Send to Gradebook Question 1 View Policies Current Attempt in Progress Umatilla Bank and Trust is considering giving Sweet Acacia Industries a loan. Before doing so, it decides that further discussions with Sweet Acacia's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $255,120. Discussions with the accountant reveal the following 1 Sweet Acacia shlopedds costing $53.210 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until the goods were not included in the physical inventory because they were not in the warehouse. 2. The physical court of the inventory did not include goods costing $99,580 that were shipped to Sweet Acacia FOB destination on December 27 and were still in transit at year-end. 3. Sweet Acacia received goods costing $23.820 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4 Sweet Acacia shipped goods costing $46,100 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Sweet Acacia physical inventory 5. Sweet Acacia received goods costing $44,160 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending Inventory of $255,120. Determine the correct inventory amount on December 31 The correct inventory amount on December 31 S Current Attempt in Progress Sarasota Corp.sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $105 $ 1,575 1085,076 Sept. 12 Purchases Sept. 19 Purchases Sept. 26 Purch 5,668 2,420 $14,739 Totals (a) Compute the ending Inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.s. 125.153 and final answers to 0 decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods. (Round average cost per unit to 3 decimal places, e.3. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ Question 3 View Policies Current Attempt in Progress Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation Units Total Cost May 1 15 24 Inventory Purchase Purch 33 27 40 Unit Cost $10 11 12 $330 297 480 Total $1,107 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ eTextbook and Media Attempts: 0 of 15 used Save for Later Submit Answer --12 Question 4 View Policies Current Attempt in Progress Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Cameras Minolta 5 $184 $147 Canon Light Meters Vivitar 12 9 Kodak 109 127 What amount should be reported on Waterway Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ View Policies Current Attempt in Progress The following information is available for Blossom Company for three recent fiscal years. Inventory 2022 2021 2020 $546,000 $560,000 $324,000 1,890,000 1,700,000 1,320,000 1.493,100 1,237,600 950,000 Net sales Cost of goods sold Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e-3.5.2, days in inventory to O decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.3. 5.2%) 2022 2021 Inventory Turnover times times Days in Inventory days days Gross Profit Rate Send to Gradebook Question 1 View Policies Current Attempt in Progress Umatilla Bank and Trust is considering giving Sweet Acacia Industries a loan. Before doing so, it decides that further discussions with Sweet Acacia's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $255,120. Discussions with the accountant reveal the following 1 Sweet Acacia shlopedds costing $53.210 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until the goods were not included in the physical inventory because they were not in the warehouse. 2. The physical court of the inventory did not include goods costing $99,580 that were shipped to Sweet Acacia FOB destination on December 27 and were still in transit at year-end. 3. Sweet Acacia received goods costing $23.820 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4 Sweet Acacia shipped goods costing $46,100 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Sweet Acacia physical inventory 5. Sweet Acacia received goods costing $44,160 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending Inventory of $255,120. Determine the correct inventory amount on December 31 The correct inventory amount on December 31 S Current Attempt in Progress Sarasota Corp.sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $105 $ 1,575 1085,076 Sept. 12 Purchases Sept. 19 Purchases Sept. 26 Purch 5,668 2,420 $14,739 Totals (a) Compute the ending Inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.s. 125.153 and final answers to 0 decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods. (Round average cost per unit to 3 decimal places, e.3. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ Question 3 View Policies Current Attempt in Progress Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation Units Total Cost May 1 15 24 Inventory Purchase Purch 33 27 40 Unit Cost $10 11 12 $330 297 480 Total $1,107 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ eTextbook and Media Attempts: 0 of 15 used Save for Later Submit Answer --12 Question 4 View Policies Current Attempt in Progress Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Cameras Minolta 5 $184 $147 Canon Light Meters Vivitar 12 9 Kodak 109 127 What amount should be reported on Waterway Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ View Policies Current Attempt in Progress The following information is available for Blossom Company for three recent fiscal years. Inventory 2022 2021 2020 $546,000 $560,000 $324,000 1,890,000 1,700,000 1,320,000 1.493,100 1,237,600 950,000 Net sales Cost of goods sold Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e-3.5.2, days in inventory to O decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.3. 5.2%) 2022 2021 Inventory Turnover times times Days in Inventory days days Gross Profit Rate