Deck 17: Inventory and Turnover

Question 1

An inventory record sheet shows a balance on hand of 892. During the month, units sold were 98, 184, and 76; units received from the supplier were 650. What is the amount remaining?​

Answer 1

1,184 units​

Question 2

Culver Clocks, Inc. uses the LIFO method of valuing inventory. Over the past year, it purchased clocks as follows: January 1: 100 at $38.00; March 1: 250 at $36.00; July 1: 175 at $39.00; October 1: 400 at $38.50; December 1: 300 at $39.50. At year-end on December 31, Culver Clocks, Inc. had a year-end inventory of 300 clocks. Compute the December 31, inventory value.

Answer 2

$11,000.​

Question 3

An inventory record sheet shows the balance on hand to be 260. After units in of 97 and 88, compute the amount that should be shown in the balance on hand column.​

Answer 3

445 units​

Question 4

The Shoe Mart shows an inventory of 573 pairs of shoes at a price of $67.28 per pair. Compute the amount that should be shown in the extension column.

Question 5

A hardware merchant using the average cost method of valuing inventory has 350 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 in April, 150 purchased at $3.62 in May, and 150 purchased at $3.72 in June. Compute the value of the ending inventory of hammers at average cost.​

Question 6

Special Sports Store, which uses the average cost method of valuing inventory, has 52 tennis rackets remaining in inventory. Special purchased tennis rackets over a three month-period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at average cost.​

Question 7

An inventory record sheet shows a balance on hand to be 382. After units out of 102 and 81, compute the amount that should be shown in the balance on hand column.​

Question 8

A small-appliance merchant using the average cost method of valuing inventory has 65 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 40 purchased at $8.00 on April 1, 60 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at average cost.​

Question 9

Sarah's Classic Footwear Shop showed an inventory balance of 462 Men's shoes at the end of January. During February, Miller sold 75 shoes and brought in 42 shoes. During March, Miller sold 96 shoes and brought in 105 shoes. What was the inventory for Sarah's Classic Footwear Shop at the end of April?​

Question 10

The Majestic Theater had 378 cans of Kettle Corn and 132 cans of regular Pop Corn on hand at month end. During the next month Majestic sold 142 cans of Kettle Corn and 67 cans of regular Pop Corn. Cans of each cost $28.40. What is the value of the inventory on hand at the end of the second month?

Question 11

Fran's Fourth Street Flower Shop showed an inventory balance of 431 plants at the end of February. During March, Fran sold 70 plants and brought in 39 plants. During April, Fran sold 106 plants and brought in 111 plants. What was the inventory for Fran's Fourth Street Flower Shop at the end of April?​

Question 12

A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at FIFO cost.​

Question 13

Mike Hatcher Ski Shop had 309 pairs of skis in stock at the beginning of the month. In the four weeks of the month the shop sold 32, 19, 46, and 22 pairs of skis. During the month, Mike bought 39 additional pairs of skis for his inventory. What was the month end inventory?

Question 14

Tim's Treads ended the month with 1,230 tires. There were 430 Firestones at a price of $77.80 each and 800 Goodyear at a price of $81.00 each. Compute the amount of inventory at month end.

Question 15

A hardware merchant using the LIFO method of valuing inventory has 200 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at LIFO cost.​

Question 16

A hardware merchant using the FIFO method of valuing inventory has 300 hammers remaining in inventory. The merchant purchased hammers over a three month-period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at FIFO cost.​

Question 17

A small-appliance merchant using the LIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at LIFO cost.​

Question 18

Hammond Stationery uses the LIFO method of valuing inventory and has 350 pen sets remaining in inventory. Hammond purchased the pen sets over a six month period as follows: May 1: 175 at $20.50; May 15: 125 at $22.00; July 7: 75 at $24.00; and October 1: 150 at $23.50. Compute the value of the ending inventory.​

Question 19

Special Sports Store, which uses the FIFO method of valuing inventory, has 60 tennis rackets remaining in inventory. Special purchased tennis rackets over a three-month period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at FIFO cost.​

