In your audit of Anthony Walker Company, you find that a physical inventory on December 31,...
In your audit of Anthony Walker Company, you find that a
physical inventory on December 31, 2020, showed merchandise with a
cost of $455,940 was on hand at that date. You also discover the
following items were all excluded from the $455,940.
| 1. | Merchandise of $65,070 which is held by Walker on consignment. The consignor is the Max Suzuki Company. | |
| 2. | Merchandise costing $34,770 which was shipped by Walker f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. | |
| 3. | Merchandise costing $47,070 which was shipped by Walker f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. | |
| 4. | Merchandise costing $91,200 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Walker on January 4, 2021. | |
| 5. | Merchandise costing $51,970 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Walker on January 5, 2021. |
Based on the above information, calculate the amount that should
appear on Walker’s balance sheet at December 31, 2020, for
inventory.
| Inventory as on December 31, 2020 |
| Inventory as on December 31, 2020 ___________________________ |
Homework Answers
| Inventory balance | 4,55,940 | |||||
| Less: Goods held as consignee | -65,070 | |||||
| Add: Sales made on FOB destination not received by buyer yet | 34,770 | |||||
| Add: urchase made on FOB shipping basis not received yet | 51,970 | |||||
| Correct Inventory value as at Dec31, 2020 | 4,77,610 | |||||
| Answer is $ 477,610 | ||||||
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