Brief Exercise 6-9 (Part Level Submission)

Brief Exercise 6-9 (Part Level Submission) At December 31, 2014, the following information was available for A. Kamble Company: ending inventory $40,010, beginning inventory $63,410, cost of goods sold $260,820, and sales revenue $381,920. Exercise 6-9

Exercise 6-9

Exercise 6-7

Exercise 6-7 Lisa Company had199units in beginning inventory at a total cost of $19,900. The company purchased398units at a total cost of $54,128. At the end of the year, Lisa had159units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

FIFO	LIFO	Average-cost
The cost of the ending inventory	$	$	$
The cost of goods sold	$	$	$

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Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Item	Units	Unit Cost	Market
Cameras:
Minolta	7	$176	$152
Canon	10	149	177
Light meters:
Vivitar	14	135	101
Kodak	19	119	132

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

The ending inventory

$ 6,221

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(a)

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Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.)

Inventory turnover

5 times

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(b) Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.)

Days in inventory

$

days

Exercise 6-1

Exercise 6-1

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Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josefs accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $338,420. Discussions with the accountant reveal the following.

1.	Josef sold goods costing $42,050to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2.	The physical count of the inventory did not include goods costing $96,510that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3.	Josef received goods costing $26,910on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count.
4.	Josef sold goods costing $35,970to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included in Josef's physical inventory.
5.	Josef received goods costing $40,280on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $338,420.

Determine the correct inventory amount on December 31.

The correct inventory amount