Homework Answers
Cullumber's Inventoriable Cost For 2018 $542470.
Explanation:
| Merchandise Purchased | $ 537,500 |
| Add: Freight in | $ 19,600 |
| Total | $ 557100 |
| Less: Purchase Return | ($9500) |
| Less: Purchase Discount | ($5130) |
| Inventoriable Cost | $ 542,470 |
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Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
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$
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Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
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LINK TO TEXT
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Oriole Company’s inventory of $1,113,100 at December 31,...
Cullumber Company, a manufacturer of small tools, provided the following information from its accounting records for...
Cullumber Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31,
2017 (based on physical count of goods in Cullumber’s plant, at
cost, on December 31, 2017)
$1,467,950
Accounts payable at December
31, 2017
1,182,000
Net sales (sales less sales
returns)
7,990,400
Additional information is as follows.
1.
Included in the physical
count were tools billed to a customer f.o.b. shipping point on
December 31,...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each....
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Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...
Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
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Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
Problem 8-2 Blue Company, a manufacturer of small tools, provided the following information from its accounting...
Problem 8-2
Blue Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31, 2017 (based on physical count of
goods in Blue’s plant, at cost, on December 31, 2017)
$1,494,150
Accounts payable at December 31, 2017
1,278,600
Net sales (sales less sales returns)
8,729,500
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1.
Included in the physical count were tools billed to a customer
f.o.b. shipping point on...
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Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
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Your answer is incorrect. Concord Corp. had 1,900 units of part T on hand April 1,...
Your answer is incorrect.
Concord Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Concord made the following purchases
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Units
Unit
Cost
April
4
2,700
$8.25
10
4,800
8.40
19
1,200
9
29
3,000
9.90
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hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO...
4. Baker's Accounting Emporium, a manufacturer of amazing accounting components, provided the following information...
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Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. Goods shipped from a vendor f.o.b.destination on December 24, 2017, at an invoice cost of $12,000 to Shamrock were received on January 4, 2018. These goods were excluded from the physical count. (b) (a) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Shamrock,...
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Cullumber Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31,
2017 (based on physical count of goods in Cullumber’s plant, at
cost, on December 31, 2017)
$1,467,950
Accounts payable at December
31, 2017
1,182,000
Net sales (sales less sales
returns)
7,990,400
Additional information is as follows.
1.
Included in the physical
count were tools billed to a customer f.o.b. shipping point on
December 31,...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO method, what is the inventory cost? Using the...
Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
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Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
Problem 8-2
Blue Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31, 2017 (based on physical count of
goods in Blue’s plant, at cost, on December 31, 2017)
$1,494,150
Accounts payable at December 31, 2017
1,278,600
Net sales (sales less sales returns)
8,729,500
Additional information is as follows.
1.
Included in the physical count were tools billed to a customer
f.o.b. shipping point on...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
Your answer is incorrect.
Concord Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Concord made the following purchases
of part T.
Units
Unit
Cost
April
4
2,700
$8.25
10
4,800
8.40
19
1,200
9
29
3,000
9.90
A physical count at April 30, 2017 showed 4,300 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO...
4. Baker's Accounting Emporium, a manufacturer of amazing accounting components, provided the following information from its accounting records for the year ended December 31, 2018. Inventory at December 31, 2018 (Physical count at cost) $2,590,000 Accounts payable at December 31, 2018 Net sales (sales less sales returns) 1,900,000 16,680,000 Additional information is as follows. a) Goods received from a vendor on December 29, 2018, were included in the physical count. However, the related $21,500 vendor invoice was not included in...
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