Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of $4,200. During the year, the following purchases were made: February 15 :   280 cans at $14.00 April 30 :         110 cans at $14.50 July 1 :             100 cans at $15.00 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory.

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.

On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.

Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compute the annual carrying cost. 3. Compute the cost of Ottiss current inventory policy. Is this the minimum cost? Why or why not?

Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales s 10,297.50

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At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $10 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $9 each.

Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year: January 14 Sold 380 units at unit sales price of $30 on account. April 9 Purchased 370 additional units at a per unit cost of $10 on account. September 2 Sold 320 units at a sales price of $35 on account. December 31 Counted inventory and determined 130 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

At the beginning of the year, Delight Company had 100 units in its inventory at $50 each. On January 17, the company purchased 100 units for $60 each and at the end of the month sold 150 units for $95 each. During March, the company made two purchases of 200 units and 300 units for $70 and $80 each respectively. In the month of April, the company sold 450 units for $ 105 each. If the company is applying averaging, what would be the amount of gross profit for the period through April?

Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.