QS 6-1 Inventory ownership L01 1. At yearend Carefree Company has shipped, FOB destination, $500 of merchandise that is still in transit to Stark Company. Which company should include the $500 as part of inventory at year-end? 2. Carefree Company has shipped goods to Stark and has an arrangement that Stark will sell the goods for Carefree. Identify the consignor and the consignee. Which company should include any unsold goods as part of inventory? QS 6-2 Inventory ownership L01 Say It Loud Cards, a distributor of fun and witty cards, operates out of owner Scott Arlen's home. At the end of the accounting period, Arlen has 1,500 units of products in his basement, 30 of which were damaged by water leaks and cannot be sold. He also has another 250 units in his van, ready to deliver to fill a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a stationery store. How many units should be included in the end-of-period inventory? QS 63 Inventory costs L01 A car dealer acquires a used car for $3,000. Additional costs in obtaining and offering the car for sale include $150 for transportation-in. $200 for import duties, SSO for insurance during shipment, $25 for advertising, and $250 for sales staff salaries. For calculating inventory. what cost is assigned to the used car acquired? QS 64 Inventory costs L01 The owner of 555 Antiques, an antiques dealer, purchased an estate including a rare collection of superhero comic books for a bid price of $37,500. The terms of the purchase were FOB shipping point, and the cost of transporting the goods to the 555 Antiques warehouse was $1,200.555 Antiques insured the shipment at a cost of $150. Prior to placing the goods in the store, they cleaned and refurbished some merchandise at a cost of $490 for labour and parts. Determine the cost of the inventory acquired in the purchase of the estate's contents. QS6.5 Calculating cost of goods available for sale QLO2 A company has beginning inventory of 10 units at $50. Every week for four weeks an additional 10 units are purchased at respective costs of $51, $52. $55, and $60. Thirty-eight units were sold for $72 cach. Calculate the total cost of goods that were available for sale and the total units that were available for sale