Level 1
The following data represent the inventory figures for 55-gallon tanks at Something's
Fishy:
*General rule always use 4 decimal points
	Something's Fishy
	55-Gallon Fish Tanks Inventory
								Amount	Cost /Unit using Moving Average
01-Jan	Beginning I..>@	$38.00
12-Mar	@	$36.50
09-Jul	@	$39.70
02-Sep	@	$41.75
a. How many fish tanks did Something's Fishy have available for sale?
b. What is the total cost of the tanks available for sale?
c. If physical inventory on December 31 was 88 tanks on hand, what is
the value of those tanks by using FIFO?
		Units	Cost / Unit	Total
			Value of tanks
d. What is the value of the 88 tanks by using LIFO?
		Units	Cost / Unit	Total
e. What is the value of the 88 tanks by using the average cost method?
		Average cost =
		Total value =

Level 2
Using the retail method, estimate the value of the ending inventory at cost on September
30 from the following information for Contemporary Furniture Designs, Inc. Round the
cost ratio to the nearest tenth percent.
Note: Use Excel'sRound function to round thedecimal result for your cost ratio to the
nearest 1/1000th. This will round the cost ratio to the nearest tenthpercent.
		Contemporary Furniture Designs, Inc.
		September 1 - September 30
					Cost	Retail
	Beginning Inventory, Sept. 1		150,000.00	450,000.00
	Purchases (September)			90,000.00	270,000.00
	Goods available for sale
	Net Sales (September)	$395,000.00
			Markup Rate Based on cost =
			Cost ratio =
			Ending inventory at retail =
			Ending inventory at cost =

Level 3
Determine the value of the following inventory for The Rainbow Tile Company by
using the lower-of-cost-or-market rule.
		Unit Price
Description	Quantity in Square Feet	Cost	Market	Valuation Basis	Amount
Terracota 12''	8,400	$4.55	$5.10
Super Saltillo 16''	7,300	8.75	8.08
Monocottura 10'	4,500	3.11	2.90
Glazed Ceramic	6,200	4.50	5.25
Brick Pavers	12,700	3.25	3.15	Market
				Total value of inventory:

Level 4
On July 24, a tornado destroyed Midwest Wholesaler's main warehouse and all its
contents. Company records indicate that at the time of the tornado the net sales
to date were $535,100 and the purchases were $422,900. The beginning inventory,
on January 1, was $319,800. For the past 3 years, the company has maintained
a gross margin of 35%. Use the gross profit method to estimate the inventory loss
for the insurance claim.