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Question 2

Martinez Company sells one product. Presented below is information for January for Martinez Company.

Jan. 1 Inventory 107 units at $5 each
4 Sale 84 units at $8 each
11 Purchase 146 units at $6 each
13 Sale 118 units at $9 each
20 Purchase 153 units at $7 each
27 Sale 89 units at $10 each

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Assume Martinez uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 115 units.

Question 3

Pharoah Company was formed on December 1, 2016. The following information is available from Pharoah’s inventory records for Product BAP.
Units Unit Cost
January 1, 2017 (beginning inventory) 726 $ 7.00
January 5, 2017 1,452 8.00
January 25, 2017 1,573 9.00
February 16, 2017 968 10.00
March 26, 2017 726 11.00
A physical inventory on March 31, 2017, shows 1,936 units on hand.
Question 4
Novak Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.

Item D Item E Item F Item G Item H Item I
Estimated selling price $149 $136 $118 $112 $136 $112
Cost 93 99 99 99 62 45
Cost to complete 37 37 31 43 37 37
Selling costs 12 22 12 25 12 25


Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.

Question 5

Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit
1320 1,300 $3.23 $3.03 $4.55 $0.35 $1.26
1333 1,000 2.73 2.32 3.54 0.51 0.51
1426 900 4.55 3.74 5.05 0.40 1.01
1437 1,100 3.64 3.13 3.23 0.25 0.91
1510 800 2.27 2.02 3.28 0.81 0.61
1522 600 3.03 2.73 3.84 0.40 0.51
1573 3,100 1.82 1.62 2.53 0.76 0.51
1626 1,100 4.75 5.25 6.06 0.51 1.01


From the information above, determine the amount of Metlock Company inventory.

Question 6

You are called by Tim Duncan of Grouper Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.

Inventory, July 1 $ 36,600
Purchases—goods placed in stock July 1–15 81,300
Sales revenue—goods delivered to customers (gross) 119,400
Sales returns—goods returned to stock 3,600


Your client reports that the goods on hand on July 16 cost $31,300, but you determine that this figure includes goods of $6,300 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan’s insurance covers only goods owned.

Compute the claim against the insurance company.

Question 7

Wildhorse Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.

Lumber 25%
Millwork 30%
Hardware and fittings 40%

On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.

Lumber Millwork Hardware
Inventory, Jan. 1, 2017 $249,100 $89,700 $44,200
Purchases to Aug. 18, 2017 1,493,800 369,300 158,100
Sales to Aug. 18, 2017 2,085,100 514,800 200,200


Submit your estimate of the inventory amounts immediately preceding the fire.

Question 8

The records of Nash’s Boutique report the following data for the month of April.

Sales revenue $107,900 Purchases (at cost) $51,200
Sales returns 2,100 Purchases (at sales price) 89,300
Markups 10,900 Purchase returns (at cost) 2,100
Markup cancellations 1,600 Purchase returns (at sales price) 3,200
Markdowns 8,700 Beginning inventory (at cost) 33,024
Markdown cancellations 2,900 Beginning inventory (at sales price) 48,200
Freight on purchases 2,600


Question 9
Presented below is information related to Indigo Company.

Question 9

Presented below is information related to Indigo Company.
Cost Retail
Beginning inventory $ 58,110 $101,500
Purchases (net) 121,450 191,400
Net markups 10,171
Net markdowns 25,358
Sales revenue 192,300

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