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Inventory Costing Methods Oppenheimer Inc, reported the following information for the month of August: During August, Oppenheimer sold 141 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. XYZ Inc. develops a patent on January 1, 2015, and the costs involved with patent approval are $12,000. The legal life of the patent is 20 years, but XYZ projects that it will provide useful benefits for only 12 years. At January 1,2018 , the company discovers that a competitor will introduce a new product, making this patent useless in five years. How much amortization should be recorded in 2015,2016 , and 2017? Feedback roneck My Wok In 2017, amortize the balance for the patent over the new remaining life. Acquisition Cost On January 1, 2017, Peast inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: - Terms of the purchase were 2/10, net 30 . Pearl paid for the purchase on lanuary 8. - Freight costs of $1,000 were incurred. - A state agency required that a pollution control device be installed on the equipment at a cost of $2,500. - During installation, the equipment was damaged and repair costs of $4,000 were incurred. - Architect's fees of $6,300 were paid to redesign the work space to accommodate the new equipment. - Pearl purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,000. - Pearl financed the purchase with a bank loan. Interest of $3,000 was paid on the loan during 2016. Required: Determine the acquisition cost of the equipment. Accounts Receivable Turnover for Healthy Hills The 2015 anneal report of Healthy Hills (the maker of Smiley O's and Oaties) reported the following amounts (in millions of dollars): 1. Compute Healthy Hills's accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit, Round your answer to two decimal places. times 2. What is the average collection period in days for an account receivable. (assuming 360 in a year) Rourid the final answer to the nearest number. days 3a. Which of the following would be the types of customers that Healthy Hills would have: a. Grocery wholesalers b. Grocery chains c. Institutional food services d. All of the above 3b. Select the answer that would be helpful to determine if the average collection period for sales is reasonable: a. Industry comparisons b. Prior years comparisons c. Credit terms d. All of the above would be helpful