Question 1 of 7 View Policies Inventory Categories Cameras Camcorders Blu-ray players < Current Attempt in Progress Bonita Video Center accumulates the following cost and net realizable data at December 31. > Cost Data $12,700 9,800 14,300 Save for Later e Textbook and Media Net Realizable Value Data Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. $13,000 10,000 13,100 The lower-of-cost-or-net realizable value $ -/4 Attempts: 0 of 5 used Submit Answer Current Attempt in Progress Cullumber Company reported the following information for November and December 2022. Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue (a) Your Answer Correct Answer (Used) * Your answer is incorrect. (b) Cullumber's ending inventory at December 31 was destroyed in a fire. Compute the gross profit rate for November. Gross profit rate eTextbook and Media November $537,000 Solution Your answer is incorrect. 130,000 118,520 857,000 Estimated cost of ending inventory eTextbook and Media December $ 603,000 118,520 $ ? 1,000,000 Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire. 38.68 % Assistance Used Assistance Used Attempts: 5 of 5 used Assistance Used Question 2 of 7 View Policies Current Attempt in Progress Date May 7 July 28 Sheffield Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. (a) Date May 7 On June 1, Sheffield sold 25 units, and on August 27, 47 more units. June 1 July 28 Number of Units Prepare the perpetual inventory schedule for the above transactions using FIFO. Aug. 27 $ $ < $ 55 $ 30 Save for Later Unit Cost $10 13 eTextbook and Media Purchases Product E2-D2 $ $ $ $ Cost of Goods Sold $ $ $ $ Balance -/4 Attempts: 0 of 5 used Submit Answer I Question 3 of View Policies Current Attempt in Progress At May 31, Coronado Company has net sales of $345,000 and cost of goods available for sale of $235,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%. Estimated cost of ending inventory eTextbook and Media Save for Later $ Attempts: 0 of 5 used Submit Answer Question 3 of View Policies Current Attempt in Progress At May 31, Coronado Company has net sales of $345,000 and cost of goods available for sale of $235,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%. Estimated cost of ending inventory eTextbook and Media Save for Later $ Attempts: 0 of 5 used Submit Answer Question 4 of 7 < View Policies Current Attempt in Progress Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light Meters: Vivitar Kodak Units 8 10 Save for Later 20 15 The ending inventory $ eTextbook and Media Cost per Unit $163 154 121 120 Net Realizable Value per Unit $155 156 110 What amount should be reported for inventory on Waterway Frame Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? -1/4 E 135 Attempts: 0 of 5 used Submit Answer Question 5 of 7 View Policies Current Attempt in Progress Sheridan Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras Blu-ray players iPods < Ending inventory 140 units at a cost per unit of 185 units at a cost per unit of 120 The net realizable value at year-end was cameras $75, Blu-ray players $66, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Save for Later $61 $74 units at a cost per unit of $83 $ eTextbook and Media - 1/4 Attempts: 0 of 5 used Submit Answer Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 January 20 Beginning inventory Purchase Save for Later Sale Sale return Purchase Purchase return Sale Purchase Description $ $ $ $ Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.) $ $ $ January 25 $ Quantity Unit Cost or Selling Price 100 $13 Moving-Average Cost per unit eTextbook and Media 144 111 10 55 5 93 18 16 24 24 18 18 30 20 Attempts: 0 of 5 used Submit Answer Save for Later (a2) Determine the ending inventory under a perpetual inventory system using (1) FIFO. (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) The ending inventory under a perpetual inventory system $ (b) eTextbook and Media Save for Later Which costing method produces the highest ending inventory? eTextbook and Media Save for Later Q Search PRE Attempts: 0 of 5 used Submit Answer FIFO $ MOVING-AVERAGE Attempts: 0 of 5 used Attempts: 0 of 5 used Submit Answer Submit Answer (DELL) I View Policies Current Attempt in Progress Crane Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 (a1) Purchases Units Unit Cost $140 4 7 8 July 1 $ July 6 $ July 11 $ Save for Later July 14 $ Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to O decimal places and final answers to 3 decimal places, e.g. $105.501, July 21 $ July 27 $ $150 Average cost for each unit eTextbook and Media $161 Sales Units 3 6 5 Attempts: 0 of 5 used Submit Answer (b) Prepare the perpetual inventory schedule for the above transactions using LIFO. Date May 7 June 1 July 28 Aug. 27 (c) Date May 7 $ eTextbook and Media Save for Later June 1 $ July 28 $ Aug. 27 $ $ $ $ Purchases $ Save for Later Purchases eTextbook and Media Product E2-D2 $ Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.) $ $ $ Product E2-D2 $ $ Cost of Goods Sold $ $ $ Cost of Goods Sold $ $ $ $ $ $ Balance $ Attempts: 0 of 5 used Balance Submit Answer Attempts: 0 of 5 used Submit Answer