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Plz answer all the questions #1 (1 pt.) Determine which company should include the merchandise in their inventory at the end of the fiscal year.
Plz answer all the questions
#1 (1 pt.) Determine which company should include the merchandise in their inventory at the end of the fiscal year. a. Jolie Company has shipped $500 of goods to China Co., and China Co. has arranged to sell the goods for Jolie on consignment. Which company should include the unsold goods as part of their inventory? b. At year-end, Xing Co. had shipped $1,000 of merchandise FOB destination to Sing Co. Which company should include the goods in transit as part of its year-end inventory? Use the following information to answer questions #2 to #5: Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units a $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units a $20.00 15 Purchase 100 units @ $13.00 24 Sales 150 units @ $21.00 #2 (1 pt.) Calculate the cost of Goods Available for Sale. #3 (2 pts.) Calculate Cost of Goods Sold and Ending Inventory using FIFO Perpetual. Cost of Goods Sold Ending Inventory May 1 May 5 May 10 May 15 May 24 #4 (2 pts.) Calculate Cost of Goods Sold and Ending Inventory using LIFO Perpetual. Cost of Goods Sold Ending Inventory May 1 May 5 May 10 May 15 May 24 #5 (2 pts.) Calculate Cost of Goods Sold and Ending Inventory using Weighted Average Cost Perpetual. Cost of Goods Sold Ending Inventory May 1 May 5 May 10 May 15 May 24 #6 (1 pt.) Tops had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 million. a. Calculate Inventory Turnover b. Calculate Days Sales in InventoryStep by Step Solution
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