Inventory information for Part 9000 of Norton Corp. discloses the followinginformation for the month of June:500 units @June200 units @June 1BalanceSold$2010$30JunePurchased11400 units @$22June300 units @Sold15$35a) Assuming that the PERPETUALinventory method is used, computethe cost of goods sold AND ending inventoryunder LIFO. Show yourcalculation?b) Assuming that the PERIODICinventory method is used, compute the costof goods sold AND ending inventory.under LIFO. Show your calculation?c) Compute the cost of goods sold AND ending inventoryunder FIFO. Showyour calculation?d) Compute the cost of goods sold AND ending inventory under theweighted-average method. Show your calculation?Edit View Insert Format Tools Table

*perpetual LIFO records sales immediately ,resulting in COGS $10,600and ending…

Answered: Inventory information for Part 9000 of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Similar questions

Distinguish between FOB destination and FOB origin. Whatprocedures should the auditor follow concerning acquisitions of inventory on an FOBorigin basis near year-end?
Determine the review interval and target inventory levelfor a periodic review inventory control system.
The seasonal demand for a particular product is given below: Period 1 2 3 4 5 6 Demand 300 450 100 450 450 100 The fixed parameters are: Fixed Cost $8 Unit Production Cost $1 Holding Cost $ 1.3 Calculate total ordering cost using following three methods: i) Lot-for-Lot ii) Wagner-Whitin algorithm iii) Fixed order quantity Which method you will chose to order and why? Please do fast... ASAP... do fast
Alpha Products, Inc., is having a problem trying to control inventory. There is insufficient time to devote to all its items equally. The following is a sample of some items stocked, along with the annual usage of each item expressed in dollar volume.in Table 3 (below): Table 3. Item Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Annual Dollar Usage ($) 7,000 1,000 14,000 2,000 24,000 68,000 17,000 900 1,700 2,300 80,000 400 1,100 30,000 1,900 800 90,000 12,000 300 32,000 a) As an Operations Management specialist, what system would you recommend for allocating control time for this inventory.
1. Determine the inventory order quantity for Diamant’s distributor.2. Compare the optimal order quantity with a seasonally adjusted forecast for demand. Doesthe order quantity seem adequate to meet the seasonal demand pattern for Diamonds(i.e., is it likely that shortages or excessive inventories will occur)?
Describe the key principles of the Wilson approach in inventory management.
Coca Cola in Turkey manages its products' inventory at Shell gas stations, that is Coca Cola, decides replenishment time and the order quantities for all its products. Shell sends real-time sales data of Coca Cola products at its gas station stores and as part of this agreement Coca Cola gives a certain percentage discount in the prices it charges to Shell. Based on what we learned in class, choose the correct statement(s): O a. Because Shell owns the stores it is more likely to make better forecasts of the demand for Coca Cola products Ob. This agreement is a strategy to reduce the bullwhip effect Oc. The main purpose of VMI is to reduce lead time in supply chains O d. This is known as vendor-managed inventory (VMI)
26 Which of the following statements is true with regard to cycle stock? a It is also called surplus stock. b It is received from a downstream supply chain partner. c It is seasonal in nature d It is also referred to as base stock. 27 Inventories that are in transit in containers or trucks ______. a are known as pipeline inventories b are known as in-house inventories c are relatively small in global supply chain (as compared to domestic supply chains) d are known as en route inventories
Are inventory cost flow methods used the same for periodic and perpetual inventory systems? Explain.
Ram Roy's firm has developed the following supply, demand, cost, and inventory data Period 1 2 3 Regular Time 30 30 40 Supply Available Overtime Subcontract 5 15 15 15 5 5 Demand Forecast 40 20 units $100 $150 $200 $6 45 55 Initial inventory Regular-time cost per unit Overtime cost per unit Subcontract cost per unit Carrying cost per unit per month Assume that the initial inventory has no holding cost in the first period and backorders are not permitted Allocating production capacity to meet demand at a minimum cost using the transportation method, the total cost is $ (enter your response as a whole number)
Unplanned inventory decreases: tend to result in a decrease in income. tend to result in an increase in real output. tend to further reduce production. signal that demand was weaker than expected.
Describe the perpetual and the periodic inventory systems. How are they different?

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