pplying and Analyzing Inventory Costing Methods
At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current period follows.

During the current period, Chen sold 2,800 units.

(a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period.
Ending inventory balance $Answer

Cost of goods sold              $Answer

Use negative signs with answers, when appropriate.

(b) Assume that Chen uses the last-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance  $Answer

Cost of goods sold              $Answer

(c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance $Answer
Cost of goods sold              $Answer

(d) Which of these three inventory costing methods would you choose to:

LIFO Perpetual Inventory

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost as of June 30.
$

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 78 $525 $40,950 8 Purchase 156 630 98,280 11 Sale 105 1,750 183,750 30 Sale 66 1,750 115,500 May 8 Purchase 130 700 91,000 10 Sale 78 1,750 136,500 19 Sale 39 1,750 68,250 28 Purchase 130 770 100,100 June 5 Sale 78 1,840 143,520 16 Sale 104 1,840 191,360 21 Purchase 234 840 196,560 28 Sale 117 1,840 215,280 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 $ $ Apr. 8 $ $ Apr. 11 $ $ Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances $ $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit from sales $ 3. Determine the ending inventory cost as of June 30. $

LIFO Perpetual Inventory

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost as of June 30.
$

You know that the one-year call on Rump Gumb stock with a strike price of $65 is priced at $2.20 while the one-year put on the Rumb Gumb stock with a strike price of $65 is priced at $11.18. The annual risk-free rate is 3.8 percent, compounded continuously.

Can you find the current price of Rumb Gumb stock? What is it?

If Yumms Inc. is expected to pay dividends of $3.93 for the next seven years, and then after that the dividends are expected to grow at 1.8% thereafter. What would you be willing to pay for a share of stock if the required return is 3.8 percent?

If the risk premium for large company stocks is currently 4%, and the T-Bill rate is 2.3%, then what is the current large company stock return?

1) A pH meter is standardized at what three pHs?  

2) The initial pH of the acetic acid-NaOH titration curve was _________.

3) Explain which of the following indicators would be appropriate for a weak acid-strong base titration?

Helium has a Henry’s law constant of 3.8 *10^-4 mol/kg *bar at 25 °C when dissolving in water. If the total pressure of gas (He gas plus water vapor) over water is 1.00 bar, what is the concentration of He in the water in grams per milliliter? (The vapor pressure of water at 25 °C is 23.8 torr.)

The amount of time required to assemble a component on a factory assembly line is normally distributed with a mean of 3.3 minutes and a standard deviation of 0.5 minute. Find the probability that a randomly selected employee will take the given amount of time to assemble the component. (Round your answers to four decimal places.)

(a) more than 3.8 minutes


(b) between 2.1 and 2.9 minutes

The 2014 balance sheet of Maria’s Tennis Shop, Inc., showed $499,869 in the common stock account and $4.7 million in the additional paid-in surplus account. The 2015 balance sheet showed $551,199 and $3.8 million in the same two accounts, respectively. If the company paid out $577,906 in cash dividends during 2015, what was the cash flow to stockholders for the year?