Homework Answers
Answer can be option b and option c
I can explain both views.
1. Answer is 1150$
If inventory exist is 1150 and actual inventory balance in books is 1500, auditor or management can write off 350$
As no inventory exist and based on fair value and as per IFRS 2 also amount to be written off.
2 answer can be 1500$
It is possible that at physical count stock is 1150$ at company premises and balance 350$ can be with other party and is owned by company , at different location or with any vendor that is stock in transit yet to receive that is bill is recorded in books but actual goods not received.
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The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical...
The Cypress Company's inventory account balance was $1,600 at the end of the year. A physical...
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E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products....
E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand: LO1 Product Quantity Available The related unit costs were: K, $7; L, $10; M, $9; N, $5; and P, $7.
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Which of the following would be included in the Inventory account on a merchandising company's balance...
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The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand: LO1 Product Quantity Available The related unit costs were: K, $7; L, $10; M, $9; N, $5; and P, $7.
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
Which of the following would be included in the Inventory account on a merchandising company's balance sheet? O A. advertising costs O B. delivery costs O c. shipping costs from the manufacturer to the merchandising company OD. sales commissions
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