this is homework for mastering inventory

MASTERING INVENTORY HOMEWORK EXERCISES Section 1-INTRODUCTION TO ACCOUNTING FOR INVENTORY 1. Your calendar year company places the following orders on December 27. Indicate which of the orders will be reflected on this year's financial statements a Goods shipped December 28, FOB shipping point and received January 2. b. Goods shapped December 27, FOB destination and received January 4 Goods slapped January 2, FOB shipping point and received January 3 Goods shipped FOB destination December 28 and received December 30 2. Your company places the following orders on September 25. Indicate which orders will be reflected on the balance sheet for the year ended September 30, a. Goods are shipped FOB destination September 28 and received September 30, b. Goods are shipped FOB destination September 27 and received October 2 Goods are shipped FOB shipping point September 28 and received October 2 d Goods are shapped FOB shipping point October 1 and received October 3 3. XYZ orders goods coating $5,000 from ABC A tracker charges 3300 for shipping. What amount will XYZ decord as the purchase cost in each of the following cases FOB destination with freight paid in advance by ABC b. FOB shipping point with the freight cost added to ABC's invoice FOB shipping point with XYZparing the shopping cost upon deliver 4 Fill in the missing data in the following table d Goods shipped FOB destination December 28 and received December 30 2. Your company places the following orders on September 25. Indoste which orders will be reflected on the balance sheet for the year ended September 30 Goods are shipped FOB destination September 28 and received September 30 b. Goods are shipped FOB destination September 27 and received October 2 c Goods are shipped FOB shipping point September and received October 2 d Goods are shipped POB shopping point October I and received October 3.XYZ orders good contine 55,000 from ABC A trucker charge 5300 for shippine What amount will XYZ record as the purchase cont in each of the following us! FOB destination with freight and dance by ABC b. FOB shipping point with the freight cost added to ABCs voice - POB shipping point with XYZpring the shipping cost upon delivery 4 Fill us the missing data in the following table A B C D $10.000 $12.000 S8.000 510,000 $30,000 Beginning inventory Purchases Goods wille for sale Eding inventory Cost of goods sold 316,000 330.000 $31.000 57.000 $5.000 13000 517000 519000 815 000 American Institute of Professional Bookkeepers, 2010 Section 2-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Co anders vestory with an inspire of $30,000, POB destination On July 17, the pool and red on July 21, AP the invoice in full. On July 30, the toy is sold on count for $30,000 Prepare the you to contrat de there 2. Cooke Enterprises ondes inventory from Advantage System OB shipping in the unit it for $10,000, but Cookpots traded right which Coole pays the truckerpo delivery Before paying the Cooke note that were damaged and return the entries are journal entries to record station under the perpetual 3. Wanatch och purchase pools with an invoice of 1.200 and terms of 10 w30 and pay the tomater day. Prepare the permet andet end the purchase and payment Wasatchbooka rashions bate 4 Good The Produce purchaser goods with an obcu price of 56.00 and terms of 2010 www.ts pay the full muntater i dess Proyere the penaltres te record the purchase and payment if Good Thymes records and conte at gross batt Gemstone walle 500 units of inventory for $12,000 on account. The units coat 10 th The customer retums 50 mts before we th. Prepare the permal tries to record eachtration under the perpetual method Section SAINVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1 On April 10. MDC orders wory with a voice of 315.000, POB destinatures the most widel dogs will April 20. On April 30, the story is sold for 55.000 cash Prepare the fourt to record och runder the paned that 2. Melain Entradere inventory that its for 84.000 5100 foring and 10 the Beatles receive the shit but before the inti: Meine that all the ants are made them the Section 3-INVENTORY RECORDKEEPING UNING THE PERIODIC METHOD 1. On April 10, MDConferimentary with a ver of $18,000, POB de MDC en 13 trin follow April 20. On April 10, the inventory is sold for 32.000 share them to rendere le periode 2. Melain perder wety that it for 54,000 3100 for ship, and is offered trademar Olupe M.Com the shipment, but before paying the McClain that all the same dame the pare them for transaction der the prinde method 3 ure which wes the periodic method, purchased with an empire of S1,200 and terms of $10.00 and pare the net amount after filera Type dhe journal entre to the purchase and payment of Summode cada * O but Stan which uses the produto para pode with an increase pred 53,100 unit teem w mult pare the mountator 15 days. Perpare the ournal entre tomor the purchased and cash but not Tumpany Product selle 100 unit of entry for 10000 The paper. Before Than the customer 100 are the journals to deschide the pathod