# dolution

dolution.

In the tradition of their Native American ancestors, Decorah Custom Canoes specializes in creating handcrafted canoes using only the finest natural materials. Whether they are from birch bark or cedar, all canoes are custom-built from native wood. Each piece is a work of art, and normal construction time varies from one to two months. Once completed, the canoes are purchased by and sold through a retail outlet under the same name. Only three canoes are offered, the Iroquois, Chippewa, and Winnebago, which cost \$1,100, \$1,400, and \$2,100, respectively. Each canoe also comes as a kit and costs \$450, \$550, and \$800, respectively. Custom paddles are also available and cost \$45 and \$75, for medium and large sizes. The beginning inventory on April 1 is as follows: IroquoisĂ˘â‚¬â€ť1 canoe/2 kits; ChippewaĂ˘â‚¬â€ť2 canoes/2 kits; WinnebagoĂ˘â‚¬â€ť0 canoes/3 kits; and paddlesĂ˘â‚¬â€ť6 medium/6 large. The ending inventory on June 30 is as follows: IroquoisĂ˘â‚¬â€ť2 canoes/1 kit; ChippewaĂ˘â‚¬â€ť0 canoes/1 kit; WinnebagoĂ˘â‚¬â€ť2 canoes/1 kit; and paddlesĂ˘â‚¬â€ť6 medium/4 large. The following information is a summary of inventory purchased by the retail outlet during the past three months (April through June): 1. Find the cost of goods sold using the specific identification inventory method. 2. Find the cost of goods sold using the weighted-average inventory method. 3. Decorah Custom Canoes had net sales of \$8,085 at cost for the month of April, and the ending inventory on April 30 was \$14,645. Compute the beginning inventory on April 1 (hint: based on what is listed in the case), and then find the average inventory at cost and the turnover rate at cost for April.

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dolution