Question Details

Julian Junkets has the following inventory 



1.	Jenner Company had beginning inventory of $90,000, ending inventory of $110,000, cost of goods sold of 400,000, and sales of 660,000. Jenner's days in inventory is:
a	55.3 days.
b.	91.3 days.
c.	101.4 days.
d.	60.8 days.

a2.	During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system.

Purchases	Sales
July   3	20 units @ €12	July 13	25 units
11	20 units @ €13	22	10 units
20	10 units @ €15

Under the FIFO method, the cost of goods sold for each sale is:
July 13	July 22
a.	€300	€120
b.	  325	130
c.	  305	130
d.	  375	150

a3.	During July, the following purchases and sales were made by James Company.
There was no beginning inventory. James Company uses a perpetual inventory system.
Purchases	Sales
July   3	20 units @ €12	July 13	25 units
11	20 units @ €13	22	10 units
20	10 units @ €15

Under the LIFO method, the cost of goods sold for each sale is:
July 13	July 22
a.	€320	€150
b.	  375	130
c.	  300	120
d.	  325	150

a4.	Julian Junkets has the following inventory information.
July	1	Beginning Inventory	10 units at $90
	5	Purchases	60 units at $84
	14	Sale	40 units
	21	Purchases	30 units at $87
	30	Sale	28 units
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
a.	$2,748
b.	$2,754
c.	$2,778
d.	$5,796

a5.	Julian Junkets has the following inventory information.
July	1	Beginning Inventory	10 units at $90
	5	Purchases	60 units at $84
	14	Sale	40 units
	21	Purchases	30 units at $87
	30	Sale	28 units
Assuming that a perpetual inventory system is used, what is the ending inventory (rounded) under the average-cost method?
a.	$2,750
b.	$2,784
c.	$2,406
d.	$2,772





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