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 Question 1 (Inventory cost flow assumption and issues: 16 marks) 1

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 Question 1 (Inventory cost flow assumption and issues: 16 marks) 1. The information below is about the purchases and sales of inventory for Jupiter Inc. for the year 2021. Date Jan. 1 Feb. 4 Jul. 7 Sep. 12 Nov. 4 Transactions Beginning inventory Purchase Sales Purchase Sales Unit price S 12 S 15 S 30 S 20 $ 35 Quantity 1,000 2.500 2.000 3.500 2,600 Required: Compute the following amounts in a) and b) (round to three decimals for the unit cost). (12 marks) a) Cost of goods sold (COGS) and cost of ending inventory based on perpetual inventory system and moving average cost. b) Cost of goods sold and cost of ending inventory based on periodic inventory system and weighted average cost assuming that the physical count of ending inventory indicates 2,400 units. c) Record the journal entries for July 7 sales under perpetual inventory system. All sales are cash sales. d) Prepare the closing entry under periodic inventory system for the year 2021. II. The following independent situation relates to inventory accounting. (4 marks) Keillor Company's inventory of €1,100,000 at December 31, 2022, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2022, at an invoice cost of €69,000 to Keillor Company were received on January 4, 2023. b) The physical count included €29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2022. The carrier picked up these goods on January 3, 2023. Required: What amount should Keillor report as inventory on Dec 31, 2022? 5