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Accounting-I Chapter 6 Homework




Question;Duke Associates, antique dealers, purchased the contents of an estate for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates? warehouse was $1,200. Duke Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490. Determine the cost of the inventory acquired from the estate. (Omit the "$" sign in your response.)Park Company reported the following March purchases and sales data for its only product. DateActivitiesUnits Acquired at CostUnits sold at Retail Mar.1 Beginning Inventory150 units@$7.00 =$1,050 Mar.10 Sales90 units@$15 Mar.20 Purchase220 units@$6.00 =1,320 Mar.25 Sales145 units@$15 Mar.30 Purchase90 units@$5.00 =450 Totals460 units$2,820235 units Park uses a perpetual inventory system. For specific identification, ending inventory consists of 225 units, where 90 are from the March 30 purchase, 80 are from the March 20 purchase, and 55 are from beginning inventory.3.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Omit the "$" sign in your response.)4.Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Omit the "$" sign in your response.)Ripken Company's ending inventory includes the following items. Per Unit ProductUnitsCostMarket Helmets22 $50 $54 Bats15 78 72 Shoes36 95 91 Uniforms40 36 36 Compute the lower of cost or market for ending inventory applied separately to each product. (Omit the "$" sign in your response.)The following is information for Ryder Co.201120102009 Cost of goods sold$ 643,825 $ 426,650 $ 391,300 Ending inventory96,400 86,750 91,500 Use the above information to compute inventory turnover for 2010 and 2011, and its days' sales ininventory at December 31, 2010 and 2011. (Use 365 days a year. Do not round intermediate calculations. Round your answers to 1 decimal place.)


Paper#45322 | Written in 18-Jul-2015

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