Question Details

Whitmore Company identifies the following items 


1
Whitmore Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking.
1.	Goods shipped on consignment by Whitmore to another company.
2.	Goods in transit from a supplier shipped FOB destination.
3.	Goods shipped via common carrier to a customer with terms FOB shipping point.
4.	Goods held on consignment from another company.



2
In the first month of operations, Santos Company made three purchases of merchandise in the following sequence: (1) 200 units at $6, (2) 300 units at $7, and (3) 400 units at $8. Assuming there are 250 units on hand, compute the cost of the ending inventory under (1) the FIFO method and (2) the average-cost method. Santos uses a periodic inventory system.






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