See attached

1. Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2. Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each, (2) returned 6 units for credit, and (3) sold 125 units at $50 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3. Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. a. Calculate weighted average cost per unit. b. Compute the April 30 inventory and the april cost of goods sold using the averagecost method. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost 250 $10 400 12 350 13 1,000 Total Cost $ 2,500 4,800 4,550 $11,850 4. Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Unit s 250 400 350 1,00 0 Unit Cost $10 12 13 Total Cost $ 2,500 4,800 4,550 $11,85 0 Compute the April 30 Inventory and the April cost of goods sold using the FIFO method 5. Shania Twain Company was formed on December 1, 2013. The following information is available from Twain's inventory records for Product BAP. Units 600 1,200 1,300 800 600 January 1, 2014 (beginning inventory) Purchases: January 5, 2014 January 25, 2014 February 16, 2014 March 26, 2014 Unit Cost $ 8 9 10 11 12 A physical inventory on March 31, 2014, shows 1,600 units on hand. Prepare schedules to compute the ending inventory at March 31, 2014 under FIFO inventory methods. Prepare schedules to compute the ending inventory at March 31, 2014 under LIFO inventory methods. 6. Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin Skis $190.00 212.00 19.00 203.00 32.00 Boots $106.00 145.00 8.00 105.00 29.00 Parkas $53.00 73.75 2.50 51.00 21.25 Determine the following: a. the two limits to market value (ceiling and floor) that should be used in the lower of cost or market computation for skis. b. The cost amount that should be used in the lower of cost or market comparison of boots. c. The market amount that should be used to value parkas on the basis of the lower of cost or market. 7. Floyd Corporation has the following four items in its ending inventory. Item Cost Replacement Cost Net Realizable Value (NRV) NRV less Norma Profit Margin Jokers Penguins Riddlers Scarecrows $2,000 5,000 4,400 3,200 $2,050 5,100 4,550 2,990 $2,100 4,950 4,625 3,830 $1,600 4,100 3,700 3,070 Determine the final lower of cost or market inventory value for each item. 8. Kumar Inc. uses a perpetual inventory system. At January 1, 2014, inventory was $214,000 at both cost and market value. At December 31, 2014, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under (a) the costofgoodssold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 9. Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000; net markdowns were $7,000; and sales revenue was $147,000. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) 10. Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freightin Sales revenue Sales returns Purchase discounts $ 160,000 640,000 30,000 1,000,000 70,000 12,000 a. compute the estimated inventory at May 31 assuming that the gross profit is 30% of sales. b. Compute the estimated inventory at May 31 assumming that the gross profit is 30% of cost