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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.
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.
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||$112|
|Cost to complete||37||37||31||43||37||37|
Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.
Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
|Item No.||Quantity||Cost per Unit||Cost to Replace||Estimated Selling Price||Cost of Completion and Disposal||Normal Profit|
From the information above, determine the amount of Metlock Company inventory.
You are called by Tim Duncan of Grouper Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.
|Inventory, July 1||$ 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.
Wildhorse Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.
|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.
|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.
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|
Compute the ending inventory by the conventional retail inventory method