Question
The Bloomfield Corporation sells three products: rulers, mechanical pencils, and notebooks. The company begins operations on April 1, 2020 by purchasing 120 rulers at
The Bloomfield Corporation sells three products: rulers, mechanical pencils, and notebooks. The company begins operations on April 1, 2020 by purchasing 120 rulers at $3.00 each; 100 mechanical pencils at $5.00 each; and 80 notebooks at $4.00 each. Using the information above, calculate the balance sheet value (also called book value) of the three categories of inventory that Bloomfield would report as of April 1, 2020. Note: your answers should all be whole dollar amounts, no decimals needed. 1. Rulers: $ $ 2. Pencils: 3. Notebooks: $ 4. Total: $ Now assume that Bloomfield incurs the following additional expenditures to acquire the inventory on April 1, 2017: Shipping costs for rulers are $12 per order. The mechanical pencils are imported; each unit is subject to an import duty of $0.30. Shiping costs for notebooks are $8 per order plus $0.10 per unit. Re-calculate the book value of the three inventory categories as of April 1, 2020, taking into account the additional expenditures noted above. Again, all values should be in whole dollars. 1. Rulers: 2. Pencils: $ 3. Notebooks: $ 4. Total:
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