accounting inventory problems 526467

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting? Cost??1/2 Beginning inventory ?Woods ?$21,000 ??4/19 Purchase ?Sunset ?21,800 ??6/7 Purchase ?Earth ?31,200 ??12/16 Purchase ?Moon ?4,000 ?? Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s cost of goods sold. $21,000+$4,000= $25,000 gross profit. $35,000-$25,000=$10,000 ending inventory. $21,800+$31,200=$53,000 2. Inventory valuation methods: basic computations. The January beginning inven?tory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods. FIFO? LIFO ?Weighted Average?????? Goods available for sale ? $ ?$ ?$ ??Ending inventory, March 31 ??Cost of goods sold ?? 3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow: 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550 The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account. a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO b. Calculate…