# Inventory Principles### 1. Shepherd Cycles used the FIFO inventory method in 2010. Shepherd Cycles plans to continue using the FIFO method in future years. **A. Which inventory principle is most relevant to Shepherd’s decision?***Enter answer here.*### 2. Shepherd Cycles does not expect prices to change dramatically and wants to use a method that averages price changes.**B. Which inventory method would best meet Shepherd’s goal?***Enter answer here.***C. What if Shepherd wanted to expense out the newer purchases of goods instead? Which inventory would best meet that need?***Enter answer here.*### 3. Refer to the information below that shows Boston Cycles’ inventory data for the year ending December 31, 2011. Answer the following questions:- Assume that the ending inventory was accidentally overstated by $2,200.*Enter answer here.*- What are the correct amounts for cost of goods sold and gross profit?*Enter answer here.*#### Inventory Data TableThe table below provides the financial figures for Boston Cycles for the year ending December 31, 2011:| Main Description | Secondary Description | Amount ||-----------------------------------|-----------------------|---------|| **Sales revenue** | | $46,000 || **Cost of goods sold:** | | || | Beginning inventory | $5,400 || | Net purchases | $26,700 || | **Cost of goods available** | $32,100 || | Less: Ending inventory| ($3,600) || | **Cost of goods sold**| $28,500 || **Gross profit** | | $17,500 |This table outlines the computation of gross profit by deducting the cost of goods sold from the sales revenue. Note the components that contribute to the cost of goods sold, including beginning inventory, net purchases, and ending inventory.

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Fill in the missing numbers in the inventory schedule using the first in ,fill out (fifo) inventory valuation method for the month .this company uses the perpetual inventory system
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PLEASE FILL IN THE CIRCLED BOXES. THE REST OF THE VALUES IN OTHER BOXES ARE CORRECT. Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.
On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500, it is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets. Black pants 7649 10824 104 308 Unit Cost ($) Total Value ($) 24 2,496 5,852 19 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $740 and cost of…
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On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
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Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS S amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 12 3 4 7 17 28 Totals Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 27 S Cost/Unit Brought Forward 96.00 97.00 Goods Available for Sale Total $ Cost of Goods Sold (Returns to Inventory) Units 40 (20) 47 35 Cost/Unit Goods Sold Total S Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 S Ending Inventory Total $ 4,888 00
On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $76500. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. # 1 2 ... Jen & Mink Clothing, Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Unit Cost ($) Total Value ($) 7649 10824 Blue Jackets Black pants 102 304 22 17 2,244 5,168 *** Total Inventory $76,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 102 blue jackets, for $2,244 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $720 and…

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1. Shepherd Cycles used the FIFO inventory method in 2010. Shepherd Cycles plans to continue using the FIFO method in future years. A. Which inventory principle is most relevant to Shepherd's decision? Enter answer here.