4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is...
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $216,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Raymond f.o.b. destination on December 26, 2021, were received on January 2, 2022. The invoice cost of $33,000 is included in the preliminary inventory balance. At year-end, Raymond held $17,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance....
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.Goods shipped to Raymond f.o.b. destination on December 26, 2021, were received on January 2, 2022. The invoice cost of $31,000 is included in the preliminary inventory balance.At year-end, Raymond held $15,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.On December 29,...
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...
Vaughn Company asks you to review its December 31, 2020, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Vaughn uses the periodic method of recording inventory. A physical count reveals $411,058 of inventory on hand at December 31, 2020. 2. Not included in the physical count of inventory is $23,485 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived...
The Kwok Company's inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received...
The Kwok Company’s inventory balance on December 31, 2021, was $195,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $36,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $23,000. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received...
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 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...
In your audit of Charles Wilson Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $422,220 was on hand at that date. You also discover the following items were all excluded from the $422,220. 1. 2. 3. Merchandise of $56,330 which is held by Wilson on consignment. The consignor is the Max Suzuki Company. Merchandise costing $40,510 which was shipped by Wilson f.o.b. destination to a customer on December 31, 2020. The...
Blossom Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Blossom uses the periodic method of recording inventory. A physical count reveals $446,291 of inventory on hand at December 31, 2017. 2. Not included in the physical count of inventory is $25,498 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived...