Inventory #6
MIXED PRACTICE
Name:
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1. Find the ending inventory if there were 5,198 issues and 4,467 receipts and the previous inventory was 2,093.
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2. Here’s an inventory:
Number of Units
Cost per Unit
Beginning inventory: 25
$11
First purchase
50
$12
Second purchase
45
$14
Third purchase
20
$16
There were 60 units sold. Use the weighted-average method to find:
a) the total number of units available for sale
b) the number of units in the ending inventory
c) the total cost of goods
d) the average unit cost
e) the ending inventory cost
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3. Television sets are packaged in cartons measuring 4 feet long, 21/2 feet wide, and 3 feet high. How much storage
space is required for 150 television sets?
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4. This chart shows the number of units Ridley Corp. bought through the year. They sold 130 units during the year.
Number of units Cost
purchased
per unit
Jan. 1 beginning inventory
25
$71
Apr. 1 purchases
30
$78
July 1 purchases
40
$84
Sept. 1 purchases
35
$85
Nov. 1 purchases
10
$92
a) Total cost of goods available for sale?
b) Number of units in inventory at end of year?
c) Total cost of ending inventory using FIFO?
5. A company manufactures personal computer monitors. Each monitor is packaged in a carton measuring 24 inches
by 18 inches by 24 inches high. How many cubic feet of space does the company need to store 800 monitors?
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6. The Stock Status Summary for the distribution center for the lumber store is available on the computer. How many
of each item is in stock?
Stock
Number
1532
Description
Plywood ½ x 4 x 8
Opening
Balance
2,400
Transactions
Receipts
Issues
0
1,500
Number
on hand
________
2432
Pallet load 128
64
24
60
________
6311
25-yr. fiber roof
987
144
547
________
8023
Notebook
1,413
72
465
________
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7. Use the LIFO method for this problem.
a) Cost of goods available for sale?
Number of units
Cost
purchased
per sweater
Feb. 5
26
$22.10
b) Cost of ending inventory using LIFO?
Apr. 10
29
28.50
Aug. 15
11
32.70
Oct. 20
45
35.00
c) Cost of goods sold?
Ending inventory of 30 sweaters.
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8. You started on June 1 with a balance of 187 cases of catfood. Then 63 cases were shipped on June 8 and 75 cases
were received on June 17. After that, 55 cases were shipped out on June 20, and 40 cases were received on
June 29. Prepare an inventory card showing the balance after each transaction.
Date
Receipts
Issue
Balance
.
.
.
.
.
.
.
.
.
10. Crane Silver manufactures teapots. Each teapot is packaged in a carton measuring 12.8 inches long, 15 inches wide
and 18 inches high. How many cubic FEET of space does Crane Silver need to store 300 teapots?
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11. Parks Picnic Supply shows these records for baskets.
Week of:
Units Received
Unit Cost
May 4
30
$13.90
May 11
50
$14.30
May 25
20
$15.40
Calculate the ending inventory of 45 baskets using…
a) the LIFO method ________
b) the FIFO method ____________
c) the weighted-average method:
total number of units available for sale__________
total cost of goods__________
average unit cost__________
ending inventory cost_______
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12. a) Wooden cupboards.
b) Table lamps.
Carton is by 13/4 m by 21/2 m by 1 m
Carton is 3/4 meters by 3/5 meters by 4/5 meters
Two hundred cartons to be stored.
Seven hundred cartons to be stored.
How many cubic meters are required for storage?
How many cubic meters are required for storage?
c) How many cubic feet of storage are needed for 400 cartons
that measure 24 inches by 30 inches by 15 inches?