Problem 6-01A
Marigold Limited is trying to determine the value of its ending
inventory as of February 28, 2020, the company’s year-end. The
following transactions occurred, and the accountant asked your help
in determining whether they should be recorded or not.
For each of the transactions below, specify whether the item in
question should be included in ending inventory, and if so, at what
amount.
(a) | On February 26, Marigold shipped goods costing $1,840 to a customer and charged the customer $2,300. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. |
IncludedNot Included |
$ | |||
(b) | On February 26, Louis Inc. shipped goods to Marigold under terms FOB shipping point. The invoice price was $600 plus $40 for freight. The receiving report indicates that the goods were received by Marigold on March 2. |
IncludedNot Included |
$ | |||
(c) | Marigold had $700 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. |
IncludedNot Included |
$ | |||
(d) | Also included in Marigold’s warehouse is $870 of inventory that Ryhn Producers shipped to Marigold on consignment. |
IncludedNot Included |
$ | |||
(e) | On February 26, Marigold issued a purchase order to acquire goods costing $1,000. The goods were shipped with terms FOB destination on February 27. Marigold received the goods on March 2. |
IncludedNot Included |
$ | |||
(f) | On February 26, Marigold shipped goods to a customer under terms FOB destination. The invoice price was $415; the cost of the items was $255. The receiving report indicates that the goods were received by the customer on March 2. |
IncludedNot Included |
$ | |||
(g) | Marigold had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $600, and Marigold had expected to sell these items for $700. |
IncludedNot Included |
$ |
Included/ Not Included | Amount | |||
(a) | On February 26, Marigold shipped goods costing $1,840 to a customer and charged the customer $2,300. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. | Not Included | ||
(b) | On February 26, Louis Inc. shipped goods to Marigold under terms FOB shipping point. The invoice price was $600 plus $40 for freight. The receiving report indicates that the goods were received by Marigold on March 2. | Included | 640 | |
(c) | Marigold had $700 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. | Included | 700 | |
(d) | Also included in Marigold’s warehouse is $870 of inventory that Ryhn Producers shipped to Marigold on consignment. | Not Included | ||
(e) | On February 26, Marigold issued a purchase order to acquire goods costing $1,000. The goods were shipped with terms FOB destination on February 27. Marigold received the goods on March 2. | Included | 1000 | |
(f) | On February 26, Marigold shipped goods to a customer under terms FOB destination. The invoice price was $415; the cost of the items was $255. The receiving report indicates that the goods were received by the customer on March 2. | Not Included | ||
(g) | Marigold had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $600, and Marigold had expected to sell these items for $700. | Not Included | ||
Problem 6-01A Marigold Limited is trying to determine the value of its ending inventory as of...
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thank you for your time and doing this. I would do
this problem but I dont understand it and so I am using this app
lol.
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in determining whether they should be recorded or not.
For each of the above transactions, specify whether the item in
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(a)
On...
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