The questions are numbered on the attachments.
Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $31 $ 8,680 April 15 purchase 450 37 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $The financial statements of ConAgra Foods, Inc.'s 2017 annual report disclose the following information. (in millions) 2017 2016 2015 Year-end inventories $934.2 $1,044.1 $1,642.6 Fiscal Year 2017 2016 Net sales $7,826.9 $8,664.1 Cost of goods sold 5,484.8 6,234.9 Net income 648.0 (665.9) Compute ConAgra's (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 7.6 and average days to sell inventory to O decimal places, e.g. 65.) 2017 2016 (a) Inventory turnover times times (b) Average days to sell inventory days daysTamarisk Enterprises reported cost of goods sold for 2020 of $15 12,300 and retained earnings of $5,023,300 at December 31, 2020. Tamarisk later discovered that its ending inventories at December 3 1, 2019 and 2020. were overstated by $113,870 and $35,230. respectively. Determine the corrected amounts for 2020 cost of goods sold and December 3 1, 2020, retained earnings. Corrected cost of goods sold $ ' Corrected 12/31/20 retained earnings $ ' Blue Industries purchased $12,500 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,300 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Assuming that Blue uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit CreditPart Quantity Cost per Unit Net Realizable Value 110 620 $121.00 $127.00 111 1,080 76.20 66.00 112 540 101.60 97.00 113 220 215.90 228.60 120 440 260.00 264.00 121 a 1,400 20.00 1.00 122 330 304.80 298.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31. 2020Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Cost to Estimated Selling lCost of Completion Normal Item No. Quantity Unit Replace Price and Disposal Prot 1320 1,700 $3.49 $3.27 $4.91 $0.38 $1.36 1333 1.400 2.94 2.51 3.82 0.55 0.55 1426 1,300 4.9 1 4.03 5.45 0.44 1.09 1437 1.500 3.92 3.38 3.49 0.27 0.98 1510 1.200 2.45 2.18 3.54 0.87 0.65 1522 1,000 3 .27 2. 94 4.14 0.44 0.5 5 1573 3,500 1.96 1.74 2.73 0.82 0.55 1626 1.500 5.12 5.67 6.54 0.5 5 1.09 From the information above, determine the amount of Bonita Company inventory. The amount of Bonita Company's inventory $ During 2020, Buffalo Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Buffalo for a lump sum of $137,655 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Estimated Selling Type No. of Chairs Price Each Lounge chairs 920 $90 Armchairs 690 80 Straight chairs 1,610 50 During 2020, Buffalo sells 460 lounge chairs, 230 armchairs, and 276 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to O decimal places, e.g. 5,845.) Gross profit realized during 2020 Amount of inventory of unsold straight chairs $Marin Company uses the gross prot method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 162,000 Purchases (gross) 637,500 Freight-in 28,600 Sales revenue 1,031,100 Sales returns 69,600 Purchase discounts 11,500 (3) Compute the estimated inventory at May 31, assuming that the gross prot is 25% of net sales. The estimated inventory at May 31 $ ' Selected amounts from Sunland Compa ny's trial balance of 12f3 1f 20 appear below: 1. Accounts Payable $124,600 2. Accounts Receivable 145,500 3. Accumulated DepreciationEquipment 133,300 4. Allowance for Doubtful Accounts 16,600 5. Bonds Payable 502,400 6. Cash 149,300 I". Common Stock 59,?00 3. Equipment 372,350 9. Prepaid Insurance 30,100 10. Interest Expense 3,200 11. Inventory 314,600 12. Notes Payable [clue 6f1f21} 133,900 13. Prepaid Rent 251,400 14. Retained Earnings 317,?00 15. Salaries and Wages Expense 309,400 I[All of the above accounts have their standard or normal debit or credit balance.) Current Attempt in Progress Presented below is certain information pertaining to Oriole Company. Assets, January 1 $25 1,800 Assets, December 31 23 1,600 Liabilities, January 1 141,300 Common stock, December 31 84,000 Retained earnings, December 31 42,900 Common stock sold during the year 10,900 Dividends declared during the year 13,300 Compute the net income for the year. Net income $
