The following situations relate to inventory accounting. Answer the following questions about inventories.

Novak Co. purchased goods with a list price of $187,800, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Novak Co. record as the cost of these goods?

Cost of goods purchased

$enter the Cost of goods purchased in dollars

eTextbook and Media

Splish Companys inventory of $1,087,200 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a)		Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $70,120 to Splish Company were received on January 4, 2021.
(b)		The physical count included $31,320 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021.

What amount should Splish report as inventory on its balance sheet?

Inventory to be reported

$enter Inventory to be reported in dollars

eTextbook and Media

Blossom Corp. had 2,080 units of part M.O. on hand May 1, 2020, costing $33 each. Purchases of part M.O. during May were as follows.

		Units		Units Cost
May 9		2,580		$35
17		4,080		36
26		1,580		38

A physical count on May 31, 2020, shows 2,580 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)

		FIFO		LIFO		Average Cost
Inventory Cost		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places

eTextbook and Media

Blue Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

Inventory		At Base-Year Cost		At Current-Year Cost
1/1/20		$209,000		$209,000
12/31/20		237,400		284,880
12/31/21		241,900		297,537

Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?

		December 31, 2021
Price Index		enter the price index
Dollar-value LIFO inventory		$enter a dollar amount

eTextbook and Media

Kingbird Inc., a retail store chain, had the following information in its general ledger for the year 2021.

Merchandise purchased for resale		$934,913
Interest on notes payable to vendors		8,040
Purchase returns		17,090
Freight-in		19,820
Freight-out (delivery expense)		18,690
Cash discounts on purchases		6,958

What is Kingbirds inventoriable cost for 2021?

Kingbirds inventoriable cost for 2021

$enter Kingbirds inventoriable cost for 2021 in dollars