Question

Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories.

Kingbird Co. purchased goods with a list price of $177,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kingbird Co. record as the cost of these goods? Cost of goods purchased $enter the Cost of goods purchased in dollars LINK TO TEXT LINK TO TEXT LINK TO TEXT

Oriole Company’s inventory of $1,113,100 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $67,020 to Oriole Company were received on January 4, 2021. (b) The physical count included $31,700 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021. What amount should Oriole report as inventory on its balance sheet? Inventory to be reported $enter Inventory to be reported in dollars LINK TO TEXT LINK TO TEXT LINK TO TEXT

Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020, costing $32 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,500 $33 17 4,000 35 26 1,500 36 A physical count on May 31, 2020, shows 2,500 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places LINK TO TEXT LINK TO TEXT LINK TO TEXT

Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $209,300 $209,300 12/31/20 226,200 248,820 12/31/21 281,300 320,682 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Price Index enter the price index Dollar-value LIFO inventory $enter a dollar amount LINK TO TEXT LINK TO TEXT LINK TO TEXT

Sheffield Inc., a retail store chain, had the following information in its general ledger for the year 2021. Merchandise purchased for resale $959,276 Interest on notes payable to vendors 9,419 Purchase returns 16,490 Freight-in 23,090 Freight-out (delivery expense) 17,892 Cash discounts on purchases 6,176 What is Sheffield’s inventoriable cost for 2021? Sheffield’s inventoriable cost for 2021 $enter Sheffield’s inventoriable cost for 2021 in dollars

Answer 1

Particulars	Amount ($)
List price	177300
Less: Trade discount @ 20%	35460
	141840
Less: Trade discount @ 10%	14184
Net cost of goods purchased	127656

There are multiple questions. As HOMEWORKLIB guideline, I have done only one question.