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P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods LO7-2 Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31 , the accounting records for the most popular item in inventory showed the following: a. Compute the amount of goods avallable for sale. b. \& c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected twofifths from the beginning inventory and three-fiths from the purchase of January 30 . Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale. P7.2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods LO7.2 Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31 , the accounting records for the most popular item in inventory showed the following: a. Compute the amount of goods avaliable for sale. b. \& c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected twoniths from the beginning inventory and three-fifths from the purchase of January 30 . Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Lastin, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-finths from the beginning inventory and three-fifths from the purchase of lanuary 30 . Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Required information P7-6 (Algo) Analyzing and Interpreting the Effects of Inventory Errors LO7-5 [The following information applies to the questions displayed below] The income statement for Prultt Company summarized for a four-year period shows the following: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $26,000. The company uses a periodic inventory system. P7.6 Part 1 Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. P7-1 (Algo) Analyzing Items to Be Included in Inventory LO7-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the recelving area were counted and costed on a FIFO basis. The inventory amounted to $65,200. During the audi, the independent CPA developed the following additional information: a. Goods costing $770 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the current year. b. Goods in transit on December 31 of the current year, from o supplier, with terms FOB destination (explained in the "Required" section), cost $1,150. Because these goods had not yet arrived, they were excluded from the physical inventory count. c. On December 31 of the current year, goods in transit to customers, with terms FOB shipping point, amounted to $1,700 (expected delivery date January 10 of next year). Because the goods had been shipped, they were excluded from the physical inventory count. d. On December 28 of the current year, a customer purchased goods for cash amounting to $3,550 and left them "for pickup on January 3 of next year," Travis Company had paid \$1,720 for the goods and, because they were on hand, Included the latter omount in the physical inventory count. e. On the date of the inventory count, the company recelved notice from a supplier that goods ordered eartler at a cost of $3,950 had been delivered to the transportation company on December 27 of the current year, the terms were FOB shipping point. Because the shipment had not arrived by December 31 of the current year, it was excluded from the physical inventory count. 1. On December 31 of the current year, the company shipped $1,100 worth of goods to a customer, FOB destination. The goods are expected to arrive at their destination no earlier than January 8 of next year. Because the goods were not on hand, they were not included in the physical inventory count. 9. One of the items sold by the company has such a low volume that management planned to drop it last year. To induce Travis Company to continue carrying the item, the manufacturer-supplier provided the item on a "consignment basis:" This means that the manufacturer-supplier retains ownership of the item, and Travis Company (the consignee) has no responsibility to pay for the items until they are sold to a customer. Each month. Travis Company sends a report to the manufacturer on the number sold and remits cash for the cost. At the end of December of the current year, Travis Company had ten of these items on hand; therefore, they were included in the pliysical inventory count at $890 each. Required: Assume that Travis's accounting policy requires including in inventory all goods for which it has title. Note that the point where title (ownership) changes hands is determined by the shipping terms in the sales contract. When goods are shipped "FOB shipping point," tite changes hands at shipment, and the buyer normally pays for shipping. When they are shipped "FOB destination," titie changes hands on dellvery, and the seller normally pays for shipping. Compute the correct amount for the ending inventory. Note: Deductible amounts should be entered with a minus sign