Excel File Edit View Insert Format Tools Data Window Help readwilley com 0 f Student Profile Sa HOCT 2110 80 INTR W Wiey Course Resources d ax true or inventory neid on congnment trom anoter company WI CHAPTER 8 Rappring Determine ending inventory amound BES 2 LO 1 AN Stallman Company took a phytical inventory on December 31 C determined that goods conting 200 000 were on hand Not included in the physical a 25 000 of goods purchased from Peler Corporation FOB shipping point and 22 000 of goods sold to Alvarez Company for 930 000 FOB devination Both the Peter purchase and the Alrarer sale were in trantit at year end What amount should Stallman report an its December 31 inventory Compute ding in endory wring FIFO and LIFO 886 3 LO 2 AP In its fint month of operations Melanie Company made three purchases of merchandise in the following sequence 1 300 units at 6 2 400 units at 88 and 3 500 units 21 89 Anurning there are 200 units on hand at the end of the period compute the cost of the ending imentory under a the FIFO method and b the LIFO method McLanie ues a periodic inventory system Compute the ending tradery wring amaz cost BES A LO 2 AP Data for McLanie Company are presented in BB63 Compute the cost of the ending inventory under the average cost method Round the cost per unit to three decimal places Compute cost of gods sold using FIFO LIFO and aeroze cost BE6 5 LO 2 AP Sunride Marine Products began the year with 10 units of marine floats at a cout of 11 each During the year it made the following purchases May 5 30 units at 16 July 16 15 units at 19 and December 7 20 units at 323 Assuming there are 25 units on hand at the end of the period determine the cort of goods sold under a PIPO b LIFO and c average con Sunnyside unes the periodic approach Explain the formal statement effect of truentry cost flow assumptins 886 6 LO 2 C The management of Milque Corp is considering the effects of various inventory conting methods on its financial statements and its income tax expense Assuming that the cost the company pays for inventory is increasing which method will a provide the highest net income b provide the highest ending inventory 6 result in the lowest income tax expense 6 34 New Note Hom K3 0040 10 11 12 13 34 15 N888 22 22 24 25 88888988898 Rei 13 tv on