Kim Co. purchased goods with a list price of $191,900, subject to trade discounts of20% and10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

Cost of goods purchased

$

Keillor Companys inventory of $1,134,000at December 31, 2014, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a)	Goods shipped from a vendor f.o.b. shipping point on December 24, 2014, at an invoice cost of $71,230to Keillor Company were received on January 4, 2015.
(b)	The physical count included $36,110of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2014. The carrier picked up these goods on January 3, 2015.

What amount should Keillor report as inventory on its balance sheet?

Inventory to be reported

$

Donovan Inc., a retail store chain, had the following information in its general ledger for the year 2015.

Merchandise purchased for resale	$911,870
Interest on notes payable to vendors	9,200
Purchase returns	20,630
Freight-in	25,490
Freight-out	18,510
Cash discounts on purchases	7,350

What is Donovans inventoriable cost for 2015?

Donovans inventoriable cost for 2015

$

the net income per books of Linda Patrick Company was determined without knowledge of the errors indicated below.

Year	Net Income per Books	Error in Ending Inventory
2009	$65,200	Overstated	$3,210
2010	67,410	Overstated	9,560
2011	69,420	Understated	11,750
2012	71,760	No error
2013	74,040	Understated	3,000
2014	76,310	Overstated	8,030

Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

Errors in Inventories
Year	Net Income Per Books	Add Overstatement Jan. 1	Deduct Understatement Jan. 1	Deduct Overstatement Dec. 31	Add Understatement Dec. 31	Corrected Net Income
2009	$65,200	$	$	$	$	$
2010	67,410
2011	69,420
2012	71,760
2013	74,040
2014	76,310
$	$

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