6 Homework Assignment -- Chapter 6 Question 1 of 10 > 0/5 TUURWETS CUITECT The Bonita Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $87,500. The count included $8,200 of inventory held on consignment for a local designer: $520 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $900 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $4,800. It had been shipped on August 29, terms FOB destination. The second shipment cost $4,990, plus freight charges of $240. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count Calculate the correct cost of the inventory on August 31. Inventory cost $ 85430 e Textbook and Media Save for Later Question 2 of 10 Culver Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Cost $10 Total Cost $330 275 Date May May May May 1 15 11 Explanation Units Inventory 33 Purchase 25 Sale (47) Purchase 42 Total 100 18 24 12 504 $1,109 (a * Your answer is incorrect Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 462 Ending Inventory $ 647