Question 15 --/1 View Policies Current Attempt in Progress Waterway Industries traded machinery with a book value of $935980 and a fair value of $883000. It received in exchange from Pharoah Company a machine with a fair value of $971300. Waterway also paid cash of $97130 in the exchange. Pharoah's machine has a book value of $935980. What amount of gain or loss should Waterway recognize on the exchange (assuming lack of commercial substance)? O $5298 loss O $97130 gain O $-0- O $52980 loss Bramble Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1110000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Current Prices Price Index $1270000 107 December 31, 2020 December 31, 2021 December 31, 2022 1459000 125 1621000 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? O $1186916. O $1167200. O $1164200. O $1171204. Question 8 View Policies Current Attempt in Progress Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year? O $968500. O $871500. O $832000. O $929000. The following information was available from the inventory records of Oriole Company for January: Units Unit Cost Total Cost $9.80 $87220 8900 Balance at January 1 Purchases: January 6 January 26 6000 10.28 61680 8100 10.71 86751 Sales January 7 January 31 (7300) (11100) 4600 Balance at January 31 Assuming that Oriole maintains perpetual inventory records, what should be the inventory at January 31, using the moving average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.) O $48228. O $47235. O $47129. O $47670 Question 12 View Policies Current Attempt in Progress Crane uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $401000 ($605000), purchases during the current year at cost (retail) were $2275000 ($3520000), freight-in on these purchases totaled $140000, sales during the current year totaled $3220000, and net markups (markdowns) were $83000 ($119000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to O decimal places. $605445. O $581361. O $869000. O $675021
