. In situations (a) to (e), determine whether each of the following should be included or excluded inventory as at November 30, 2020 and explain why. If the inventory should be included, determia the inventory cost. 2. Determine the correct ending inventory value at November 30, 2020. Starting with the unadjusted liber tory value of $49,222, add or subtract any errors based on your analysis in Part 1. Assume all items bar not shown in the inventory listing or discussed in situations (a) to (e) are recorded correctly. Recorded correctly Problem 6-2B Alternative cost flows-perpetual Lo2 eXcel $35,020.00 CHECK FIGURES: 1. Ending inventory. a. $35,345.00; b. $34,760.75: 2. Ending inventory = The Obama Company has the following inventory purchases during the fiscal year ended December 31, 232 a Beginning Feb. 13 Aug. 5 619 units 335 units 215 units o $78/unit $75/unit $88/unit Obama Company has two sales during the period. The units have a selling price of $138 per unit. Sales Feb. 15 Aug. 10 415 units 320 units Obama Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a FIFO b. Moving weighted average method (round the average cost per unit to two decimal places) 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows: Feb. 15: 221 units from beginning inventory 194 units from the February 13 purchase Aug. 10: 216 units from beginning inventory 37 units from the February 13 purchase 67 units from the August 5 purchase 3. Using information from your answers in Parts 1 and 2, journalize the credit sale on February 15, and the credit purchase on August 5 for each of: a. FIFO b. Moving weighted average c. Specific identification "Problem 6-3B Alternative cost flows-periodic L08 CHECK FIGURES: Cost of goods sold: a $56,982.00; b. $58,049.68 Use the data from Problem 6-2B and do Part 1, assuming Obama Company uses a periodic inventory costing system. Round calculations to two decimal places
