Medlock uses a perpetual inventory system. It's beginning inventory consist of 50 units that cost $34.00 each. During June the company purchased 150 units at $34 each, returned 6 for credit and sold 125 units at $50 each. Journalize the June transaction.
Arna uses the dollar value LIFO method of computing its inventory. Data for the past 3 years
Yr End 12/31. Inv. of Current Yr Cost Price Index
2009 $19750 100
2010 $22140 108
2011 $25935 114
Compute the value of the 2010 and 2011 inventories using the dollar value LIFO method.
In it's 2007 annual report, Walmart reported inventory of $33,685 million on January 31, 2007 and $31,910 million on Jan 31, 2006, cost of sales of 264,152 million for fiscal year 2007, and net sales of $344,992 million. Compute Walmart inventory turnover and the average days to sell inventory for the fiscal year 2007.