assume the periodic inventory system is used determine the costs assigned to the end 645482

1. Market Company begins the year with $200,000 of goods in inventory. At year end, the amount in inventory has increased to $230,000. Cost of goods sold for the year is $1,600,000. Compute Market’s inventory turnover and days’ sales in inventory. Assume that there are 365 days in the year.

2. A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of FIFO? (Round per unit costs to three decimals, but inventory balances to the dollar.)

Assume the periodic inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.)