Items in red are incorrect. Questions are in the word document.

Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $329,000. Discussions with the accountant reveal the following. 1.Wilfred shipped goods costing $34,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2.The physical count of the inventory did not include goods costing $97,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. 3.Wilfred received goods costing $25,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. 4.Wilfred shipped goods costing $45,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory. 5.Wilfred received goods costing $45,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $329,000. Determine the correct inventory amount on December 31. Correct inventory: $ In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 160 units at $8, (2) 480 units at $9, and (3) 140 units at $10. Assuming there are 330 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system. Cost of the ending inventory FIFO $ LIFO $ On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $165. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $110. Another, with serial #1045, was purchased on November 1 for $89. The last player, serial #1056, was purchased on November 30 for $81. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics' year-end. Cost of goods sold: $ If Kiyak Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by \"selectively choosing\" which particular players to sell to the two customers? What would Kiyak's cost of goods sold be if the company wished to minimize earnings? Maximize earnings? Cost of goods sold would be $ if it wished to minimize the earnings. Cost of goods sold would be $ if it wished to maximize the earnings. Shawn Company had 234 units in beginning inventory at a total cost of $25,740. The company purchased 468 units at a total cost of $63,180. At the end of the year, Shawn had 176 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. FIFO The cost of the ending inventory The cost of goods sold LIFO Average-cost $ $ $ $ $ $ Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the below transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Houghton shipped goods costing $1,440 to a customer and charged the customer $1,800. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. a. Included or not included b. $ (b) On February 26, Crain Inc. shipped goods to Houghton under terms FOB shipping point. The invoice price was $600 plus $50 for freight. The receiving report indicates that the goods were received by Houghton on March 2. a. Included or not included b. $ (c) Houghton had $680 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. a. Included or not included b. $ (d) Also included in Houghton's warehouse in $850 of inventory that Korenic Producers shipped to Houghton on consignment. a. Included or not included b. $ (e) On February 26, Houghton issued a purchase order to acquire goods costing $1,180. The goods were shipped with terms FOB destination on February 27. Houghton received the goods on March 2. a. Included or not included b. $ (f) On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice price was $410; the cost of the items was $280. The receiving report indicates that the goods were received by the customer on March 2. a. Included or not included b. $ Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 5,600 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 7,000 @ $8 Oct. 19 8,400 @ $10 Oct. 9 9,800 @ $9 Oct. 25 11,200 @ $11 During October, 30,520 units were sold. Glee uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale: $ Calculate cost per unit. Cost per unit: $ You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 1,900 liters at a cost of 60 per liter. March 3 Purchased 2,550 liters at a cost of 65 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 3,800 liters at a cost of 71 per liter. March 20 Purchased 2,400 liters at a cost of 78 per liter. March 30 Sold 5,300 liters for $1.35 per liter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,850 liters from March 10; 1,500 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification FIFO LIFO $ $ $ Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,850 liters from March 10; 1,500 liters from March 20. (2) FIFO (3) LIFO GOBLER INC. Income Statement (partial) Specific Identification FIFO LIFO $ $ $ $ $ $ Answer Ending inventory FIFO LIFO 4290 4080 Answer year end balance FOB shipping point FOB destination FOB destination 331000 27000 35000 -41000 Correct inventory 352000 Answer Cost of goods sold 203 COGS to minimise earnings COGS to maximize earnings 203 174 a b c d e f Answer Not included Included Include Not included Not included Include 0 620 620 0 0 250 Answer Beg Cost of goods available for sale Cost per unit units cost 4840 Oct-03 6050 Oct-09 8470 Oct-19 7260 Oct-25 9680 36300 total 7 33880 8 48400 9 76230 10 72600 11 106480 337590 9.30 Ending inventory Cost of goods sold FIFO LIFO Average 108900 74536 92275 228690 263054 245315 FIFO LIFO produces highest inventory amount prodces highest cost of goods sold inventory amount ost of goods sold Units available units sold Ending units 108900 263054 36300 26378 9922 Specific FIFO LIFO Ending inventory 2506 2709 2214 Sales revenue Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold Gross Profit Specific FIFO 9300 9300 1160 1160 6206.50 6206.50 7366.50 7366.50 2506 2709 4861 4658 4439 4642 Working Beginnin Mar-03 Mar-10 Mar-20 Availale Sales Ending LIFO 9300 1160 6206.50 7366.50 2214 5153 4147 2000 2400 4150 2550 11100 7400 3700 0.58 0.62 0.67 0.76 1160 1488 2780.5 1938 7366.5 Mar-05 Mar-30 2300 5100 7400 1.05 1.35 1000 1300 400 550 2800 1350 600 550 1350 1200