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1. Fulbright Corp. uses the periodic inventory system. During its first year of operation, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 70 units at $80 170 units at $60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. What is the ending inventory using the FIFO method? (Points : 15)
2. You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements that contained the following questionable items: a. The balance sheet reports land at $100,000. Included in this amount is a piece of property held for speculation at a cost of $30,000. b. Current liabilities include $50,000 for long-term debt that comes due in 3 months. The company has received a suitable firm commitment to refinance the debt for 5 years and intends to do so. c. Investments in marketable securities include $20,000 in short-term, high-grade commercial paper which is a cash equivalent. Please discuss how the above items should be classified and accounted for.
3. Briefly describe why companies that use perpetual inventory systems must still perform physical inventories. (Points : 25)
4. Although the net method is theoretically more sound, most companies use the gross method of accounting for cash discounts related to sales on account. Explain this statement. (Points : 25)
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