PROBLEM #1 Trump Company had the following inventory transactions for the June 2018 Sales June 5 500@$21.00 ,600 22.00 700 22.00 1,800 21.00 700 23.00 June 1 (alnce on hand) 2000 $10 15 20 27 500 10.05 600 10.50 00 11.00 1,200 11.00 300 11.10 18 30 5,300 6,500 Required 1) Assuming that periodic inventory records are kept, compute the cost of goods sold and ending inventory for June using (a) LIFO, (b) FIFO, and (c) Average Cost. 2) Assuming that perpetual inventory records are kept, compute the cost of goods sold and ending inventory for June using (a) LIFO and (b) FIFO. 3) Assuming that Trump used FIFO perpetual, compute gross profit for June 2018 Page 1 of 3 PROBLEM #2 Presented below is inventory information related to Trump Company: Date December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 Ending InventoryPrice Index 100 105 115 125 (End-of-Year Prices) $180,000 218,500 242,500 Required Compute ending inventory for Trump for 2014 through 2017 using Dollar-Value LIFO PROBLEM #3 The inventory of Trump Company on December 31, 2017 consists of the following items: Part Quantity Cost per U 600 1,000 500 200 400 300 S 95 60 80 170 205 240 Net Realizable Value $100 52 76 180 208 235 110 112 113 120 122 Required: (1) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item. (2) Determine the inventory by the LCNRV method, applying the method to the total of the inventory Page 2 of 3 PROBLEM #4 Presented below is inventory information related to Trump Company: Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue 50,000S 70,000 343,750 535,000 23,750 3,750 8,750 1,250 550,000 Required: Compute the ending inventory and cost of goods sold using the conventional retail inventory method. Page 3 of 3