Ending inventory-as reported | 620000 | ||
1 | Less: | Goods held on consignment from Agler Corporation | 180000 |
2 | Add: | Purchases shipped FOB shipping point | 36000 |
3 | Less: | Office supplies stored in the warehouse | 20000 |
4 | Add: | Goods sitting on the dock | 27000 |
5 | Add: | Cost of excess goods shipped ($63000 - $7200) | 55800 |
6 | Less: | Parts for machine no longer made | 45000 |
Correct inventory | 493800 |
Note: Kindly select appropriately from the drop-downs since the same have not been provided with the question.
James Smith, an auditor with Knapp CPAS, is performing a review of Crane Company's inventory account....
William Brown, an auditor with Knapp CPAs, is performing a review of Sheridan Company's inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $623,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $189,000 that the company is holding on consignment. The goods belong to Agler...
Daniel Jackson, an auditor with Knapp CPAs, is performing a review of Waterway Company's inventory account. Waterway did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $622,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $186,000 that the company is holding on consignment. The goods belong to Agler...
Thomas Taylor, an auditor with Knapp CPAs, is performing a review of Vaughn Company's inventory account. Vaughn did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $638,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $207,000 that the company is holding on consignment. The goods belong to Agler...
Steven Garcia, an auditor with Knapp CPAs, is performing a review of Sheridan Company s inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $645.000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $216,000 that the company is holding on consignment. The goods belang to...
Steven Garcia, an auditor with Knapp CPAs, is performing a review of Sheridan Company s inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $645.000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $216,000 that the company is holding on consignment. The goods belang to...
Current Attempt in Progress Matthew Young, an auditor with Knapp CPAS, is performing a review of Sheffield Company's inventory account. Sheffield did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $644,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $200,000 that the company is holding on consignment. The...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Pearl Company's Inventory account. Pearl did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $772,340. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis eg.-45 or parentheses eg. (45).)...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Teal Mountain Ine's Inventory account. Teal Mountain did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $808,200. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce Inventory with a negative sign or parenthesis. 45 or parentheses...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Sheffield Corp.'s Inventory account. Sheffield Corp. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $711,530. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses...
Exercise 6-02 Farley Bains, an auditor with Nolls CPAs, is performing a review of Indigo Corporation's Inventory account. Indigo did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $801,620. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or...