Question 20

An inventory record sheet shows a balance on hand of 972. During the month, units sold were 111, 204, and 87; units received from the supplier were 700. What is the amount remaining?​

Question 21

Brammer Appliance
​
Brammer Appliance had a beginning inventory of $40,000 at cost. During the month, Brammer purchased and received $25,000 in goods and had net sales of $50,000. Throughout the month, Brammer maintained a 30% markup on all sales.
​
Refer to Brammer Appliance. Compute the ending inventory at cost.​

Question 22

A small-appliance merchant shows an inventory of 120 Microwave Ovens at a cost of $79.80 and a market value of $79.40. Compute the inventory value at the lower of cost or market.​

Question 23

Toddlers' Toyland, which uses the FIFO method of valuing inventory, has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at FIFO cost.​

Question 24

​Willis Hardware
​
Willis Hardware had a beginning inventory of $160,000 at cost. During the month, Willis purchased and received $100,000 in goods and had net sales of $200,000. Throughout the month, Willis maintained a 40% markup on all sales.
Refer to Willis Hardware. What was the cost of goods sold?​

Question 25

Dalton Boats, Inc. counted an inventory at the end of January of 22 boats as follows:​
​ Compute the inventory value at the lower of cost or market.

Question 26

Bright Pots and Pans
​
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales.
​
Refer to Bright Pots and Pans. Compute the cost of goods sold.​

Question 27

Home and Hearth, which uses the FIFO method of valuing inventory, has 35 fire screens remaining in inventory. Home and Hearth purchased fire screens over a 12-month period as follows: 36 purchased at $140 on January 4, 18 purchased at $145 on April 2, 18 purchased at $150 on July 30, and 36 purchased at $148 on September 1. Compute the value of the ending inventory of fire screens at FIFO cost.​

Question 28

Toddlers' Toyland using the average cost method of valuing inventory has 75 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at average cost.​

Question 29

Home and Hearth, which uses the LIFO method of valuing inventory, has 35 fire screens remaining in inventory. Home and Hearth purchased fire screens over a 12-month period as follows: 36 purchased at $140 on January 4, 18 purchased at $145 on April 2, 18 purchased at $150 on July 30, and 36 purchased at $148 on September 1. Compute the value of the ending inventory of fire screens at LIFO cost.​

Question 30

Eco Tech Auto Parts Store, which uses the FIFO method of valuing inventory, has 56 spark plugs remaining in inventory. Eco Tech purchased spark plugs over a three-month period as follows: 32 purchased at $3.87 on January 5, 56 purchased at $4.13 on February 15, and 20 purchased at $2.34 on March 12. Compute the value of the ending inventory of spark plugs at FIFO cost.​

Question 31

A small-appliance merchant shows an inventory of 200 toasters at a cost of $27.25 and a market value of $27.50. Compute the inventory value at the lower of cost or market.​

Question 32

Home and Hearth, which uses the average cost method of valuing inventory, has 35 fire screens remaining in inventory. Home and Hearth purchased fire screens over a 12-month period as follows: 36 purchased at $140 on January 4, 18 purchased at $145 on April 2, 18 purchased at $150 on July 30, and 36 purchased at $148 on September 1. Compute the value of the ending inventory of fire screens at average cost.​

Question 33

Marin Appliances shows an inventory of electric items with costs and retail values as follows:​
​​ Compute the inventory value at the lower of cost or market.

Question 34

​Willis Hardware
​
Willis Hardware had a beginning inventory of $160,000 at cost. During the month, Willis purchased and received $100,000 in goods and had net sales of $200,000. Throughout the month, Willis maintained a 40% markup on all sales.
Refer to Willis Hardware. Compute the ending inventory at cost.​

Question 35

Dalton Boats, Inc. counted a year-end inventory of 78 boats as follows: ​Compute the inventory value at the lower of cost or market.​

Question 36

Toddlers' Toyland, which uses the LIFO method of valuing inventory, has 80 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at LIFO cost.​

