Homework Answers
| Inventory as reported | 214000 | |
| 1 | 0 | Correctly not included |
| 2 | -43800 | To be excluded |
| 3 | -14800 | Goods held on consignment to be excluded |
| 4 | 0 | Correctly not included |
| Correct ending inventory on December 31 | 155400 |
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On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000....
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On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional information is also available: Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following...
Exam Exam 13 6 On December 31 of the current yea, Plunkett Company reported an ending...
Exam Exam 13 6 On December 31 of the current yea, Plunkett Company reported an ending inventory balance of $21.500. The following additional information is also available Punetto and hoped goods costing $17.900 10 Savannah Enterprises on December w ho m he died included in the ending inventory amount of $214500 . Plunkett purchased goods costing $43.500 on December 29 The goods were shippedron destination and were received by Plunkett on January 2 of the following year. The shipment was...
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Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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Exam Exam 13 6 On December 31 of the current yea, Plunkett Company reported an ending inventory balance of $21.500. The following additional information is also available Punetto and hoped goods costing $17.900 10 Savannah Enterprises on December w ho m he died included in the ending inventory amount of $214500 . Plunkett purchased goods costing $43.500 on December 29 The goods were shippedron destination and were received by Plunkett on January 2 of the following year. The shipment was...
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Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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