Homework Answers
Correct balance = $680100
| Balance as on Dec 31,2017 | 870000 |
| Less: Inventory purchases | 179000 |
| Less: Consignment goods | 10900 |
| Correct ending inventory | 680100 |
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BACK NE CALCULATOR PRINTER VERSION FULL SCREEN Multiple Choice Question 61 At December 31, 2017 Windsor,...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
At December 31, 2022, Kingbird, Inc. inventory records indicated a balance of $625000. Upon further investigation...
At December 31, 2022, Kingbird, Inc. inventory records indicated a balance of $625000. Upon further investigation it was determined that this amount included the following: ▪ $120000 in inventory purchases made by Kingbird shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd ▪ $86000 in goods sold by Kingbird with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. ▪ $5200 of goods...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000....
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
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...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS, is performing a review of Schuda Company's inventory account. Schuda did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $757,990. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the...
Sanderson Company’s inventory of $1.1 million at December 31, 2017, was based on a physical count...
Sanderson Company’s inventory of $1.1 million at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) Goods shipped f.o.b. shipping point on December 24, 2017, from a vendor at an invoice cost of $80,000 to Sanderson Company, received on January 4, 2018. (b) Goods worth $39,000 and included in the physical count, billed to Makee Corp., f.o.b. shipping point, on December 31, 2017. The...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500....
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...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
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...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
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...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS, is performing a review of Schuda Company's inventory account. Schuda did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $757,990. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
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...
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