Chapter 8, Problem 8.14P

An inventory system designed to ensure that anitem will be available on an ongoing basis throughout the year isknown as

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In perpetual inventory system, the stock taking is done at the end of the year. Select one: True False

Define average days in inventory.

Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) 00 8 e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $607,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 30 10,000 31 6,000 4,400 9,000 33 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…

If a company has goods in transit at the end of the year that were shipped FOB shipping point, how should these goods be accounted for on the company's books at the end of the year? a.The goods should be included in the inventory value at the end of the year. b.Half of the value of the goods in transit should be included in the inventory value at the end of the year. c.The goods should be excluded from the inventory value at the end of the year. d.The goods should be considered held for sale on consignment at the end of the year.

Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365-day year. Sales on account during year $451,116 Cost of goods sold during year 180,647 Accounts receivable, beginning of year 48,852 Accounts receivable, end of year 50,382 Inventory, beginning of year 37,064 Inventory, end of year 43,184 Do not round interim calculations. Round your final answer up to the nearest whole day. Oa. 5 Оb. 365 Ос. 100 Od. 81

Use LIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year b. was the Cost of Goods Sold (COGS)?