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Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $260 $120 $340 $165 Cost 170 90 250 162 Replacement cost 240 80 235 158 Costs of completion and disposal 30 5 25 10 Normal profit 78 36 102 33 In applying the lower of cost or market rule, the inventory of rehab equipment would be valued at:

For companies using LIFO, inventory is valued at:

During the current fiscal year, Jeremiah Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Jeremiah agreed to purchase $2.0 million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $1.6 million. What is the journal entry at the end of the current fiscal year?

Data related to the inventories of Costco Medical Supply are presented below: Surgical Equipment Surgical Supplies Rehab Equipment Rehab Supplies Selling price $260 $100 $340 $165 Cost 170 90 250 162 Costs of completion and disposal 30 15 25 10 In applying the lower of cost or net realizable value rule, the inventory of surgical supplies would be valued at:

The Constance Corporation’s inventory at December 31, 20X8, was $125,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $15,000, shipped f.o.b. shipping point from a vendor on December 27, 20X8, was received by Constance on January 5, 20X9 (this inventory was not included in the physical count of inventory). Merchandise costing $45,000 was shipped to a customer f.o.b. shipping point on December 28, 20X8, arrived at the customer’s location on January 6, 20X9 (this inventory was not included in the physical count of inventory). Merchandise costing $21,000 was being held on hand for Jess Company on consignment (this inventory was included in the physical count of inventory). What amount should Constance Corporation report as inventory in its December 31, 20X8, balance sheet?

Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $1,800 and received 8,500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for $0.15 each. Group 2 consists of 5,500 pieces that are expected to sell for $0.36 each. Group 3 consists of 500 pieces that are expected to sell for $0.72 each. Using the relative sales value method, what is the cost per item in Group 3?

Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $1,800 and received 8,500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for $0.15 each. Group 2 consists of 5,500 pieces that are expected to sell for $0.36 each. Group 3 consists of 500 pieces that are expected to sell for $0.72 each. Using the relative sales value method, what is the cost per item in Group 3?

For companies using LIFO, inventory is valued at:

For companies using FIFO or average cost, inventory is valued at:

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 70 units at $80 170 units at $60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the LIFO method is: