Base Industries reports total inventory at $87,500 on the balance sheet. Included in this amount are the following:
What is the correct amount for Base Industries’ inventory?
Please show work & explain
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Base Industries reports total inventory at $87,500 on the balance sheet. Included in this amount are the following:...
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Bonita Industries took a physical inventory on December 31 and determined that goods costing $210,000 were...
Bonita Industries took a physical inventory on December 31 and
determined that goods costing $210,000 were on hand. Not included
in the physical count were $24,000 of goods purchased from Metlock,
Inc., FOB, shipping point, and $24,500 of goods sold to Whispering
Winds Corp. for $34,000, FOB destination. Both the Metlock purchase
and the Whispering Winds sale were in transit at year-end.
What amount should Bonita report as its December 31
inventory?
Ending Inventory
$enter Ending Inventory in dollars
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...
Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) 900 units of inventory shipped on consignment by Peete to another company. (b) 3,000 units of inventory in transit from a supplier shipped FOB destination. (c) 1,200 units of inventory sold but being held for customer pickup. (d) 500 units of inventory held on consignment from another company. We were unable to transcribe...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
A VILL leam wileyplus.com/courses/27944/assignments/2651327?module_item_id=9041203 erences Current Attempt in Progress borations Gato Inc. had the following inventory situations to consider at January 31, its year-end. PLUS Support (a1) Identify which of the following items should be included in inventory (a) Goods held on consignment for Steele Corp.since December 12. (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d) Goods shipped to...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Bonita Industries took a physical inventory on December 31 and
determined that goods costing $210,000 were on hand. Not included
in the physical count were $24,000 of goods purchased from Metlock,
Inc., FOB, shipping point, and $24,500 of goods sold to Whispering
Winds Corp. for $34,000, FOB destination. Both the Metlock purchase
and the Whispering Winds sale were in transit at year-end.
What amount should Bonita report as its December 31
inventory?
Ending Inventory
$enter Ending Inventory in dollars
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