1. a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system.

Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.
 

Inventory Schedule
		Purchases		Sales		Balance
Transaction	Description	Quantity	Amount	Quantity	Amount	Quantity	Amount
	Opening Balance					0	$ 0
May 5	Purchase from AAA Co.	400	$4,800.00	Answer	$Answer	Answer	$Answer
May 7	Sale to SSS Co.	Answer	$Answer	Answer	$Answer	200	$2,400.00
May 13	Sale to TTT Co.	Answer	$Answer	100	$Answer	Answer	$Answer
May 15	Purchase from BBB Co.	100	$1,900.00	Answer	$Answer	Answer	$Answer
May 24	Sale to UUU Co.	Answer	$Answer	50	$Answer	Answer	$Answer
May 28	Purchase from CCC Co.	60	$780.00	Answer	$Answer	Answer	$Answer

 

b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.?

COGS = $Answer

 

c) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units were purchased from BBB Co.

COGS = $Answer

 

2. Drago Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $12 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2022.

Do not enter dollar signs or commas in the input boxes.

Round all answers to 2 decimal places.

Date	Purchases		Sales		Balance
	Quantity	Cost	Quantity	Cost	Quantity	Value
Jan 26					100	$Answer
Feb 18	14	$13.00			114	$Answer
Mar 6	32	$15.00			146	$Answer
Apr 27			15	$12.75	131	$Answer
Jul 21	17	$17.00			148	$Answer
Sep 3			34	$13.24	114	$Answer
Nov 16			11	$13.24	103	$Answer

 

Required

 

Calculate the cost of goods sold.

 

Cost of Goods Sold = $Answer

 

3. An inventory record card for item M-405 shows the following details in 2022.

Date	Purchases		Sales		Balance
	Quantity	Cost/Unit	Quantity	Cost/Unit	Quantity	Cost/Unit
Mar 1					55	$68
Mar 5			37	$68	18	$68
Mar 9					18	$68
	119	$70			119	$70
Mar 18			18	$68
			51	$70	68	$70
Mar 24					68	$70
	44	$73			44	$73
Mar 29			68	$70
			27	$73	17	$73
Mar 31					17	$73
	42	$77			42	$77

 

Required

 

The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory at the end of March.

 

Do not enter dollar signs or commas in the input boxes.

Cost of Goods Sold = $Answer

Ending Inventory = $Answer

 

4. GB, a bookseller, had the following transactions during the month of March 2022 and uses the perpetual inventory system.

Date	Transaction	Purchases		Sales		Balance
		Quantity	Cost	Quantity	Cost	Quantity	Cost
Mar 1						0	$0
Mar 1	Bought 25 novels at $32 each.	25	$32			25	$32
Mar 4	Bought 25 bags at $43 each.					25	$32
		25	$43			25	$43
Mar 9	Sold 7 bags.					25	$32
				7	$43	18	$43
Mar 17	Bought 24 pencil cases at $5 each.					25	$32
						18	$43
		24	$5			24	$5
Mar 22	Sold 6 bags.					25	$32
				6	$43	12	$43
						24	$5
Mar 25	Sold 9 pencil cases					25	$32
						12	$43
				9	$5	15	$5

 

Required

 

The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory for March.

 

Do not enter dollar signs or commas in the input boxes.

Cost of Goods Sold = $Answer

Ending Inventory = $Answer

 

5. A company reported ending inventory of $81,000 in Year 1. It was discovered in Year 2 that the correct value of the ending inventory was $109,000 for Year 1, and a correction was made. Complete the following table based on this information. Assume the company uses the perpetual inventory system.

Do not enter dollar signs or commas in the input boxes.

Enter a negative sign as appropriate for the Profit(Loss) line item.

Item	Reported	Correct Amount
Inventory	$81,000	$Answer
Current Assets	$187,000	$Answer
Total Assets	$590,000	$Answer
Owner's Equity, Year 1	$192,000	$Answer
Sales	$1,020,000	$Answer
Cost of Goods Sold	$510,000	$Answer
Profit (Loss) for Year 1	$13,000	$Answer

6. A company has three types of products: gadgets, widgets, and gizmos. The cost and market price of each type is listed below. Complete the table by applying the lower of cost and net realizable value (LCNRV).

Do not enter dollar signs or commas in the input boxes.

				LCNRV Applied to
Description	Category	Cost	NRV	Individual	Category	Total
Gadget Type 1	Gadgets	$950	$1,080	$Answer
Gadget Type 2	Gadgets	$5,100	$5,400	$Answer
Total Gadgets		$Answer	$Answer		$Answer
Widget A	Widgets	$110	$110	$Answer
Widget B	Widgets	$230	$60	$Answer
Total Widgets		$Answer	$Answer		$Answer
Gizmo 1	Gizmos	$2,320	$2,110	$Answer
Gizmo 2	Gizmos	$2,000	$2,210	$Answer
Total Gizmos		$Answer	$Answer		$Answer
Total		$Answer	$Answer	$Answer	$Answer	$Answer

Take me to the text Outdoor Company uses the perpetual inventory system and its inventory consists of four products as at March 31, 2022. Selected information is provided below. Required a) Calculate the inventory value that should be reported on March 31, 2022, using the LCNRV applied on an individual item basis. Do not enter dollar signs or commas in the input boxes. Product Number of Units Cost (per unit) NRV (per unit) LCNRV (per unit) 1 15 $99 $119 $ 2 3 4 50 50 40 Inventory Value Total LCNRV Inventory Value = $ LA $ $94 $70 $107 GA $ $63 $ $53 $ $167 $