At December 31, 2022, Kingbird, Inc. inventory records indicated a balance of $625000. Upon further investigation...
At December 31, 2022, Kingbird, Inc. inventory records indicated
a balance of $625000. Upon further investigation it was determined
that this amount included the following:
▪ $120000 in inventory purchases made by Kingbird shipped from the
seller 12/27/22 terms FOB destination, but not due to be received
until January 2nd
▪ $86000 in goods sold by Kingbird with terms FOB destination on
December 27. The goods are not expected to reach their destination
until January 6.
▪ $5200 of goods received on consignment from Lisa Company
What is Kingbird's correct ending inventory balance at December 31,
2022?
| $619800 |
| $413800 |
| $499800 |
| $505000 |
Homework Answers
| Ending inventory | 625,000 |
| - goods purchased FOB destination | -120,000 |
| - goods on consignment | -5200 |
| Correct inventory | 499,800 |
Option C is the answer
Add Answer to:
At December 31, 2022, Kingbird, Inc. inventory records indicated
a balance of $625000. Upon further investigation...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000....
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
BACK NE CALCULATOR PRINTER VERSION FULL SCREEN Multiple Choice Question 61 At December 31, 2017 Windsor,...
BACK NE CALCULATOR PRINTER VERSION FULL SCREEN Multiple Choice Question 61 At December 31, 2017 Windsor, Inc. inventory records indicated a balance of $870000. Upon further investigation it was determined that this amount included the following: • $179000 in inventory purchases made by Windsor shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd . $125000 in goods sold by Windsor with terms FOB destination on December 27th. The goods are not expected...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional information is also available: Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
The Kwok Company's inventory balance on December 31, 2021. was $165.000 (based on a 12/31/2021 physical...
The Kwok Company's inventory balance on December 31, 2021. was $165.000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok to b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok fob, shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000 3. Goods shipped from Kwok to a customer f.o.b. destination on December...
The Kwok Company's inventory balance on December 31, 2021, was $165,000
The Kwok Company's inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received...
The Kwok Company’s inventory balance on December 31, 2021, was $195,000 (based on a 12/31/2021 physical...
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...
As a result of a thorough physical inventory, Greeley Company determined that it had inventory worth $325,000 at December 31, 2020
30.As a result of a thorough physical inventory, Greeley Company determined that it had inventory worth $325,000 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth 547,000 on its sales floor that belong to Greeley but are being sold on consignment by Walker The selling price of these goods is $75,000. Greeley purchased $22,000 of goods that were shipped on December 27. FOB destination, that will be received by...
Kingbird, Inc. took a physical inventory onDecember 31 and determined that goods costing $230,000 were...
Kingbird, Inc. took a physical inventory on December 31 and determined that goods costing $230,000 were on hand. Not included in the physical count were $31,000 of goods purchased from Blue Spruce Corp., FOB, shipping point, and $20,500 of goods sold to Blossom Company for $30,000, FOB destination. Both the Blue Spruce purchase and the Blossom sale were in transit at year-end. What amount should Kingbird report as its December 31 inventory? Ending Inventory = _______
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
BACK NE CALCULATOR PRINTER VERSION FULL SCREEN Multiple Choice Question 61 At December 31, 2017 Windsor, Inc. inventory records indicated a balance of $870000. Upon further investigation it was determined that this amount included the following: • $179000 in inventory purchases made by Windsor shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd . $125000 in goods sold by Windsor with terms FOB destination on December 27th. The goods are not expected...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
The Kwok Company's inventory balance on December 31, 2021. was $165.000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok to b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok fob, shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000 3. Goods shipped from Kwok to a customer f.o.b. destination on December...
Most questions answered within 3 hours.
-
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 6 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 14 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 15 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 27 minutes ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 33 minutes ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 46 minutes ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 50 minutes ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 56 minutes ago -
Transverse pulses travel with a speed of 195 m/s along a taut
copper wire whose diameter...
asked 55 minutes ago -
Sampling for Engineers Homework question 11.51
Suppose that Y1;Y2;Y3;Y4 denote a random sample from a
Poisson(θ)...
asked 58 minutes ago -
Which of the following is cleaved by regulated intramembrane
proteolysis (RIP)? Select any/all answers that apply....
asked 58 minutes ago -
Random characters You decide to create a program characters.py
that fills a two-dimensional list with random...
asked 1 hour ago