Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories Windsor Co. purchased goods with a list price of $180,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Windsor Co. record as the cost of these goods? Cost of goods purchased LINK TO TEXT LINK TO TEXT LINK TO TEXT Sheridan Company's inventory of $1,010,500 at December 31, 2020, 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.o.b. shipping point on December 24, 2020, at an invoice cost of $68,840 to Sheridan Company were received on January 4, 2021. (b) The physical count included $30,580 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021 What amount should Sheridan report as inventory on its balance sheet? Inventory to be reported Skysong Corp. had 1,740 units of part M.O. on hand May 1, 2020, costing $26 each. Purchases of part M.O. during May were as follows. Units Cost Units $27 May 9 2,240 17 3,740 29 1,240 26 30 A physical count on May 31, 2020, shows 2,240 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? 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, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost LINK TO TEXT LINK TO TEXT LINK TO TEXT Concord Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO At Base-Year At Current-Year Inventory 1/1/20 Cost Cost $219,400 $219,400 12/31/20 227,300 272,760 259,700 12/31/21 319,431 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Delete Price Index Dollar-value LIFO inventory Marigold Inc., a retail store chain, had the following information in its general ledger for the year 2021 Merchandise purchased for resale Interest on notes payable to vendors $961,872 9,207 Purchase returns 15,890 Freight-in Freight-out (delivery expense) Cash discounts on purchases 21,910 17,854 6,475 What is Marigold's inventoriable cost for 2021? Marigold's inventoriable cost for 2021 Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories Windsor Co. purchased goods with a list price of $180,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Windsor Co. record as the cost of these goods? Cost of goods purchased LINK TO TEXT LINK TO TEXT LINK TO TEXT Sheridan Company's inventory of $1,010,500 at December 31, 2020, 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.o.b. shipping point on December 24, 2020, at an invoice cost of $68,840 to Sheridan Company were received on January 4, 2021. (b) The physical count included $30,580 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021 What amount should Sheridan report as inventory on its balance sheet? Inventory to be reported Skysong Corp. had 1,740 units of part M.O. on hand May 1, 2020, costing $26 each. Purchases of part M.O. during May were as follows. Units Cost Units $27 May 9 2,240 17 3,740 29 1,240 26 30 A physical count on May 31, 2020, shows 2,240 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? 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, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost LINK TO TEXT LINK TO TEXT LINK TO TEXT Concord Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO At Base-Year At Current-Year Inventory 1/1/20 Cost Cost $219,400 $219,400 12/31/20 227,300 272,760 259,700 12/31/21 319,431 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Delete Price Index Dollar-value LIFO inventory Marigold Inc., a retail store chain, had the following information in its general ledger for the year 2021 Merchandise purchased for resale Interest on notes payable to vendors $961,872 9,207 Purchase returns 15,890 Freight-in Freight-out (delivery expense) Cash discounts on purchases 21,910 17,854 6,475 What is Marigold's inventoriable cost for 2021? Marigold's inventoriable cost for 2021