Please answer any of the following questions which you know the answer to
0.36/1 Question 1 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. Gatineau Bank is considering giving Sheffield Corporation a short-term bank loan. Before doing so, it decides that further discussions with Sheffield's accountant may be desirable. One area of particular concern is the inventory account, which according to a recent physical inventory count has a balance of $263,800 at December 31. This count agreed with the accounting records. Discussions with the accountant reveal the following: 1. Sheffield sold goods costing $33,200 to India-based Moghul Company, FOB destination, on December 28. The goods are not expected to arrive in India until January 12. The goods were not included in the physical inventory count, because they were not in the warehouse. 2. The physical inventory count did not include goods costing $92,200 that were shipped to Sheffield, FOB shipping point, on December 27 and were still in transit at year end. 3. Sheffield received goods costing $28,100 on January 2. The goods were shipped FOB shipping point on December 26 by Cellar Corp. The goods were not included in the physical inventory count. 4. Sheffield sold goods costing $47,100 to United Kingdom-based Sterling of Britain Ltd., FOB shipping point, on December 30. The goods were received by Sterling on January 8. They were not included in Sheffield's physical inventory count. 5. On December 31, Schiller Corporation had $33,100 of goods held consignment for Sheffield. The goods were not included in the physical inventory count. 6. Included in the physical inventory count were $13,700 of parts for outdated products that the company had not been able to sell. It is unlikely that these obsolete parts will have any other use. (a) Determine the correct inventory amount on December 31. (Record the transactions in the order presented in the problem. If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45). If the transaction has "NO EFFECT ON INVENTORY", enter for the amount.) Ending inventory physical count $ 263.8000 1. No effect on inventory 2. No effect on inventory 3. Add to inventory 28.100 4. Add to inventory 47.100 5. Add to inventory 33.100 6. No effect on inventory - 13.700 A Correct inventory $ 358.400 Save for Later Attempts: 1 of 3 used Submit Answer Your grade has been recorded in the Gradebook. Sun, Jun 7, 2020, 10:17:29 PM (Asia/Nicosia +03:00) Dronour Nort --/12 Question 4 View Policies Current Attempt in Progress Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Units Unit Cost Unit NRV Cameras: 4 $179 $167 Sony Canon Light Meters: 8 145 147 Gossen 12 131 135 Sekonic 10 118 113 (a) Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: Sony $ Canon Light Meters: Gossen Sekonic Total $ List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer --/1 Question 5 View Policies Current Attempt in Progress Flounder Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Apr. 660 Date Explanation Units Unit Cost Total Cost 1 Beginning inventory 30 $45 $1,350 6 Purchases 15 44 9 Sales 14 Purchases 20 43 860 20 Sales 28 Purchases 20 37 (35) (25) 740 (a) Determine the cost of goods sold and cost of ending inventory using FIFO. Cost of Goods Sold $ Ending Inventory $ Save for Later Attempts: 0 of 3 used Submit Answer Question 6 5.04/18 View Policies Show Attempt History Current Attempt in Progress Ayayai Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses the perpetual inventory system. Date Explanation Apr. 1 Beginning inventory 6 Purchases 9 Sales 14 Purchases 20 Sales 28 Purchases Units Unit Cost Total Cost 30 $46 $1,380 15 45 675 (35) 20 40 800 (25) 20 35 700 (a) - Your answer is partially correct. Determine the cost of goods sold and cost of ending inventory using average cost. (Round answers to 2 decimal places, e.g. 1.25.) Cost of Goods Sold $ Cost of Ending Inventory $ 2,585.55 904.55 List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer Question Part Score 5/10 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score --/2 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score --16 Your grade has been recorded in the Gradebook. Tue, Jun 9, 2020, 10:45:58 AM (Asia/Nicosia +03:00) Dronour Nort --/12 Question 4 View Policies Current Attempt in Progress Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Units Unit Cost Unit NRV Cameras: 4 $179 $167 Sony Canon Light Meters: 8 145 147 Gossen 12 131 135 Sekonic 10 118 113 (a) Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: Sony $ Canon Light Meters: Gossen Sekonic Total $ List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer --/1 Question 5 View Policies Current Attempt in Progress Flounder Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Apr. 660 Date Explanation Units Unit Cost Total Cost 1 Beginning inventory 30 $45 $1,350 6 Purchases 15 44 9 Sales 14 Purchases 20 43 860 20 Sales 28 Purchases 20 37 (35) (25) 740 (a) Determine the cost of goods sold and cost of ending inventory using FIFO. Cost of Goods Sold $ Ending Inventory $ Save for Later Attempts: 0 of 3 used Submit Answer Question 6 5.04/18 View Policies Show Attempt History Current Attempt in Progress Ayayai Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses the perpetual inventory system. Date Explanation Apr. 1 Beginning inventory 6 Purchases 9 Sales 14 Purchases 20 Sales 28 Purchases Units Unit Cost Total Cost 30 $46 $1,380 15 45 675 (35) 20 40 800 (25) 20 35 700 (a) - Your answer is partially correct. Determine the cost of goods sold and cost of ending inventory using average cost. (Round answers to 2 decimal places, e.g. 1.25.) Cost of Goods Sold $ Cost of Ending Inventory $ 2,585.55 904.55 List of Accounts Save for Later Attempts: 1 of 3 used Submit Answer Question Part Score 5/10 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score --/2 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score --16 Your grade has been recorded in the Gradebook. Tue, Jun 9, 2020, 10:45:58 AM (Asia/Nicosia +03:00)
