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A physical count of inventory on December 31 revealed that there were 380 units on hand.
Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. Compute the values of the ending inventory at December 31 and the cost of goods sold.
2. Assume that the company uses the average cost method. Compute the value of the ending inventory on December 31.
3. Assume that the company uses the LIFO method. Compute the value of the ending inventory on December 31 and the cost of goods sold.
.
Item 2:
Entity D uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
Market
Cost
Value
Cameras
Minolta
$175
$168
Canon
148
152
Light Meters
Vivitar
125
119
Kodak
120
135
What amount should be reported on Entity D's financial statements, assuming the lower-of-cost-or-market rule is applied item-by item?
Item 3:
Should the following items be included (I) or excluded (E) from Entity E's inventory at December 31?
_____ 1. Goods held on consignment that belong to Charleston Co.
_____ 2. Goods that were shipped F.O.B destination to a customer on December 30. The goods arrived at the customer's location on January 2.
_____ 3. Entity E purchased goods from an out-of-state supplier on December 30. The goods were shipped F.O.B. shipping point, but did not arrive at Entity E's warehouse until January 6.
_____ 4. Office supplies were included in the merchandise inventory.
_____ 5. Goods that were shipped F.O.B destination to Entity E on December 30. The goods arrived the next day.
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