Accounting
. At December 31, Belle Inc. had to take its ending inventory to prepare its annual financial report. You are their new accountant and it’s your responsibility to decide whether the following items should be counted as their inventory or not.
a. Belle shipped goods costing $1000 to a customer and charged the customer $1,000 on December 25. The goods were shipped with terms FOB destination and the receiving report indicates that the customer will receive the goods on January 4.
b. Merryland Inc. shipped goods to Belle under terms FOB shipping point. The invoice price was $500 plus $75 for freight on December 27. The receiving report indicates that the goods will be received by Belle on January 3.
c. $1400 of inventory that Harold’s Inc. shipped to Belle on consignment is in Belle’s warehouse.
d. Belle issued a purchase order to acquire goods costing $850. The goods were shipped with terms FOB destination on December 28. Belle will receive the goods on January 9.
e. Belle shipped goods to a customer under terms FOB shipping point on December 24. The invoice price was $500 plus $55 for freight; the cost of the items was $350. The receiving report indicates that the goods will be received by the customer on December 31.
Instructions
For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount.
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Problem 6-01A al Sheffield Corp. is trying to determine the value of its ending Inventory as...
Problem 6-01A al Sheffield Corp. is trying to determine the value of its ending Inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $54,500. However, she didn't know how to treat the following transactions so she didn't record them (a1) For each of the transactions below, specify whether the item in question should be included in ending inventory, and...
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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...
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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following transactions occurred, and the accountant asked your help
in determining whether they should be recorded or not.
For each of the above transactions, specify whether the item in
question should be included in ending inventory, and if so, at what
amount. (If item is not included in the ending
inventory, then enter 0 for the amounts.)
(a)
On...
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Bramble Limited is trying to determine the amount of its ending inventory as at February 28,...
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inventory as at February 28, the company’s year end. The accountant
counted everything in the warehouse in early March, which resulted
in an ending inventory amount of $231,900. However, the accountant
was not sure how to treat the following transactions, so he did not
include them in the count. He has asked for your help in
determining whether or not the following transactions should be
included in inventory:
1....
Mangold Limited is trying to determine he amount o its ending inventory as at February 28, the company's year end....
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Problem 6-01A al Sheffield Corp. is trying to determine the value of its ending Inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $54,500. However, she didn't know how to treat the following transactions so she didn't record them (a1) For each of the transactions below, specify whether the item in question should be included in ending inventory, and...
Ayayai Corp. is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation of $45,.620. However, she didn't know how to treat the following transactions so she didn't record them For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what...
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.
Problems: Set A Problems: Set P6.1A (LO 1) Houghton Limited is trying to determ February 28, 2020, the company's year-end. The following imited is trying to determine the value of its ending inventory as of Determine items and amounts asked your help in determining whether they should be recorded or not company s year-end....
Flounder Corp is trying to determine the value of its ending
inventory as of March 31, 2014, 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 above transactions, specify whether the item in
question should be included in ending inventory, and if so, at what
amount. (If item is not included in the ending
inventory, then enter 0 for the amounts.)
(a)
On...
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...
Bramble Limited is trying to determine the amount of its ending
inventory as at February 28, the company’s year end. The accountant
counted everything in the warehouse in early March, which resulted
in an ending inventory amount of $231,900. However, the accountant
was not sure how to treat the following transactions, so he did not
include them in the count. He has asked for your help in
determining whether or not the following transactions should be
included in inventory:
1....
Mangold Limited is trying to determine he amount o its ending inventory as at February 28, the company's year end. The accountant counted everything n the warehouse in arly March, which resulted n an cnding nventory amount af 202 accountant was not sure how to treat the folowing transactions, so he did not incdude them in the count. He has asknd for your help in determining whather or not the following transactions should be included in inventary 0 Howavor, the...
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