Part 1

Splish Co. purchased goods with a list price of $160,400, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Splish Co. record as the cost of these goods?

Cost of goods purchased

$enter the Cost of goods purchased in dollars

Part 2

Blossom Companys inventory of $1,099,800 at December 31, 2020, 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, 2020, at an invoice cost of $65,710 to Blossom Company were received on January 4, 2021.
(b)		The physical count included $28,670 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021.

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

Inventory to be reported

$enter Inventory to be reported in dollars

Part 3

Blue Corp. had 2,060 units of part M.O. on hand May 1, 2020, costing $33 each. Purchases of part M.O. during May were as follows.

		Units		Units Cost
May 9		2,560		$34
17		4,060		36
26		1,560		37

A physical count on May 31, 2020, shows 2,560 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)

		FIFO		LIFO		Average Cost
Inventory Cost		$enter a dollar amount rounded to 0 decimal places

Part 4

Kingbird Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

Inventory		At Base-Year Cost		At Current-Year Cost
1/1/20		$199,700		$199,700
12/31/20		244,600		293,520
12/31/21		278,100		344,844

Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?

		December 31, 2021
Price Index		enter the price index
Dollar-value LIFO inventory		$enter a dollar amount

Part 5

Oriole Inc., a retail store chain, had the following information in its general ledger for the year 2021.

Merchandise purchased for resale		$890,718
Interest on notes payable to vendors		8,703
Purchase returns		17,020
Freight-in		21,800
Freight-out (delivery expense)		15,607
Cash discounts on purchases		7,442

What is Orioles inventoriable cost for 2021?

Orioles inventoriable cost for 2021

$enter Orioles inventoriable cost for 2021 in dollars