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# Chapter 7 Solutions Essay

517 words - 3 pages

ACC101 Financial Accounting 1 Name Quiz 5 Inventories

MULTIPLE CHOICE
_____ 1. The inventory costing method that reports the most current prices in ending inventory is
a. | FIFO |
b. | Specific identification |
c. | LIFO |
d. | Average cost |

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:

Sep. 1 | Inventory | 20 units at \$20 |
4 | Sold | 10 units |
10 | Purchased | 30 units at \$25 |
17 | Sold | 20 units |
30 | Purchased | 10 units at \$30 |

_____ 2. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is
a. | \$800 |
b. | \$650 |
c. | \$750 |
d. | \$700 |

The following lots of a particular ...view middle of the document...

The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.

Jan. 10 | Inventory | 27 units @ \$90 | | \$2,430 |
Feb. 27 | Purchase | 54 units @ \$98 | | \$5,292 |
July. 11 | Purchase | 63 units @ \$106 | | \$6,678 |
Nov. 13 | Purchase | 36 units @ \$115 | | \$4,140 |
Available for Sale | 180 Units | | \$18,540 |
| | | | |
A) | FIFO | (14 X \$106) + (36 X \$115) = \$5,624 | | |
B) | LIFO | (27 X \$90) + (23 X \$98) = \$4,684 | | |
c) | Average Cost Method | Average Cost = \$18,540 / 180 = \$103 | | |
| | 50 X \$103 = \$5,150 | | |

5. The following data were taken from the annual reports of Jong Inc., a manufacturer of fireworks, and Hobson Inc., a manufacturer of computers.

| Jong, Inc. | Hobson, Inc. |
Cost of Goods Sold | \$830,000 | \$11,540,000 |
Inventory, end of year | \$185,000 | 315,000 |
Inventory, beginning of year | \$235,000 | 155,000 |

(a) Determine the (1) inventory turnover and (2) number of day’s sales in inventory for Jong and Hobson. Round your answer to two decimal places.
(1) Inventory Turnover
Jong Inc. = 3.95
Hobson Inc. = 49.11
(2) Days in Inventory
Jong Inc. = 92
Hobson Inc. = 7
(b) How would you expect these measures to compare between the companies? Why?
I would expect for Hobson Inc. to have fewer days in inventory because they have a higher inventory turnover rate. The more that inventory turnover happens the less days in inventory that you will have.

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