Question 37

Brammer Appliance
​
Brammer Appliance had a beginning inventory of $40,000 at cost. During the month, Brammer purchased and received $25,000 in goods and had net sales of $50,000. Throughout the month, Brammer maintained a 30% markup on all sales.
​
Refer to Brammer Appliance. Compute the cost of goods sold.​

Question 38

A small-appliance merchant shows an inventory of 150 waffle irons at a cost of $37.80 and a market value of $37.40. Compute the inventory value at the lower of cost or market.​

Question 39

Marin Appliance shows an inventory of 63 blenders at a cost of $9.65 and a market value of $9.30. Compute the inventory value at the lower of cost or market.​

Question 40

Special Sports Store, which uses the LIFO method of valuing inventory, has 52 tennis rackets remaining in inventory. Special purchased tennis rackets over a three-month period as follows: 36 purchased at $15 on January 3, 48 purchased at $15.50 on February 5, and 24 purchased at $16 on March 7. Compute the value of the ending inventory of tennis rackets at LIFO cost.

Question 41

Readers' Bookstore takes inventory annually and bases inventory on selling price. Beginning inventory for the year was $44,150. Ending inventory for the year was $39,350. Net sales for the year equal $75,150. Compute the inventory turnover at retail.​

Question 42

A merchant keeping inventory on cost price had a beginning inventory of $30,000, purchases of $150,000, and an ending inventory of $40,000. Compute the cost of goods sold.​

Question 43

Rainy Day Umbrellas takes inventory quarterly. Beginning inventory for the year was $18,200. Inventory at the end of the first quarter was $15,400; at the end of the second quarter, $13,600; at the end of the third quarter, $17,500; and at the end of the year, $19,300. Compute the average inventory for Rainy Day Umbrellas.​

Question 44

Bright Pots and Pans
​
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales.
​
Refer to Bright Pots and Pans. Compute the ending inventory at cost.​

Question 45

Bud's Blooms takes inventory quarterly and bases inventory on selling price. Beginning inventory for the year was $264,500. Inventory at the end of the first quarter was $267,200; at the end of the second quarter, $271,000; at the end of the third quarter, $273,000; and at the end of the year, $265,300. Net sales for the year equal $777,780. Compute the inventory turnover at retail.

Question 46

Junk Jewelry, Inc. takes inventory annually and bases inventory on selling price. Beginning inventory for the year was $38,600. Ending inventory for the year was $31,600. Net sales for the year equal $97,600. Compute the inventory turnover at retail.​

Question 47

Purrfect Pet Shop takes inventory semiannually and bases inventory on selling price. Beginning inventory for the year was $67,320. Inventory at the end of the first six months was $79,680. Ending inventory for the year was $82,500. Net sales for the year equal $183,750. Compute the inventory turnover at retail.​

Question 48

Curtis Auto Parts takes inventory annually. Beginning inventory for the year was $247,000. Ending inventory for the year was $230,000. Compute the average inventory for Curtis Auto Parts.​

Question 49

Favorite Flavors, Inc. takes inventory semiannually and bases inventory on selling price. Beginning inventory for the year was $95,300. Inventory at the end of the first six months was $112,000. Ending inventory for the year was $99,900. Net sales for the year equal $327,680. Compute the inventory turnover at retail.​

Question 50

Happy Heart
​
Happy Heart Exercise Equipment Company had a beginning inventory of $160,000 at cost. During the month, Happy purchased and received $120,000 in goods and had net sales of $130,000. Throughout the month, Happy Heart Exercise Equipment Company maintained a 35% markup on all sales.
​
Refer to Happy Heart. Compute the ending inventory at cost.​

Question 51

Crazy Quilts takes inventory semiannually. Beginning inventory for the year was $32,000. Inventory at the end of the first six months was $27,000. Ending inventory for the year was $39,000. Compute the average inventory for Crazy Quilts.​

Question 52

Finished Furniture
​
Finished Furniture had a beginning inventory of $110,000 at cost. During the month, Finished purchased and received $60,000 in goods and had net sales of $150,000. Throughout the month, Finished Furniture maintained a 40% markup on all sales.
​
Refer to Finished Furniture. Compute the cost of goods sold.​

Question 53

Finished Furniture
​
Finished Furniture had a beginning inventory of $110,000 at cost. During the month, Finished purchased and received $60,000 in goods and had net sales of $150,000. Throughout the month, Finished Furniture maintained a 40% markup on all sales.
​
​Refer to Finished Furniture. Compute the ending inventory at cost.

