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Problem 4: Various inventory issues (14 Points) The following independent situations relate to inventory accounting: 1. Calculate the 2021 cost of sales for Builder's Hardware
Problem 4: Various inventory issues (14 Points) The following independent situations relate to inventory accounting: 1. Calculate the 2021 cost of sales for Builder's Hardware using the following information extracted from the 2021 accounting records of Builder's Hardware: 2. Naybaz Store took a physical inventory at the end of the year and determined that $945,000 of goods were on hand. In addition, the following items were not included in the physical count. Naybaz Store determined that $75,300 of goods purchased were in transit that were shipped fo.b. destination (goods were actually received by the company three days after the inventory count). The company sold $52,600 worth of inventory f.o.b. destination. What amount should Naybaz Store report as inventory at the end of the year? Use the following information to answer question 3 and 4 The following inventory record was for Timber Cube for November: 3. Assuming that Art Box does not maintain perpetual inventory records, what should be the inventory at November 30 , using the weighted-average inventory method, rounded to the nearest dollar? 4. Assuming that Art Box maintains perpetual inventory records, what should be the inventory at November 30 , using the moving-average inventory method, rounded to the nearest dollar
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