Question 1 The following information pertains to the physical inventory of Electronics Unlimited taken at December 31 Per Unit Product Units on Hand Cost NRV Audio equipment Wireless audio receivers 338 $ 188 $ 199 Touchscreen MP3 players 253 223 203 Audio mixers 319 177 193 Audio stands 197 103 85 Video equipment Televisions 473 298 253 5GB video cards 284 183 171 Satellite video recorders 205 618 647 Car equipment GPS navigators 178 145 171 Double DIN Car Deck with iPod iPhone Control and Aux Input 163 198 213 Required 1 Calculate the LCNRV for the inventory by major group inventory, applied separately to each product 2 Prepare the appropriate entry, if any, for 1(a) and 1(b) QUESTION 2 The records of Thomas Company as of December 31, 2020, show the following The accountant of Thomas Company discovers in the first week of January 2021 that the following errors were made by his staff Goods costing $4,610 were in transit (FOB shipping point) and were not included in the ending inventory The invoice had been received and the purchase recorded Damaged goods (cost $4,155) that were being held for return to the supplier were included in inventory The goods had been recorded as a purchase and the entry for the return of these goods had also been made Inventory items costing $3,966 were incorrectly excluded from the final inventory These goods had not been recorded as a purchase and had not been paid for by the company Goods that were shipped FOB destination had not yet arrived and were not included in inventory However, the invoice had arrived on December 30, 2020, and the purchase for $2,722 was recorded Goods that cost $2,444 were segregated and not included in inventory because a customer expressed an intention to buy the goods The sale of the goods for $4,255 had been recorded in December 2020 Required Using the format provided below, show the correct amount for net purchases, profit, accounts payable, and inventory for Thomas Company as at December 31, 2020 (Negative answers should be indicated by a minus sign Do not leave any empty spaces input a 0 wherever it is required ) QUESTION 3 Telamark Company uses the moving weighted average method for inventory costing Required The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020 Complete the inventory sheet (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total Negative value should be indicated with minus sign Round your intermediate and final answers to 2 decimal places ) Note March 4 reflects a return made by a customer of incorrect items shipped on March 3 these items were returned to inventory Analysis Component The gross profit realized on the sale of Product W506 during February 2020 was 36 61 The selling price was $158 during both February and March Calculate the gross profit ratio for Product W506 for March 2020 and determine whether the change is favorable or unfavorable from February (Round your intermediate calculations and final answer to 2 decimal places )

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Question 1 The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Product Units on Hand Cost NRV

Question 1

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:

		Per Unit
Product	Units on Hand	Cost		NRV
Audio equipment:
Wireless audio receivers	338	$	188	$	199
Touchscreen MP3 players	253		223		203
Audio mixers	319		177		193
Audio stands	197		103		85
Video equipment:
Televisions	473		298		253
5GB video cards	284		183		171
Satellite video recorders	205		618		647
Car equipment:
GPS navigators	178		145		171
Double-DIN Car Deck with iPod/iPhone Control and Aux Input	163		198		213

Required: 1. Calculate the LCNRV for the:

inventory by major group
inventory, applied separately to each product.

2. Prepare the appropriate entry, if any, for 1(a) and 1(b).

QUESTION 2

The records of Thomas Company as of December 31, 2020, show the following: The accountant of Thomas Company discovers in the first week of January 2021 that the following errors were made by his staff.

Goods costing $4,610 were in transit (FOB shipping point) and were not included in the ending inventory. The invoice had been received and the purchase recorded.
Damaged goods (cost $4,155) that were being held for return to the supplier were included in inventory. The goods had been recorded as a purchase and the entry for the return of these goods had also been made.
Inventory items costing $3,966 were incorrectly excluded from the final inventory. These goods had not been recorded as a purchase and had not been paid for by the company.
Goods that were shipped FOB destination had not yet arrived and were not included in inventory. However, the invoice had arrived on December 30, 2020, and the purchase for $2,722 was recorded.
Goods that cost $2,444 were segregated and not included in inventory because a customer expressed an intention to buy the goods. The sale of the goods for $4,255 had been recorded in December 2020.

Required: Using the format provided below, show the correct amount for net purchases, profit, accounts payable, and inventory for Thomas Company as at December 31, 2020. (Negative answers should be indicated by a minus sign. Do not leave any empty spaces; input a 0 wherever it is required.)

QUESTION 3

Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.)

Note: March 4 reflects a return made by a customer of incorrect items shipped on March 3; these items were returned to inventory. Analysis Component: The gross profit realized on the sale of Product W506 during February 2020 was 36.61%. The selling price was $158 during both February and March. Calculate the gross profit ratio for Product W506 for March 2020 and determine whether the change is favorable or unfavorable from February. (Round your intermediate calculations and final answer to 2 decimal places.)