Question 54

Pretty Paintings Gallery takes inventory semiannually. Beginning inventory for the year was $755,000. Inventory at the end of the first six months was $780,000. Ending inventory for the year was $695,000. Compute the average inventory for Pretty Paintings Gallery.​

Question 55

Sharp's Cutlery takes inventory annually. Beginning inventory for the year was $89,000. Ending inventory for the year was $80,000. Compute the average inventory for Sharp's Cutlery.​

Question 56

A merchant keeping inventory on cost price had a beginning inventory of $40,000, purchases of $120,000, and an ending inventory of $35,000. Compute the cost of goods sold.​

Question 57

Good Grooming Supplies takes inventory quarterly and bases inventory on selling price. Beginning inventory for the year was $91,000. Inventory at the end of the first quarter was $89,500; at the end of the second quarter, $74,120; at the end of the third quarter, $82,210; and at the end of the year, $79,170. Net sales for the year equal $249,600. Compute the inventory turnover at retail.​

Question 58

PQI Quality, Inc. takes inventory semiannually and bases inventory on selling price. Beginning inventory for the year was $90,800. Inventory at the end of the first six months was $108,000. Ending inventory for the year was $97,600. Net sales for the year equal $357,740. Compute the inventory turnover at retail.​

Question 59

Fun and Frolic Sporting Goods takes inventory quarterly. Beginning inventory for the year was $187,000. Inventory at the end of the first quarter was $175,000; at the end of the second quarter, $205,000; at the end of the third quarter, $190,500; and at the end of the year, $184,600. Compute the average inventory for Fun and Frolic Sporting Goods.​

Question 60

Happy Heart
​
Happy Heart Exercise Equipment Company had a beginning inventory of $160,000 at cost. During the month, Happy purchased and received $120,000 in goods and had net sales of $130,000. Throughout the month, Happy Heart Exercise Equipment Company maintained a 35% markup on all sales.
​
Refer to Happy Heart. Compute the cost of goods sold.​

Question 61

Lambert's Auto Mart had a beginning inventory of $1,400,800, purchases of $3,001,300, and an ending inventory of $1,600,500. Compute the inventory turnover when inventory and purchases are at retail.​

Question 62

A merchant had a beginning inventory with a retail value of $130,000. During the year, the merchant purchased goods with a retail value of $250,000. At year-end, the merchant had inventory with a retail value of $180,000. Sales for the year were $775,000. Compute the inventory turnover at retail.​

Question 63

Lambert's Auto Mart had a beginning inventory of $1,400,800, purchases of $3,078,900, and an ending inventory of $1,600,500. Compute the average inventory.​

Question 64

A merchant had a beginning inventory of $30,000, purchases of $150,000, and an ending inventory of $40,000. Compute the average inventory.​

Question 65

Keating Auto Mart
​
Keating Auto Mart had a beginning inventory of $2,000,000 at retail. Keating had quarterly inventories of $7,000,000 at the end of Q1, $7,000,000 at the end of Q2, $5,000,000 at the end of Q3, and $6,000,000 at year-end.
​
Refer to Keating Auto Mart. If the year-end inventory for Keating had been the same as the beginning of the year inventory, what would have been the average inventory for the year?​

Question 66

Keating Auto Mart
​
Keating Auto Mart had a beginning inventory of $2,000,000 at retail. Keating had quarterly inventories of $7,000,000 at the end of Q1, $7,000,000 at the end of Q2, $5,000,000 at the end of Q3, and $6,000,000 at year-end.
​
Refer to Keating Auto Mart. Compute the average inventory.​