Homework Answers
| Inventory as per Physical Inventory | 4,22,220 | ||||||
| Less: Goods held as consignee | -56,330 | ||||||
| Add: Goods sold on FOB destination not received by customer | 40,510 | ||||||
| Add: Goods Purchased on FOB shipping point not received yet | 50,150 | ||||||
| Correct Inventory balance | 4,56,550 | ||||||
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In your audit of Charles Wilson Company, you find that a physical inventory on December 31,...
In your audit of Anthony Walker Company, you find that a physical inventory on December 31,...
In your audit of Anthony Walker Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $455,940 was on hand at that date. You also discover the following items were all excluded from the $455,940. 1. Merchandise of $65,070 which is held by Walker on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $34,770 which was shipped by Walker f.o.b. destination to a customer on December 31, 2020. The customer...
Exercise 8-02 In your audit of Matthew Young Company, you find that a physical inventory on...
Exercise 8-02 In your audit of Matthew Young Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $426,690 was on hand at that date. You also discover the following items were all excluded from the $426,690. 1. Merchandise of $60,810 which is held by Young on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $38,100 which was shipped by Young f.o.b. destination to a customer on December 31, 2020....
In your audit of Robert Williams Company, you find that a physical inventory on December 31,...
In your audit of Robert Williams Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $464,070 was on hand at that date. You also discover the following items were all excluded from the $464,070. 1. Merchandise of $64,310 which is held by Williams on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $37,350 which was shipped by Williams f.o.b. destination to a customer on December 31, 2020. The customer...
In your audit of Jason Allen Company, you find that a physical inventory on December 31,...
In your audit of Jason Allen Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $397,710 was on hand at that date. You also discover the following items were all excluded from the $397,710. 1. Merchandise of $63,390 which is held by Allen on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $41,060 which was shipped by Allen f.o.b. destination to a customer on December 31, 2020. The customer...
In your audit of John Johnson Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $400,350 was on hand at that date.
In your audit of John Johnson Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $400,350 was on hand at that date. You also discover the following items were all excluded from the $400,350. 1. Merchandise of $63,540 which is held by Johnson on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $39,530 which was shipped by Johnson f.o.b. destination to a customer on December 31, 2020. The customer was expected...
In your audit of Donald Martin Company, you find that a physical inventory on December 31,...
In your audit of Donald Martin Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $399,450 was on hand at that date. You also discover the following items were all excluded from the $399,450. 1. Merchandise of $61,320 which is held by Martin on consignment. The consignor is the Max Suzuki Company 2. Merchandise costing $39,580 which was shipped by Martin f.o.b. destination to a customer on December 31, 2020. The customer...
Question 12 In your audit of Kevin Hall Company, you find that a physical inventory on...
Question 12 In your audit of Kevin Hall Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $400,580 was on hand at that date. You also discover the following items were all excluded from the $400,580. 1. Merchandise of $58,240 which is held by Hall on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $40,130 which was shipped by Hall f.o.b. destination to a customer on December 31, 2020....
In your audit of Tony Company, you find that a physical inventory on December 31, 2017,...
In your audit of Tony Company, you find that a physical
inventory on December 31, 2017, showed merchandise with a cost of
$455,940 was on hand at that date. You also discover the following
items were all excluded from the $455,940.
1.
Merchandise of $65,070 which is held by Tony on consignment.
The consignor is the Max Suzuki Company.
2.
Merchandise costing $34,770 which was shipped by Tony f.o.b.
destination to a customer on December 31, 2017. The customer was...
Windsor Company took a physical inventory on December 31 and determined that goods costing $189,800 were...
Windsor Company took a physical inventory on December 31 and
determined that goods costing $189,800 were on hand. Not included
in the physical count were $26,130 of goods purchased from Pelzer
Corporation, f.o.b. shipping point, and $23,420 of goods sold to
Alvarez Company for $30,660, f.o.b. destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Windsor report as its December 31
inventory?
December 31 inventory
$
Exercise 8-2
In your audit of...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory cou...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 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 $450 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $16,200 of merchandise inventory held on consignment by a customer. Sara...
Exercise 8-02 In your audit of Matthew Young Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $426,690 was on hand at that date. You also discover the following items were all excluded from the $426,690. 1. Merchandise of $60,810 which is held by Young on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $38,100 which was shipped by Young f.o.b. destination to a customer on December 31, 2020....
In your audit of Robert Williams Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $464,070 was on hand at that date. You also discover the following items were all excluded from the $464,070. 1. Merchandise of $64,310 which is held by Williams on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $37,350 which was shipped by Williams f.o.b. destination to a customer on December 31, 2020. The customer...
In your audit of Jason Allen Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $397,710 was on hand at that date. You also discover the following items were all excluded from the $397,710. 1. Merchandise of $63,390 which is held by Allen on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $41,060 which was shipped by Allen f.o.b. destination to a customer on December 31, 2020. The customer...
In your audit of Donald Martin Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $399,450 was on hand at that date. You also discover the following items were all excluded from the $399,450. 1. Merchandise of $61,320 which is held by Martin on consignment. The consignor is the Max Suzuki Company 2. Merchandise costing $39,580 which was shipped by Martin f.o.b. destination to a customer on December 31, 2020. The customer...
Question 12 In your audit of Kevin Hall Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $400,580 was on hand at that date. You also discover the following items were all excluded from the $400,580. 1. Merchandise of $58,240 which is held by Hall on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $40,130 which was shipped by Hall f.o.b. destination to a customer on December 31, 2020....
In your audit of Tony Company, you find that a physical
inventory on December 31, 2017, showed merchandise with a cost of
$455,940 was on hand at that date. You also discover the following
items were all excluded from the $455,940.
1.
Merchandise of $65,070 which is held by Tony on consignment.
The consignor is the Max Suzuki Company.
2.
Merchandise costing $34,770 which was shipped by Tony f.o.b.
destination to a customer on December 31, 2017. The customer was...
Windsor Company took a physical inventory on December 31 and
determined that goods costing $189,800 were on hand. Not included
in the physical count were $26,130 of goods purchased from Pelzer
Corporation, f.o.b. shipping point, and $23,420 of goods sold to
Alvarez Company for $30,660, f.o.b. destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Windsor report as its December 31
inventory?
December 31 inventory
$
Exercise 8-2
In your audit of...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 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 $450 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $16,200 of merchandise inventory held on consignment by a customer. Sara...
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