Question Details

What is Queen- cost of goods available 



1.	Keiko Company took a physical inventory at December 31, 2010 and determined that ¥3,030,000 of goods were on hand. In addition, the company had goods consigned with Chang Company that had a cost of ¥700,000. On December 29, Keiko sold and shipped f.o.b. shipping point ¥600,000 worth of inventory. These goods arrived at the buyer- place of business on January 4, 2011. What amount should Keiko report as inventory on its December 31, 2010 statement of financial position?
a.	¥3,030,000.
b.	¥3,630,000.
c.	¥3,730,000.
d.	¥4,230,000.

	2.	Chang Company took a physical inventory at December 31, 2010 and determined that ¥3,750,000 of goods were on hand. Included in the count was inventory of ¥700,000 on consignment from Keiko Company. On December 30, Chang sold and shipped f.o.b. destination ¥820,000 worth of inventory. These goods arrived at the buyer- place of business on January 2, 2011. What amount should Chang report for inventory on its December 31, 2010 statement of financial position?
a.	¥3,750,000.
b.	¥3,870,000.
c.	¥3,170,000.
d.	¥4,570,000.

Use the following information for questions 3-5.
	The following information was available from the inventory records of Queen Company for July:
	   Units	Unit Cost	Total.Cost
Balance at July 1	30,000	£  9.00	                 £270,000
Purchases:
	July 6	20,000	10.20	                   204,000
	January 26	27,000	10.40	                   280,800

Sales:
	July 7	(25,000)
	July 31	(40,000)
Balance at July 31	  12,000
	3.	What is Queen- cost of goods available for sale?
a.	£77,000.
b.	£284,800.
c.	£754,800.
d.	cannot be determined.


	4.	What should be the inventory reported on Queen- July 31 statement of financial position using the average-cost inventory method (round per unit amounts to two decimal places)?
a.	£108,000.
b.	£117,600.
c.	£118,440.
d.	£126,000.

5.	What should be the inventory reported on Queen- July 31 statement of financial position using the FIFO inventory method?
a.	£108,000.
b.	£117,600.
c.	£124,800.
d.	£126,000.





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