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# 1. The following data concerns inventory and purchases at Davenport Company: Inventory, January 1 90 units at \$103 Purchases: January 6 60 units at \$102 January 15 45 units at \$102 January 22 35 units at \$96 Inventory, January 31 88 units INSTRUCTIONS Determine the cost of the ending inventory on January 31 under each of the following methods: (a) average cost method; (b) first in, first out (FIFO) method; and (c) last in, first out (LIFO) method. When using the average cost method, compute the unit cost to two decimal places. 2. The following data pertains to Smart Investment Accounting software packages in the inventory of Computer Program Smart Outlets: Inventory, January 1 170 units at \$107 Purchases: May 10 110 units at \$105 August 18 180 units at \$104 October 1 170 units at \$105 Inventory, December 31 175 units INSTRUCTIONS 1. Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under each of the following valuation methods: (a) FIFO, (b) LIFO, and (c) average cost. When using the average cost method, compute the unit cost to the nearest cent. 2. Assume that the replacement cost of each unit on December 31 is \$105.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in instruction 1. 3. Printer Cartridges Item 119 50 \$ 16.00 \$ 16.50 Item 120 60 17.25 17.10 Item 121 90 23.00 23.50 Fax Machines Item 210 15 86.00 89.00 Item 211 10 192.00 186.00 Item 212 9 225.00 210.00 Determine the amount to be reported as the inventory valuation at cost or market, whichever is lower, under each of these methods: 1. Lower of cost or market for each item separately. 2. Lower of total cost or total market. 3. Lower of total cost or total market by group. 4. Over the past several years, Haven Forrest Company has had an average gross profit of 30 percent. At the end of 2013, the income statement of the company included the following information: Sales \$1,668,750 Cost of Goods Inventory, January 1, 2013 \$ 117,000 Purchases 1,170,000 Total Merchandise Available for Sale 1,287,000 Less Inventory, December 31, 2013 136,875 Cost of Goods Sold 1,150,125 Gross Profit on Sales \$ 518,625 Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31. Instead, they had merely estimated the inventory Using the gross profit method of inventory estimation, verify the reasonableness (or lack of reason- ableness) of the ending inventory shown on the income statement. If a physical inventory count on December 31, 2013, revealed an ending inventory of \$135,563, calculate the gross profit percentage to the nearest one-tenth of 1 percent.

1. The following data concerns inventory and purchases at Davenport Company:
Inventory, January 1 90 units at \$103
Purchases:
January 6 60 units at \$102
January 15 45 units at \$102
January 22 35 units at \$96
Inventory, January 31 88 units
INSTRUCTIONS
Determine the cost of the ending inventory on January 31 under each of the following methods:
(a) average cost method; (b) first in, first out (FIFO) method; and (c) last in, first out (LIFO) method.
When using the average cost method, compute the unit cost to two decimal places.

2. The following data pertains to Smart Investment Accounting software packages in the inventory of
Computer Program Smart Outlets:
Inventory, January 1 170 units at \$107
Purchases:
May 10 110 units at \$105
August 18 180 units at \$104
October 1 170 units at \$105
Inventory, December 31 175 units
INSTRUCTIONS
1. Determine the cost of the inventory on December 31 and the cost of goods sold for the
year ending on that date under each of the following valuation methods: (a) FIFO,
(b) LIFO, and (c) average cost. When using the average cost method, compute the unit
cost to the nearest cent.
2. Assume that the replacement cost of each unit on December 31 is \$105.25. Using the
lower of cost or market rule, find the inventory amount under each of the methods given in
instruction 1.

3. Printer Cartridges
Item 119 50 \$ 16.00 \$ 16.50
Item 120 60 17.25 17.10
Item 121 90 23.00 23.50
Fax Machines
Item 210 15 86.00 89.00
Item 211 10 192.00 186.00
Item 212 9 225.00 210.00
Determine the amount to be reported as the inventory valuation at cost or market, whichever is
lower, under each of these methods:
1. Lower of cost or market for each item separately.
2. Lower of total cost or total market.
3. Lower of total cost or total market by group.

4. Over the past several years, Haven Forrest Company has had an average gross profit of 30 percent.
At the end of 2013, the income statement of the company included the following information:
Sales \$1,668,750
Cost of Goods
Inventory, January 1, 2013 \$ 117,000
Purchases 1,170,000
Total Merchandise Available for Sale 1,287,000
Less Inventory, December 31, 2013 136,875
Cost of Goods Sold 1,150,125
Gross Profit on Sales \$ 518,625
Investigation revealed that employees of the company had not taken an actual physical count of the