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Please find below table useful to compute desired results: -
End Results would be as follows: -
Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of...
Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Skysong Co. record as the cost of these goods? Cost of goods purchased $enter the Cost of goods purchased in dollars LINK TO TEXT LINK TO TEXT LINK TO TEXT Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end...
Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories. Kingbird Co. purchased goods with a list price of $177,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kingbird Co. record as the cost of these goods? Cost of goods purchased $enter the Cost of goods purchased in dollars LINK TO TEXT LINK TO TEXT LINK TO TEXT Oriole Company’s inventory of $1,113,100 at December 31,...
Sanderson Company’s inventory of $1.1 million at December 31, 2017, 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 f.o.b. shipping point on December 24, 2017, from a vendor at an invoice cost of $80,000 to Sanderson Company, received on January 4, 2018. (b) Goods worth $39,000 and included in the physical count, billed to Makee Corp., f.o.b. shipping point, on December 31, 2017. The...
Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020, costing $32 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,500 $33 17 4,000 35 26 1,500 36 A physical count on May 31, 2020, shows 2,500 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the...
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,200 $26 17 3,700 28 26 1,200 29 A physical count on May 31, 2020, shows 2,200 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the...
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $201,600 $201,600 12/31/20 248,900 273,790 12/31/21 255,500 291,270 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Price Index enter...
The Kwok Company’s inventory balance on December 31, 2021, was $195,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $36,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $23,000. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received...
Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories. Metlock Co. purchased goods with a list price of $168,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Metlock Co. record as the cost of these goods? Cost of goods purchased $ Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017, costing $29 each. Purchases of part M.O. during May were as...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $450 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $16,200 of merchandise inventory held on consignment by a customer. Sara...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO method, what is the inventory cost? Using the...