Key Assignment

Key Assignment Words: 520

During 2010, TRY Corporation has the following inventory transactions. [acacia] Jan. 1 Par. 7 July. 16 Cot. 6 Transaction Beginning inventory Purchase Number of units 32 128 184 102 446 Unit cost $31 33 36 Total cost $ 992 4,224 6,624 4,080 $ 15,920 For the entire year, the company sells 376 units of inventory for $53 each and uses a periodic inventory system. Requirement 1: Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (Omit the “$” sign in your response. ) 10/4/2010 9:55 PM off Ending inventory Sales revenue

Gross profit Difficulty: Hard Learning Objective: 06-3 Requirement 2: Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales Requirement 3: Using average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (Round the intermediate calculations to 2 decimal places. Round your answers to the nearest dollar amount. Omit the “$” sign in your response. ) Requirement 4: Which method will result in higher profitability when inventory costs are rising? (Click to select) Assignment Print View 3 of 6

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Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $1,600, terms 3/10, n/30. May 3 Pays freight costs of $280 on books purchased from Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells books purchased on May 2 (less those returned on May 5) for $2,800 on account. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (Omit the “$” sign in your response. ) Date May 2 General Journal

Debit Credit May 3 May 5 May 10 May 30 Learning Objective: 06-5 4 of 6 Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (Omit the “$” sign in your response. ). May 24 2/10, n/30. May 3 Pays freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $400 to Readers because part of the order is May 30 Sells books purchased on May 2 (less those returned on May 5) for $2,300 periodic inventory system. (Omit the ‘1$” sign in your response. ) off Record the period-end adjustment to cost of goods sold on May 31, assuming the many has no beginning or ending inventory. Leave no cells blank – be certain to enter “O” wherever required. Omit the “$” sign in your response. ) May 31 A company like Golf USA that sells golf-related merchandise typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in 2010, Ping (a manufacturer of golf clubs) introduces the Menageries II, the new and improved version of the Menageries.

Below are amounts related to Golf Aqua’s inventory at the end of 2010. Inventory Shirts Menageries Quantity 27 5 25 Cost $ 53 258 Market $61 211 291 314 Calculate ending inventory under lower-of-cost-or-market. (Omit the “$” sign in 6 of 6 Learning Objective: 06-7 Record any necessary adjustment to inventory. (Omit the “$” sign in your response. ) General Journal The write-down of inventory has the effects of reducing total assets (inventory), decreasing expenses (cost of goods sold), decreasing net income, and decreasing retained earnings. (Click to select)

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