ACC556 Homework 5&6
1.Metlock, Inc.took a physical inventory on December 31 and determined that goods costing $230,000were on hand. Not included in the physical count were $32,000of goods purchased fromWhispering Winds Corp., FOB, shipping point, and $24,500of goods sold toCoronado Industriesfor $32,000, FOB destination.
Both theWhispering Windspurchase and the Coronado sale were in transit at year-end. What amount should Metlockreport as its December 31 inventory
2.In its first month of operations,Splish Brothers Inc.made three purchases of merchandise in the following sequence: (1)230units at $8, (2)330units at $10, and (3)430units at $11. Assuming there are 130 units on hand at the end of the period, compute the cost of the ending inventoryunder (a) the FIFOmethod and (b) the LIFO
3. ThePronghorn Company has just completed a physical inventory count at year end, December 31, 2022.
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