Homework Answers
Answer:
(a) Purchase price
(b) Insurance in transit FOB shipping point
(c) Freight for delivery FOB shipping point
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which of the above costs would be included in merchandise
inventory
a. Purchase price b. Insurance...
Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000, credit...
Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000, credit terms 1/10, n/30, applicable only to the $80,000; FOB shipping point freight charges are $2,500; insurance during transit is $300; and import duties are $1,500. Hasham paid within the discount period. Compute the cost that should be assigned to the inventory.
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31.
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
OP 8-1 What Should Be Included in Inventory? Identify what items and costs should be included...
OP 8-1 What Should Be Included in Inventory? Identify what items and costs should be included in inventory and cost of goods sold. Howard is trying to compute the inventory balance for the December 31, 2017, financial statements of his automotive parts shop. He has computed a tentative balance of NT$61,800 but suspects that several adjustments still need to be made. In particular, he believes that the following could affect his inventory balance: a. A shipment of goods that cost...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
Which of the following costs are included in inventory cost under international accounting standards? a. Storage...
Which of the following costs are included in inventory cost under international accounting standards? a. Storage costs of goods by a retailer b. Selling expenses c. Variable overhead costs of a manufacturer. d. Salary of accounting clerk that monitors inventory levels. e. All of the above are included in inventory cost. f. None of the above is included in inventory cost.
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I...
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I E E * 11. Inventories affect a only the balance sheet. b. Only the income statement. c. both the balance sheet and the income statement. d. neither the balance sheet nor the income statement. 12. The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title C management's judgment. d whether...
Bramble Limited is trying to determine the amount of its ending inventory as at February 28,...
Bramble Limited is trying to determine the amount of its ending
inventory as at February 28, the company’s year end. The accountant
counted everything in the warehouse in early March, which resulted
in an ending inventory amount of $231,900. However, the accountant
was not sure how to treat the following transactions, so he did not
include them in the count. He has asked for your help in
determining whether or not the following transactions should be
included in inventory:
1....
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim...
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $260,000 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 $650 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $2,600 of merchandise inventory out on consignment...
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included...
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items: Merchandise in transit as of 12/21/2007, purchased FOB shipping point $5,800 Goods held by Minerva as consignee from Nirvana 6,000 Goods out on consignment, at cost plus 50% markup on cost plus $100 delivery charge. 4,600 What is the dollar amount of Minerva's 2007 ending inventory that should be reported on the balance sheet? a....
On October 15, 2018, Chandler's Department Store purchased 53,900 of inventory on account from one of...
On October 15, 2018, Chandler's Department Store purchased 53,900 of inventory on account from one of its suppliers. The terms were 2/15. 1/45. FOB shipping point. On October 17, Chandler's Department Store paid freight charges of $140 related to the delivery of the goods purchased on October 15. Upon receiving the goods, Chandler's Department Store checked the order and found $1,100 of unsuitable merchandise, which was returned to the supplier on October 21. Then, on October 29, Chandler's Department Store...
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
OP 8-1 What Should Be Included in Inventory? Identify what items and costs should be included in inventory and cost of goods sold. Howard is trying to compute the inventory balance for the December 31, 2017, financial statements of his automotive parts shop. He has computed a tentative balance of NT$61,800 but suspects that several adjustments still need to be made. In particular, he believes that the following could affect his inventory balance: a. A shipment of goods that cost...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I E E * 11. Inventories affect a only the balance sheet. b. Only the income statement. c. both the balance sheet and the income statement. d. neither the balance sheet nor the income statement. 12. The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title C management's judgment. d whether...
Bramble Limited is trying to determine the amount of its ending
inventory as at February 28, the company’s year end. The accountant
counted everything in the warehouse in early March, which resulted
in an ending inventory amount of $231,900. However, the accountant
was not sure how to treat the following transactions, so he did not
include them in the count. He has asked for your help in
determining whether or not the following transactions should be
included in inventory:
1....
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $260,000 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 $650 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $2,600 of merchandise inventory out on consignment...
On October 15, 2018, Chandler's Department Store purchased 53,900 of inventory on account from one of its suppliers. The terms were 2/15. 1/45. FOB shipping point. On October 17, Chandler's Department Store paid freight charges of $140 related to the delivery of the goods purchased on October 15. Upon receiving the goods, Chandler's Department Store checked the order and found $1,100 of unsuitable merchandise, which was returned to the supplier on October 21. Then, on October 29, Chandler's Department Store...
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