me find and write in the answers QUESTION 1

1. TheSchulteCD Company has a beginning inventory for May of $2,500 (250CDsat $10 each) and makes the following purchases and sales ofCDsduring May:

   May 5	Purchases	150CDs@ $11 = $1,650
   May 12	Sales	160CDs
   May 22	Purchases	150CDs@ $12 = $1,800
   May 25	Sales	90CDs

   Compute the cost of goods sold for May utilizing the perpetual inventory system and the FIFO cost flow assumption.

Answer:

QUESTION 2

1. TheSchulteCD Company has a beginning inventory for May of $2,500 (250CDsat $10 each) and makes the following purchases and sales ofCDsduring May:

   May 5	Purchases	150CDs@ $11 = $1,650
   May 12	Sales	160CDs
   May 22	Purchases	150CDs@ $12 = $1,800
   May 25	Sales	90CDs

   Compute the ending inventory for May utilizing the perpetual inventory system and the FIFO cost flow assumption.

Answer:

QUESTION 3

1. TheSchulteCD Company has a beginning inventory for May of $2,500 (250CDsat $10 each) and makes the following purchases and sales ofCDsduring May:

   May 5	Purchases	150CDs@ $11 = $1,650
   May 12	Sales	160CDs
   May 22	Purchases	150CDs@ $12 = $1,800
   May 25	Sales	90CDs

   Compute the cost of goods sold for May utilizing the perpetual inventory system and the LIFO cost flow assumption.

Answer:

QUESTION 4

1. TheSchulteCD Company has a beginning inventory for May of $2,500 (250CDsat $10 each) and makes the following purchases and sales ofCDsduring May:

   May 5	Purchases	150CDs@ $11 = $1,650
   May 12	Sales	160CDs
   May 22	Purchases	150CDs@ $12 = $1,800
   May 25	Sales	90CDs

   Compute the ending inventory for May utilizing the perpetual inventory system and the LIFO cost flow assumption.

Answer:

QUESTION 5

1. TheBrabhamKite Company had the following FIFO costs and replacement costs of kites for its ending inventory.

   Item #	Number of Items	Unit Cost	Unit Replacement Cost
   804	100	$10	$11
   603	150	$12	$10
   331	320	$8	$6
   928	70	$20	$22

   Compute the value of the ending inventory under the lower-of-cost-or-market method.

Answer:

QUESTION 6

1. Lotus Tire Company estimates its ending inventory for its quarterly financial statements by using the gross profit method. The following information is available from its accounting records:

   	First Quarter	Second Quarter
   Inventory, Jan. 1	$30,000
   Purchases	$38,000	$50,000
   Purchases returns	$3,000	$5,000
   Sales	$70,000	$80,000
   Sales returns	$3,000	$2,000

   The company uses a gross profit percentage of 30% of net sales.

   Compute the cost of goods sold for the first quarter.

Answer:

QUESTION 7

1. Lotus Tire Company estimates its ending inventory for its quarterly financial statements by using the gross profit method. The following information is available from its accounting records:

   	First Quarter	Second Quarter
   Inventory, Jan. 1	$30,000
   Purchases	$38,000	$50,000
   Purchases returns	$3,000	$5,000
   Sales	$70,000	$80,000
   Sales returns	$3,000	$2,000

   The company uses a gross profit percentage of 30% of net sales.

   Compute the ending inventory for the first quarter.

Answer:

QUESTION 8

1. Lotus Tire Company estimates its ending inventory for its quarterly financial statements by using the gross profit method. The following information is available from its accounting records:

   	First Quarter	Second Quarter
   Inventory, Jan. 1	$30,000
   Purchases	$38,000	$50,000
   Purchases returns	$3,000	$5,000
   Sales	$70,000	$80,000
   Sales returns	$3,000	$2,000

   The company uses a gross profit percentage of 30% of net sales.

   Compute the cost of goods sold for the second quarter.

Answer:

QUESTION 9

1. Lotus Tire Company estimates its ending inventory for its quarterly financial statements by using the gross profit method. The following information is available from its accounting records:

   	First Quarter	Second Quarter
   Inventory, Jan. 1	$30,000
   Purchases	$38,000	$50,000
   Purchases returns	$3,000	$5,000
   Sales	$70,000	$80,000
   Sales returns	$3,000	$2,000

   The company uses a gross profit percentage of 30% of net sales.

   Compute the ending inventory for the second quarter.

Answer: