p6-1A & p6-2A please

PROBLEMS: SET A P6-1A Houghton Limited is trying to determine the value of its ending inventory as of Determine items and February 28, 2017, the company's year-end. The following transactions occurred, and the amounts to be recorded in accountant asked your help in determining whether they should be recorded or not. inventory (a) On February 26, Houghton shipped goods costing $800 to a customer and charged the (L01) customer $1,000. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. (b) On February 26, Crain Inc. shipped goods to Houghton under terms FOB shipping point. The invoice price was $450 plus $30 for freight. The receiving report indicates that the goods were received by Houghton on March 2. (e) Houghton had $720 of inventory isolated in the warehouse. The inventory is desig. nated for a customer who has requested that the goods be shipped on March 10. (d) Also included in Houghton's warehouse is $700 of inventory that Korenic Producers shipped to Houghton on consignment (e) On February 26, Houghton issued a purchase order to acquire goods costing $900. The goods were shipped with terms FOB destination on February 27. Houghton received the goods on March 2 () On February 26, Houghton shipped goods to a customer under terms FOB destina- tion. The invoice price was $390, the cost of the items was $240. The receiving report indicates that the goods were received by the customer on March 2. Instructions For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount P6-2A Glee Distribution markets CDs of the performing artist Unique. At the beginning of Determine cost of goods sold October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7 and ending inventory using During October, Glee made the following purchases of Unique's CDs. FIFO, LIFO, and average-cost with analysis. Oct. 3 2,500 @ $8 Oct. 19 3,000 $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 (LO 2) During October, 10,900 units were sold. Glee uses a periodic inventory system Instructions XLS (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the b2) Cost of goods sold: cost of goods sold under the FIFO and LIFO methods. FIFO 594,500 (e) Which cost flow method results in (1) the highest inventory amount for the balance LIFO 5108, 700 sheet and (2) the highest cost of goods sold for the income statement? Average $101,370