1. Giorgio had cost of goods sold of $9,529 million, endinginventory of $2,197 million, and average inventory of $2,073million. Its inventory turnover equals:
2. Bedrock Companyreported a December 31 ending inventory balance of $416,000. Thefollowing additional information is also available:
- The ending inventory balance of $416,000 included $72,800 ofconsigned inventory for which Bedrock was the consignor.
- The ending inventory balance of $416,000 included $23,600 ofoffice supplies that were stored in the warehouse and were to beused by the company's supervisors and managers during the comingyear.
Based on this information, the correct balance for ending inventoryon December 31 is
3. A company hadbeginning inventory of 12 units at a cost of $18 each on March 1.On March 2, it purchased 12 units at $30 each. On March 6 itpurchased 7 units at $23 each. On March 8, it sold 28 units for $66each. Using the FIFO perpetual inventory method, what wasthe cost of the 28 units sold?
4. A company’s normalselling price for its product is $23 per unit. However, due tomarket competition, the selling price has fallen to $18 per unit.This company's current inventory consists of 170 units purchased at$19 per unit. Replacement cost has fallen to $16 per unit.Calculate the value of this company's inventory at the lower ofcost or market.
5. Spencer Co. has a$260 petty cash fund. At the end of the first month the accumulatedreceipts represent $49 for delivery expenses, $151 for merchandiseinventory, and $18 for miscellaneous expenses. The fund has abalance of $42. The journal entry to record the reimbursement ofthe account includes a:
