Please can you help me answer these question for ACCOUNTING 1 ??????

Please can you help me answer these question for ACCOUNTING 1 ??????

Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $338,000. Discussions with the accountant reveal the following.

1. Wilfred shipped goods costing $32,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $93,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end.
3. Wilfred received goods costing $27,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count.
4. Wilfred shipped goods costing $38,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory.
5. Wilfred received goods costing $40,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $338,000.

Determine the correct inventory amount on December 31.

Correct inventory $.

Exericse 6-3

1. On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $155. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $105. Another, with serial #1045, was purchased on November 1 for $95. The last player, serial #1056, was purchased on November 30 for $80.

Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics' year-end.

Cost of goods sold $

If Kiyak Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by "selectively choosing" which particular players to sell to the two customers? What would Kiyak's cost of goods sold be if the company wished to minimize earnings? Maximize earnings?

Cost of goods sold would be $         if it wished to minimise the earnings.

Cost of goods sold would be $         if it wished to maximise the earnings.

Exercise 6-7

Shawn Company had 294 units in beginning inventory at a total cost of $29,400. The company purchased 588 units at a total cost of $82,320. At the end of the year, Shawn had 221 units in ending inventory.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

The cost of the ending inventory   $. _____FIFO, LIFO______$, AVERAGE-COST______$

The cost of goods sold                  $_____FIFO, LIFO______$, AVERAGE-COST______$

Which cost flow method would result in the highest net income?_________

Which cost flow method would result in inventories approximating current cost in the balance sheet?______

Which cost flow method would result in Shawn paying the least taxes in the first year?__________

 Brief Exercise 6-4

In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 190 units at $6, (2) 440 units at $7, and (3) 150 units at $8.

Calculate the average unit cost. $__________

Compute the cost of the ending inventory under the average-cost method, assuming there are 300 units on hand.

The cost of the ending inventory $__________

Exerecise 6-6a

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

March1Beginning inventory 1,900 liters at a cost of 58¢ per liter.March3Purchased 2,550 liters at a cost of 63¢ per liter.March5Sold 2,300 liters for $1.00 per liter.March10Purchased 4,200 liters at a cost of 72¢ per liter.March20Purchased 2,500 liters at a cost of 78¢ per liter.March30Sold 5,300 liters for $1.30 per liter.

Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions.

Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and(ii)The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 500 liters from March 1; 600 liters from March 3; 2,850 liters from March 10; 1,350 liters from March 20

(2)FIFO

(3)LIFO

Ending inventory

Specific identification $_______

FIFO$_______

LIFO $_______