# 2024 – please answer the following problems correctly Question 6 Headland Company uses a periodic inventory system For April

ACC/422 Final Exam – 2024

2024 – please answer the following problems correctly Question 6 Headland Company uses a periodic inventory system For April.

## >

### Question 6

Headland Company uses a periodic inventory system. For April, when the company sold 560 units, the following information is available.

 Units Unit Cost Total Cost April 1 inventory 240 \$27 \$ 6,480 April 15 purchase 370 32 11,840 April 23 purchase 390 35 13,650 1,000 \$31,970

## April 30 inventory

Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

 Ending inventory \$ [removed] Cost of goods sold \$ [removed]

## >

### Question 7

Sandhill Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.

 Units Unit Cost Total Cost April 1 inventory 350 \$24 \$ 8,400 April 15 purchase 370 29 10,730 April 23 purchase 280 31 8,680 1,000 \$27,810

Compute the April 30 inventory and the April cost of goods sold using the LIFO method.

 Ending inventory \$ [removed] Cost of goods sold \$ [removed]

## >

### Question 10

Presented below is information related to Sarasota Inc.’s inventory, assuming Sarasota uses lower-of-LIFO cost-or-market.

 (per unit) Skis Boots Parkas Historical cost \$235.60 \$131.44 \$65.72 Selling price 262.88 179.80 91.45 Cost to distribute 23.56 9.92 3.10 Current replacement cost 251.72 130.20 63.24 Normal profit margin 39.68 35.96 26.35

Determine the following:

(a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis.

 Ceiling Limit \$ [removed] Floor Limit \$ [removed]

(b) The cost amount that should be used in the lower-of-cost-or-market comparison of boots.

 The cost amount \$ [removed]

## Market amount

(c) The market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.

 The market amount \$ [removed]

## >

### Question 9

A fire destroys all of the merchandise of Indigo Company on February 10, 2017. Presented below is information compiled up to the date of the fire.

 Inventory, January 1, 2017 \$411,600 Sales revenue to February 10, 2017 1,990,300 Purchases to February 10, 2017 1,145,430 Freight-in to February 10, 2017 63,700 Rate of gross profit on selling price 30%

What is the approximate inventory on February 10, 2017?

 Inventory at February 10, 2017 \$

## Assignment writing services

Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.

Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...

#write essay #research paper