PLEASE HIGHLIGHT RESPONSE TO QUESTIONS. LAB IS ATTACHED BELOW.

PLEASE HIGH THE RESPONSES TO THE LAB QUESTIONS Brief Exercise 6-1 Peosta Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be "Included" or "Not Included" from the inventory taking. (a) Goods shipped on consignment by Peosta to another company. (b) Goods in transit from a supplier shipped FOB destination. (c) Goods sold but being held for customer pickup. (d) Goods held on consignment from another company. Brief Exercise 6-2 Stallman Company took a physical inventory on December 31 and determined that goods costing $205,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? Stallman ending Inventory $ Brief Exercise 6-3 In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 100 units at $10, (2) 500 units at $11, and (3) 110 units at $12. Assuming there are 380 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system. FIFO Cost of the ending inventory LIFO $ $ Brief Exercise 6-4 In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 200 units at $7, (2) 430 units at $8, and (3) 120 units at $9. Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) $ Average unit cost LINK TO TEXT Compute the cost of the ending inventory under the average-cost method, assuming there are 370 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory $ Exercise 6-1 Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $331,000. Discussions with the accountant reveal the following. 1. Wilfred sold goods costing $45,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $99,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. 3. Wilfred received goods costing $27,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. 4. Wilfred sold goods costing $35,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory. 5. Wilfred received goods costing $41,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $331,000. Determine the correct inventory amount on December 31. Correct inventory $ Exercise 6-3 On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $195. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $110. Another, with serial #1045, was purchased on November 1 for $93. The last player, serial #1056, was purchased on November 30 for $81. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics' year-end. Cost of goods sold $ LINK TO TEXT If Kiyak Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by \"selectively choosing\" which particular players to sell to the two customers? What would Kiyak's cost of goods sold be if the company wished to minimize earnings? Maximize earnings? Cost of goods sold would be $ if it wished to minimise the earnings. Cost of goods sold would be $ if it wished to maximise the earnings. Exercise 6-7 Shawn Company had 240 units in beginning inventory at a total cost of $28,800. The company purchased 480 units at a total cost of $67,200. At the end of the year, Shawn had 180 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO The cost of the ending inventory The cost of goods sold LIFO Average-cost $ $ $ $ $ $ LINK TO TEXT Which cost flow method would result in the highest net income? LINK TO TEXT Which cost flow method would result in inventories approximating current cost in the balance sheet? LINK TO TEXT Which cost flow method would result in Shawn paying the least taxes in the first year? Problem 6-1A Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the below transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Houghton shipped goods costing $1,760 to a customer and charged the customer $2,200. 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 $600 plus $20 for freight. The receiving report indicates that the goods were received by Houghton on March 2. $ (c) Houghton had $620 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested $ that the goods be shipped on March 10. (d) Also included in Houghton's warehouse is $740 of inventory that Korenic Producers shipped to Houghton on consignment. $ (e) On February 26, Houghton issued a purchase order to acquire goods costing $1,180. The goods were shipped with terms FOB destination on February 27. Houghton received the goods on March 2. $ (f) $ On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice price was $380; the cost of the items was $250. The receiving report indicates that the goods were received by the customer on March 2. Problem 6-2A Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,840 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 Oct. 9 6,050 @ $8 8,470 @ $9 Oct. 19 Oct. 25 7,260 @ $10 9,680 @ $11 During October, 26,378 units were sold. Glee uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $ LINK TO TEXT Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit LINK TO TEXT $ 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). (Round answers to 0 decimal places, e.g. 1,250.) FIFO The ending inventory The cost of goods sold LIFO AVERAGE-COST $ $ $ $ $ $ LINK TO TEXT Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) (2) produces the highest inventory amount, $ . produces the highest cost of goods sold, $ . Problem 6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Marc 1 Beginning inventory 2,000 liters at a cost of 58 per liter. h Marc 3 Purchased 2,400 liters at a cost of 62 per liter. h Marc 5 Sold 2,300 liters for $1.05 per liter. h Marc 10 Purchased 4,150 liters at a cost of 67 per liter. h Marc 20 Purchased 2,550 liters at a cost of 76 per liter. h Marc 30 Sold 5,100 liters for $1.35 per liter. h Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20. (2) FIFO (3) LIFO Specific identification FIFO LIFO Ending inventory $ $ $ LINK TO TEXT Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20. (2) FIFO (3) LIFO GOBLER INC. Income Statement (partial) Specific Identification $ FIFO LIFO $ $ $ LINK TO TEXT $ $ The following question were not answered correctly. I got them wrong and it dropped my grade I still have until Monday night eastern standard time to get it corrected. Can you please look over the answers you gave me. Brief Exercise 6-2 Your answer is incorrect. Try again. Stallman Company took a physical inventory on December 31 and determined that goods costing $205,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? Stallman ending Inventory $ 260000 Exercise 6-1 Your answer is incorrect. Try again. Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $331,000. Discussions with the accountant reveal the following. 1 . 2 . 3 . 4 . 5 . Wilfred sold goods costing $45,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $99,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. Wilfred received goods costing $27,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Wilfred sold goods costing $35,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory. Wilfred received goods costing $41,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $331,000. Determine the correct inventory amount on December 31. Correct inventory $ 39300 Exercise 6-3 On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $195. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $110. Another, with serial #1045, was purchased on November 1 for $93. The last player, serial #1056, was purchased on November 30 for $81. Don't show me this message again for the assignment Your answer is incorrect. Try again. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics' year-end. Cost of goods sold $ 81 Problem 6-1A Your answer is partially correct. Try again. Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the below transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Houghton shipped goods costing $1,760 to a customer and charged the customer $2,200. 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 $600 plus $20 for freight. The receiving report indicates that the goods were received by Houghton on March 2. (c) Houghton had $620 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. $ res_EAT_135658 Not Included 0 $ Not Included 0 $ res_EAT_135658 Included (d) Also included in Houghton's warehouse is $740 of inventory that Korenic Producers shipped to Houghton on consignment. Included (e) On February 26, Houghton issued a purchase order to acquire goods costing $1,180. The goods were shipped with terms FOB destination on February 27. Houghton 620 $ Included 740 $ 1180 received the goods on March 2. (f) On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice price was $380; the cost of the items was $250. The receiving report indicates that the goods were received by the customer on March 2. $ res_EAT_135658 Included 250 Problem 6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Marc 1 Beginning inventory 2,000 liters at a cost of 58 per liter. h Marc 3 Purchased 2,400 liters at a cost of 62 per liter. h Marc 5 Sold 2,300 liters for $1.05 per liter. h Marc 10 Purchased 4,150 liters at a cost of 67 per liter. h Marc 20 Purchased 2,550 liters at a cost of 76 per liter. h Marc 30 Sold 5,100 liters for $1.35 per liter. h Don't show me this message again for the assignment Your answer is correct. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification $ 2506 $ FIFO 2709 $ LIFO 2215 Don't show me this message again for the assignment Show Solution Link to Text Your answer is partially correct. Try again. Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20. (2) FIFO (3) LIFO GOBLER INC. Income Statement (partial) EAT_1415856536 For the Year Ended Decem 31, 2017 ber Specific Identification res_EAT_135658 Sales revenue FIFO $ LIFO $ $ 9300 9300 9300 1160 1160 1160 6207 6207 6207 res_EAT_135658 Beginning inventory res_EAT_135658 Purchases Purchases res_EAT_135658 Cost of goods available for sale 7367 7367 7367 2506 2709 2214 4861 4658 5153 res_EAT_135658 Ending inventory res_EAT_135658 Cost of goods sold res_EAT_135658 Gross profit / (Loss) $ 4439 Don't show me this message again for the assignment $ 4642 $ 4148 These are the only 3 questions left that has not been answered correctly. Exercise 6-1 Your answer is incorrect. Try again. Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $331,000. Discussions with the accountant reveal the following. 1 . 2 . 3 . 4 . 5 . Wilfred sold goods costing $45,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $99,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. Wilfred received goods costing $27,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Wilfred sold goods costing $35,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory. Wilfred received goods costing $41,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $331,000. Determine the correct inventory amount on December 31. Correct inventory $ 349000 Exercise 6-3 On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $195. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $110. Another, with serial #1045, was purchased on November 1 for $93. The last player, serial #1056, was purchased on November 30 for $81. Don't show me this message again for the assignment Your answer is incorrect. Try again. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics' year-end. Cost of goods sold $ 81 Your answer is partially correct. Try again. Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the below transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Houghton shipped goods costing $1,760 to a customer and charged the customer $2,200. 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 $600 plus $20 for freight. The receiving report indicates that the goods were received by Houghton on March 2. $ res_EAT_135658 Not Included 0 $ res_EAT_135658 Included 600