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Question 1: DO IT 6-2 The accounting records of Connor Electronics show the following data. Beginning inventory 3,000 units at $5 Purchases 8,000 units at $7 Sales 9,400 units at $10 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method and (b) the average-cost method. (Round unit cost to nearest tenth of a cent.) Question 2: DO IT 6-1 Recife Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of R$300,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1. Recife has sent inventory costing R$21,000 on consignment to Rio Company. All of this inventory was at Rio's showrooms on December 31. 2. The company did not include in the count inventory (cost, R$20,000) that was pur- chased on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, R$17,000) that was sold with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Question 3: Gerald D. Englehart Company has the following inventory, purchases, and sales data for the month of March. Inventory: March 1 200 units @ €4.00 € 800 Purchases: March 10 500 units @ €4.50 2,250 March 20 400 units @ €4.75 1,900 March 30 300 units @ €5.00 1,500 Sales: March 15 500 units March 25 400 units The physical inventory count on March 31 shows 500 units on hand. Instructions Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost.

          Question 1:
DO IT 6-2 The accounting records of Connor Electronics show the following data.
Beginning inventory	3,000 units at $5
Purchases	8,000 units at $7
Sales	9,400 units at $10
Determine cost of goods sold during the period under a periodic inventory system using
(a) the FIFO method and (b) the average-cost method. (Round unit cost to nearest tenth
of a cent.)
Question 2:
DO IT 6-1 Recife Company just took its physical inventory. The count of inventory
items on hand at the company's business locations resulted in a total inventory cost of
R$300,000. In reviewing the details of the count and related inventory transactions, you
have discovered the following.
1. Recife has sent inventory costing R$21,000 on consignment to Rio Company. All of
this inventory was at Rio's showrooms on December 31.
2. The company did not include in the count inventory (cost, R$20,000) that was pur-
chased on December 28, terms FOB shipping point. The goods were in transit on
December 31.
3. The company did not include in the count inventory (cost, R$17,000) that was sold
with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
Question 3:
Gerald D. Englehart Company has the following inventory, purchases, and sales data for
the month of March.
Inventory:	March 1	200 units @ €4.00	€ 800
Purchases:	March 10	500 units @ €4.50	2,250
	March 20	400 units @ €4.75	1,900
	March 30	300 units @ €5.00	1,500
Sales:	March 15	500 units
	March 25	400 units
The physical inventory count on March 31 shows 500 units on hand.
Instructions
Under a periodic inventory system, determine the cost of inventory on hand at March
31 and the cost of goods sold for March under (a) FIFO and (b) average-cost.

Question 1:
DO IT 6-2 The accounting records of Connor Electronics show the following data.
Beginning inventory 3,000 units at 5
Purchases 8,000 units at7
Sales 9,400 units at 10
Determine cost of goods sold during the period under a periodic inventory system using
(a) the FIFO method and (b) the average-cost method. (Round unit cost to nearest tenth
of a cent.)
Question 2:
DO IT 6-1 Recife Company just took its physical inventory. The count of inventory
items on hand at the company's business locations resulted in a total inventory cost of
R300,000. In reviewing the details of the count and related inventory transactions, you
have discovered the following.
1. Recife has sent inventory costing R21,000 on consignment to Rio Company. All of
this inventory was at Rio's showrooms on December 31.
2. The company did not include in the count inventory (cost, R20,000) that was pur-
chased on December 28, terms FOB shipping point. The goods were in transit on
December 31.
3. The company did not include in the count inventory (cost, R17,000) that was sold
with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
Question 3:
Gerald D. Englehart Company has the following inventory, purchases, and sales data for
the month of March.
Inventory: March 1 200 units @ €4.00 € 800
Purchases: March 10 500 units @ €4.50 2,250
March 20 400 units @ €4.75 1,900
March 30 300 units @ €5.00 1,500
Sales: March 15 500 units
March 25 400 units
The physical inventory count on March 31 shows 500 units on hand.
Instructions
Under a periodic inventory system, determine the cost of inventory on hand at March
31 and the cost of goods sold for March under (a) FIFO and (b) average-cost.

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