Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Grams Cost per Gram P 40.50 Date Transaction June. 1| Beginning Balance 5 Purchase 10 Purchase 16 Sale 1,200 2,400 40.80 2,700 41.20 6,000 24 Purchase 2,000 41.00

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You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…

Wildhorse's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse's Gift Shop's year end, December 31: Clothing Units Unit Cost 91 $8 76 20 2017 Greeting cards 47 4 60 12 Jewellery Stuffed toys (a) Net Realizable Value per Unit Lower of cost and net realizable value $6 $ 27 5 Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. 38

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On September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On September 5, ABC Company returned goods with a list price of $2,500 for credit. On September 9, ABC Company made a payment for their inventory purchase. How much did ABC Company pay for the inventory? $17,500 $19,600 $20,000 $17,150

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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex