View Policies Current Attempt in Progress In its first month of operations, Metlock, Inc made three purchases of merchandise in the following sequence: (1) 380 units at $6, (2) 480 units at $8, and (3) 580 units at $9. Calculate average unit cost. (Round answer to 3 decimal places, eg. 5.125.) Average unit cost $ e Textbook and Media List of Accounts Compute the cost of the ending inventory under the average-cost method, assuming there are 280 units on hand at the end of the period. (Round answer to O decimal places, eg. 125.) The cost of the ending inventory $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Current Attempt in Progress Your answer is partially correct. Farley Bains, an auditor with Nolls CPAs, is performing a review of Bridgeport Corp's Inventory account. Bridgeport did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year- end was $777,110. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis eg.-45 or parentheses e.g: (45).) $ $ Ending inventory-as reported 777110 1. Included in the company's count were goods with a cost of $233,340 that the company is holding on consignment. The goods belong to Nader Corporation 233,340 2. 36640 The physical count did not include goods purchased by Bridgeport with a cost of $36.640 that were shipped FOB shipping point on December 28 and did not arrive at Bridgeport's warehouse until January 3. 3. 16740 Included in the Inventory account was $16,740 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4. 30130 The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $37,500 and a cost of $30,130. The goods were not included in the count because they were sitting on the dock. 5. 52900 Included in the count was $52,900 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Bridgeport's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." 540900 Correct inventory Toutbook and Media Waterway Corp.sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Waterway Corps purchases of EZslide snowboards during September. During the same month, 108 EZslide snowboards were sold. Waterway Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 10 53 54 23 140 Unit Cost $110 113 114 115 Total Cost $ 1,100 5,989 6,156 2,645 $15,890 (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, eg. 125.153 and final answers to decimal places, eg. 125.) LIFO AVERAGE-COST The ending inventory at $ September 30 FIFO (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.g. 125.153 and final answers to decimal places, eg. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $ - ii View Policies Current Attempt in Progress In its first month of operation, Nash's Trading Post, LLC purchased 180 units of inventory for $8, then 280 units for $9, and finally 220 units for $10. At the end of the month, 260 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit $ | eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Windsor 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 Units 5 7 $170 154 $159 159 Cameras Minolta Canon Light Meters Vivitar Kodak 11 106 115 120 11 123 What amount should be reported on Windsor Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $