9-83

Inventory: Measurement Chapter 9 Problem 9-83 r the following requirements for each separate case. The following info Computing Invento Values, Identifying Inventory Costs, a rmation was available for Mason Corporation Sales Beginning inventory.... Freight out 36,000 Average, FIFO and 9,000 LIFO LO1, 2, 3, $100,000 Applying Moving Purchases 43,000 000 LIFO 5,000 ..60,000 a. What is Mason's ending inventory? b, what is Mason's gross margin? Which of the following, if any, is included in inventory cost? Assume costs are material. 2. Warehouse Costs Insurance on Raw Materials in Transit 3. Kemp Company had the following consignment transactions during December 2020. Inventory on consignment to Ace Company. . Freight paid by Kemp Inventory received on consignment from Fenn Inc. $9,000 450 6,000 250 No sales of consigned goods were made through December 31, 2020. Kemp's December 31, 2020, balance sheet should include consigned inventory at what value? Ward Inc. had an inventory of 1,600 units valued at $4.00 each to begin the month. Ward sold 800 units on the 15th of the month, and purchased 2,400 units at $4.80 each on the next to the last day of the month. a. What is the month-end inventory cost using moving average and the perpetual system? b. What is the month-end inventory cost using FIFO and the periodic system? c. What is the month-end inventory cost using LIFO and the periodic system? d. What is the month-end inventory cost using LIFO and the perpetual system? 4