Liberty ACCT 211 Connect Homework Chapter 5 Exercises Answers Complete Solutions

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Question 1

Walberg Associates, antique dealers, purchased the contents of an estate for $38,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’s warehouse was $1,750. Walberg Associates insured the shipment at a cost of $260. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $600.

Determine the cost of the inventory acquired from the estate.

Question 2

Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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Question 3

Hemming Co. reported the following current-year purchases and sales for its only product.

Hemming uses a perpetual inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

3. Compute the gross margin for FIFO method and LIFO method.

Question 4

Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following.

a) Cost of Goods Sold using Specific Identification

b) Gross Margin using Specific Identification

Question 5

Martinez Company’s ending inventory includes the following items.

Compute the lower of cost or market for ending inventory applied separately to each product.