Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400,...
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400, and its ending inventory on December 31 was understated by $16,300. In addition, a purchase of merchandise costing $20,500 was incorrectly recorded as a $2,050 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was:
Multiple Choice
-
Understated by $49,850.
-
Overstated by $3,350.
-
Understated by $33,550.
-
Overstated by $33,550.
Homework Answers
Ans:
Purchases understated by $18,450 (i.e., $20,500 - $2,050)
Cost of goods sold:
= Beginning inventory(U) + Purchases(U) - Ending inventory(U)
= $31,400 + $18,450 - $16,300
= $33,500
Cost of goods sold Understated by $33,500
Option C Understated by $33,500
where (U) stands for Understated
If any doubts or queries please comment and clarify I'll explain ASAP
Add Answer to:
Poppy Co. uses a periodic inventory system. Beginning inventory
on January 1 was understated by $31,400,...
asap both Question Completion Status: QUESTION 19 Over the last 3 weeks we have encountered a...
asap both
Question Completion Status: QUESTION 19 Over the last 3 weeks we have encountered a number of issues with the technology. Some due to instructor's learning curve and others due to CCSU technology. For future live stream classes, please note your preference: a continue to use CCSU hyflex classroom live stream with recording buse WebEx for live stream and recording c. use Blackboard Collaborate for live stream and recording. d. no preference QUESTION 20 The beginning inventory of Big...
1) Janes Company incorrectly omitted $50,000 of merchandise from its 2010 ending inventory. In addition, a...
1) Janes Company incorrectly omitted $50,000 of merchandise from its 2010 ending inventory. In addition, a merchandise purchase of $20,000 was incorrectly recorded as $2,000 in the purchases account. As a result of these errors, 2010 income (before taxes) is: a) overstated by $32,000. b) understated by $32,000. c) overstated by $68,000 d) understated by $68,000.
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $20,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
Please solve for Requirement #2 The December 31, 2021, inventory of Tog Company, based on a...
Please solve for Requirement #2
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchand ise, shipped FOB shipping point, was not received until 2022...
E8.7 (LO 3) (Inventory Errors—Periodic) Salamander Limited makes the following errors during the current year. Each...
E8.7 (LO 3) (Inventory Errors—Periodic) Salamander Limited makes the following errors during the current year. Each error is an independent case. 1. Ending inventory is overstated by $1,020, but purchases are recorded correctly. 2. Both ending inventory and a purchase on account are understated by the same amount. (Assume this purchase of $1,500 was recorded in the following year.) 3. Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase of $850 was recorded in...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $20,000 was cor- rectly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
Problem 9-17 Integrating problem; Chapters 8 and 9; inventory errors [LO9-7] Capwell Corporation uses a periodic...
Problem 9-17 Integrating problem; Chapters 8 and 9; inventory errors [LO9-7] Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $330,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $660,000; Accounts payable; $230,000; Accounts receivable, $245,000; Sales revenue, $840,000. The internal audit department discovered the following items: Goods valued at $36,000 held on consignment from Dix Company were included...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
as soon as possible thx 0.058 Dupont Ltd uses a periodic inventory system has the following...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
asap both
Question Completion Status: QUESTION 19 Over the last 3 weeks we have encountered a number of issues with the technology. Some due to instructor's learning curve and others due to CCSU technology. For future live stream classes, please note your preference: a continue to use CCSU hyflex classroom live stream with recording buse WebEx for live stream and recording c. use Blackboard Collaborate for live stream and recording. d. no preference QUESTION 20 The beginning inventory of Big...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $20,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
Please solve for Requirement #2
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchand ise, shipped FOB shipping point, was not received until 2022...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $20,000 was cor- rectly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
Most questions answered within 3 hours.
-
Rod figures that it takes an average (mean) of =20 minutes with
a standard deviation of...
asked 1 minute from now -
You have 5 ul of a pure (undiluted) culture at a concentration
of 3.6 x 106...
asked 3 minutes ago -
______ activity indicates the presence of an electron transport
chain.
1- gelatinase 2- oxidase 3- caseinase...
asked 5 minutes ago -
The molarity of a silver nitrate solution is 0.192 M. How many
grams of silver ions...
asked 18 minutes ago -
Which of the following solutes will produce a greater increase
in boiling point when it is...
asked 14 minutes ago -
true or false: Series connected electrical circuit is a voltage
divider, and voltage of each device...
asked 9 minutes ago -
A 100-W lightbulb has a resistance of about 12 Ω when cold (20
∘C) and 128...
asked 13 minutes ago -
For the asset shown in the following table, use the capital
asset pricing model to find...
asked 14 minutes ago -
If the impulse response of a circuit is a pulse y(t) = u(t) –
u(t-T), T...
asked 21 minutes ago -
Eukaryotic cells have __ which is similar to prokaryotes of
Archaea.
A Ester-linked membrane lipids
B...
asked 30 minutes ago -
true or false. If work is done on a system by it's
surroundings, its value is...
asked 34 minutes ago -
Rene Descartes establishes a dualist approach to the world.
Explain this dualism, and how it connects...
asked 40 minutes ago
> Hi, i want to know why need to minus the Ending inventory, since it is the understated like the other two. Thank you so much!
guangjin zeng Mon, Dec 20, 2021 6:58 AM