# Accounting for Inventories (Brief Exercises )

please I need some help in this problems , easy believe me but I don't have time to solve them

BE8-3 Mayberry Company took a physical inventory on December 31 and determined that goods costing
\$200,000 were on hand. Not included in the physical count were \$15,000 of goods purchased from Taylor
Corporation, f.o.b. Shipping point; and \$22,000 of goods sold to Mount Pilot Company for \$30,000, f.o.b. Destination.
Both the Taylor purchase and the Mount Pilot sale were in transit at year-end. What amount should
Mayberry report as its December 31 inventory?

2-

BE8-4 Jose Zorilla Company uses a periodic inventory system. For April, when the company sold 700 units,
The following information is available.

Units Unit Cost Total Cost
April 1 inventory 250 \$10 \$ 2,500
April 15 purchase 400 12 4,800
April 23 purchase 350 13 4,550
1,000 \$11,850
Compute the April 30 inventory and the April cost of goods sold using the average cost method.

3-

BE8-5 Data for Jose Zorilla Company are presented in BE8-4. Compute the April 30 inventory and the April
Cost of goods sold using the FIFO method.

BE8-6 Data for Jose Zorilla Company are presented in BE8-4. Compute the April 30 inventory and the April
Cost of goods sold using the LIFO method.

BE8-7 Easy-E Company had ending inventory at end-of-year prices of \$100,000 at December 31, 2002;
\$123,200 at December 31, 2003; and \$134,560 at December 31, 2004. The year-end price indexes were 100 for
2002; 110 for 2003; and 116 for 2004. Compute the ending inventory for Easy-E Company for 2002 through
2004 using the dollar-value LIFO method.

BE8-8 Wingers uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years
Follow. Compute the value of the 2002 and 2003 inventories using the dollar-value LIFO method.
Year Ended December 31 Inventory at Current-year Cost Price Index
2001........................................... \$19,750 ..............................100
2002 ...........................................21,708. ................................ 108
2003 ...........................................25,935. ................................. 114

BE8-9 Presented below is information related to Alstott Inc.’s inventory.

(per unit) ...............................kis................ . Boots............ Parkas
Historical cost ......................\$190.00 ..............\$106.00 .........\$53.00
Selling price ........................217.00 ...............145.00 .............73.75
Cost to distribute .................19.00 ....................8.00............... 2.50
Current replacement cost ......203.00 ...............105.00 ..............51.00
Normal profit margin ............32.00 ...................29.00................ 21.25

Determine the following: (a) the two limits to market value (i.e., the ceiling and the floor) that should be
Used in the lower of cost or market computation for skis; (b) the cost amount that should be used in the
Lower of cost or market comparison of boots; and (c) the market amount that should be used to value parkas
On the basis of the lower of cost or market.

 Curlyben Posts: 18,167, Reputation: 8753 Admin & Wine Expert #2 May 1, 2007, 03:07 PM
Quote:
 Originally Posted by alwalah please I need some help in this problems , easy believe me but I don't have time to solve them
Well if you don't have time to do your own work then why should we ?

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