On the basis of the following data determine the value of the inventory at the

# On the basis of the following data determine the

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149. On the basis of the following data, determine the value of the inventory at the lower of cost or market. Applylower of cost or market to each inventory item. Show your work.ItemInventory QuantityUnit Cost PriceUnit Market PriceGear X100\$33\$29Gear Y752728
150. The following data were taken from the annual reports of Jong Inc., a manufacturer of fireworks, and HobsonInc., a manufacturer of computers.Jong, Inc.Hobson, Inc.Cost of Goods Sold\$830,000\$11,540,000Inventory, end of year\$185,000315,000Inventory, beginning of year\$235,000155,000(a) Determine the (1) inventory turnover and (2) number of days sales in inventory for Jong and Hobson. Round your answer to two decimal places.(b) How would you expect these measures to compare between the companies? Why? 151. Based on the following data, calculate the estimated cost of the merchandise inventory on March 31 using theretail method.CostRetailMarch 1Merchandise Inventory\$225,000\$357,600March 1-31Purchases (net)454,245612,750March 1-31Sales (net)835,000152. A business using the retail method of inventory costing determines that merchandise inventory at retail is \$2,300,000. If the ratio of cost to retail price is 55%, what is the amount of inventory to be reported on thefinancial statements?
153. Based upon the following data estimate the cost of ending merchandise inventory:Sales (net)\$250,000Estimated gross profit rate25%Beginning merchandise inventory\$9,000Purchases (net)\$211,000Merchandise available for sale\$220,000154. Fill in the missing amounts from the chart below regarding the calculation of Bean Corporations estimatedinventory using the retail method of estimation.CostRetailMerchandise Inventory, October 113,68719,553Purchases for October (net)?98,344Merchandise Available for Sale82,528?Ratio of cost to retail price:?Sales for October (net)?Merchandise at Retail, October 3125,340Merchandise at Cost, October 31?155. List the internal control objectives illustrated by the following:(a)keeping the inventory storeroom locked(b)counting the inventory at the end of the accounting period and comparing it with the inventory ledgerclerk's records(c)using subsidiary ledgers and a perpetual inventory system
156. Describe three inventory cost flow assumptions and how they impact the financial statements. 157. The following data regarding purchases and sales of a commodity were taken from the related perpetualinventory account:June 1Balance25 units at \$606Sale20 units8Purchase20 units at \$6116Sale10 units20Purchase20 units at \$6223Sale25 units30Purchase15 units at \$63Calculate the cost of the ending inventory at June 30, using (1) the first-in, first-out (FIFO) methodand (2) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lotin the inventory.158. Beginning inventory, purchases and sales data for hammers are as follows:Mar 3Inventory12 units@\$1511Purchase13 units@\$1714Sale18 units21Purchase9 units@\$2025Sale10 unitsAssuming the business maintains aperpetualinventory system, complete the inventory cards and calculate thecost of merchandise sold and ending inventory under the following assumptions:a. First-in, first-outPurchasesCost of