29 Jun Question Duke Associates, a
Question
Duke Associates, antique dealers, purchased the contents of an estate for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates’ warehouse was $1,200. Duke Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490.
Determine the cost of the inventory acquired from the estate. (Omit the “$” sign in your response.)
Park Company reported the following March purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units sold at Retail
Mar. 1 Beginning Inventory 150 units @ $ 7.00 = $ 1,050
Mar. 10 Sales 90 units @ $ 15
Mar. 20 Purchase 220 units @ $ 6.00 = 1,320
Mar. 25 Sales 145 units @ $ 15
Mar. 30 Purchase 90 units @ $ 5.00 = 450
Totals 460 units $ 2,820 235 units
Park uses a perpetual inventory system. For specific identification, ending inventory consists of 225 units, where 90 are from the March 30 purchase, 80 are from the March 20 purchase, and 55 are from beginning inventory.
3.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Omit the “$” sign in your response.)
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