Acc 205 Week 3 Inventory Uop Exam Assignment

ACC 205 Week 3 Inventory

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Individual Assignment - Inventory

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s

a. cost of goods sold.

b. gross profit.

c. ending inventory.

2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

The White Company uses a perpetual inventory system.

Using the White Company data, fill in the following chart to compare theresults obtained under the FIFO, LIFO, and weighted-average inventory methods.

FIFO

LIFO

Weighted Average

Goods available for sale

3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:

a. Prepare journal entries for the above purchases and sales.

b. Calculate the balance in the firm’s Inventory account.

4. Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company began business on January 1 of the current year. Below are the transactions for the year

Wave Riders uses a perpetual inventory system.

Instructions

a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:

·  First-in, first-out

·  Last-in, first-out

·  Weighted average

b. Which of the three methods would be chosen if management’s goal is to

(1) produce an up-to-date inventory valuation on the balance sheet?

(2) approximate the physical flow of a sand and gravel dealer?

5. Depreciation methods. Betsy Ross Enterprises...