Homework Answers
Question-(16) - Damaged and obsolete goods that can be sold ?
Answer -
Damaged and obsolete goods that can be sold are included in inventory at their net realizable value.
Hence, Option - (C) is Correct.
.
Question-(17) - Merchandise inventory includes ?
Answer -
Merchandise inventory includes all goods owned by a company and held for sale.
Hence, Option - (A) is Correct.
.
Question-(18) - Goods in transit are included in a purchaser's inventory ?
Answer -
Goods in transit are included in a purchaser's inventory when the purchaser is responsible for paying freight charges.
Hence, Option - (B) is Correct.
.
Question-(19) - Goods on consignment ?
Answer -
Consignment goods are goods shipped by the owner to the consignee who sells the goods for the owner.
Hence, Option - (A) is Correct.
.
Question-(20) - Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between ?
Answer -
Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between ending inventory and cost of goods sold.
Hence, Option - (D) is Correct.
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CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as...
I need the answers asap 1. Which of the following is a characteristic of a perpetual...
I need the answers asap
1. Which of the following is a characteristic of a perpetual inventory system? A) Inventory purchases are debited to a Purchases account. B) Inventory records are not kept for every item. C) Cost of goods sold is recorded with each sale. D) Cost of goods sold is determined as the amount of purchases less the change in inventory 2. Where should goods in transit that were recently purchased f.o.b. destination be included on the balance...
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve....
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve. True or False True False Insurance during transit paid by the buyer is recorded by the buyer at the time of shipment. True or False True False Periodic average cost and perpetual average cost always produce the same dollar amounts for ending inventory. True or False True False Cost of goods on consignment is included in the consignor's inventory until sold. True or False
Hi this is for my study guide, please show work where its applicable. Much appreciated. 1....
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared...
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on November 30 a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. c. Federal GST on the amount in a. d. Goods that arrived from a supplier on December 2, shipped FOB shipping point on $ 280,000 22,400 16,800 November 28 e. Goods that were shipped to a customer...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
I got 514360, but I got it wrong. Please help! Rondo Ltd. (RL) is a wholesaler...
I got 514360, but I got it wrong. Please help!
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on November 30. $324,000 25,920 19,440 65,100 61,500 20,900 a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. c. Federal GST on the amount in a. d. Goods that arrived from a supplier on December 2, shipped FOB shipping...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory cou...
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...
The inventory on hand of Hayes Company at the end of 2020 determined by physical count...
The inventory on hand of Hayes Company at the end of 2020 determined by physical count is $105,400. The following items were not included in this inventory amount. a. Purchased goods in transit with the terms FOB shipping point, invoice $4100 plus freight $240. b.Goods on out on consignment to Marlman Company, retail sales price $4200. c. Goods sold to Grina Inc. with terms FOB destination invoiced for $1900. Freight to deliver the goods was $150 and the goods were...
Problem 6-01A Marigold Limited is trying to determine the value of its ending inventory as of...
Problem 6-01A Marigold Limited is trying to determine the value of its ending inventory as of February 28, 2020, the company’s year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a) On February 26, Marigold shipped goods costing $1,840 to a customer and charged the...
I need the answers asap
1. Which of the following is a characteristic of a perpetual inventory system? A) Inventory purchases are debited to a Purchases account. B) Inventory records are not kept for every item. C) Cost of goods sold is recorded with each sale. D) Cost of goods sold is determined as the amount of purchases less the change in inventory 2. Where should goods in transit that were recently purchased f.o.b. destination be included on the balance...
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve. True or False True False Insurance during transit paid by the buyer is recorded by the buyer at the time of shipment. True or False True False Periodic average cost and perpetual average cost always produce the same dollar amounts for ending inventory. True or False True False Cost of goods on consignment is included in the consignor's inventory until sold. True or False
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on November 30 a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. c. Federal GST on the amount in a. d. Goods that arrived from a supplier on December 2, shipped FOB shipping point on $ 280,000 22,400 16,800 November 28 e. Goods that were shipped to a customer...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
I got 514360, but I got it wrong. Please help!
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on November 30. $324,000 25,920 19,440 65,100 61,500 20,900 a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. c. Federal GST on the amount in a. d. Goods that arrived from a supplier on December 2, shipped FOB shipping...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
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...
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