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, merchandise costing $6,100 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2022. The merchandise is not included in the preliminary inventory balance.
At year-end, Raymond had merchandise costing $16,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance.
Required:
Determine the correct inventory amount to be reported in Raymond’s 2021 balance sheet.
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
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....
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance. 2. At year-end,...
The Constance Corporation’s inventory at December 31, 2021, was $133,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $23,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $53,000 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $29,000 was being held...
The Constance Corporation’s inventory at December 31, 2021, was $130,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $20,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $50,000 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $26,000 was being held...
The Constance Corporation’s inventory at December 31, 2021, was $134,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $24,500, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $54,500 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $30,500 was being held...
The Constance Corporation’s inventory at December 31, 2021, was $134,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $24,500, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $54,500 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $30,500 was being held...
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...
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...
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...
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...