Inventories

Houghton Limited is trying to determine the value of its ending inventory as of February 28, 109, the company's year-end. The following transactions occurred and the accountant asked your help in determining whether they should be recorded or not.

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs.

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-19 at a cost of $20 per unit. During the year, the following purchases were made.

The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2019 if either th FIFO or the LIFO method had been used. For 2019, the accounting records show these data.

You are provided with the following information for Koetteritz Inc. for the month ended june 30, 2019. Koetteritz uses the periodic method for inventory.

You are provided with the following information for Gobler Inc. Gobler Ince. uses the periodic method of accounting for its inventory transactions

The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following data.

Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. you are provided with the following information for Dempsey Inc. for the month of January 2019.

Wittmann Co. began operations on July 1. It uses a perpetual inventory system During July, the company had the following purchases and sales.

Bao Company lost all of its inventory in a fire on December 26, 2019. The accounting records showed trhe following gross profit data for November and December.

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