BRIEF

EXERCISE $6\mathrm{.}3$

Perpetual Inventory System$-$Computation of Profit

BRIEF

EXERCISE $6\mathrm{.}4$

Periodic Inventory

System$-$Inventory

Balance during Year

BRIEF

EXERCISE $6\mathrm{.}5$

Periodic Inventory

System$-$Determine

Cost of Goods Sold

Alberto $\backslash$& Sons Limited, a retailer of antique figurines, engages in the following transactions during October of the current year:

$1$ Oct. Purchases $100$ Hummels at $\backslash (\backslash$$ $500\backslash )$ each.

$5$ Oct. Sells $50$ of the Hummels at $\backslash (\backslash$$ $800\backslash )$ each.

Compute Alberto $\backslash$& Sons's gross profit for October.

Lam $\backslash$& Lau Limited is a retailer of fine leather goods. The company's inventory balance at the beginning of the year was $\backslash (\backslash$$ $3,000,000\backslash )$; Lam $\backslash$& Lau purchased $\backslash (\backslash$$ $2\mathrm{.}5\backslash )$ million of goods during January, and sales during January were $\backslash (\backslash$$ $4\backslash )$ million. What is the balance that would appear in Lam $\backslash$& Lau's inventory account on $1$ February assuming use of a periodic inventory system?

Murphy Co$.$ is a high$-$end retailer of fine fashions for men. Murphy's inventory balance at the beginning of the year is $\backslash (\backslash$$ $3\backslash )$ million and Murphy purchases $\backslash (\backslash$$ $6\backslash )$ million of goods during the year. Its inventory balance at the end of the year is $\backslash (\backslash$$ $2\mathrm{.}5\backslash )$ million. What is the cost of goods sold for the year?

Yang $\backslash$& Min Co$.$ is a retailer of contemporary furniture. You are told that Yang $\backslash$& Min's ending inventory is $\backslash (\backslash$$ $2\backslash )$ million and its cost of goods sold is $\backslash (\backslash$$ $5\backslash )$ million. Yang $\backslash$& Min had $\backslash (\backslash$$ $1\backslash )$ million of inventory at the beginning of the year. What was the dollar amount of goods purchased by Yang $\backslash$& Min during the year?