Problem 8- The following independent situations relate to inventory accounting Answer the following questions about inventories Kim Co, purchased goods with a list price of $175,000, subject to trade dscuts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods? Cost of goods purchased 126,000 Keillor Company's inventory of $1,100,000 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items (a) Goods shipped from a vendor f..b. shipping point on December 24, 2017, at an invoice cost of $69,000 to Keillor (b) The physical count included $29,000 of goods billed to Sakic Corp. fo.b. shipping point on December 31, 2017. The Company were received on January 4, 2018. carrier picked up these goods on January 3, 2018 What amount should Keillor report as inventory on its balance sheet? Inventory to be reported 1,169,000 Zimmerman Corp. had 1,500 units of part .. on hand May 1,2017, costing S21 each. Purchases of part .. during May were as follows. Units Units Cost $22 23 24 May 9 2,000 17 3,500 26 1,000 A physical count on May 31, 2017, shows 2,000 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method what is the inventory cost? (Round average cost per unit to 2 decimal places, eg. 15.25 and final answers to o decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost s Ashbrook Company adopted the dollar-value LIFO method on January 1, 2017 (using intermal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO Cost Cost 12/31/17 12/31/18 240,000 256,000 264,000 286,720 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 20187 December 31, 2018 Price Index Dollar-value LIFO inventory Donovan Inc., a retail store chain, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Interest on notes payable to vendors Purchase returns Freight-in Freight-out (delivery expense) Cash discounts on purchases $909,400 8,700 16,500 22,000 17,100 6,800 What is Donovan's inventoriable cost for 2018? Donovan's inventoriable cost for 2018