Homework Answers
Amount of inventory reported in Balance sheet = physical inventory + goods sent on consigned + inventory purchased on fob destination
= $50000 +10000+2500
$62500
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Please show work and explain. Q 6.30: A physical inventory count of MegaCorp's inventory shows a $50,000 balance befo...
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The inventory on hand of Hayes Company at the end of 2020 determined by physical count is $105,400. The following items were not included in this inventory amount. a. Purchased goods in transit with the terms FOB shipping point, invoice $4100 plus freight $240. b.Goods on out on consignment to Marlman Company, retail sales price $4200. c. Goods sold to Grina Inc. with terms FOB destination invoiced for $1900. Freight to deliver the goods was $150 and the goods were...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
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Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
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A) Asha Company completed its inventory count. It arrived at a total inventory value of $200,000....
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Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each...
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Sheridan Company took a physical inventory on December 31 and determined that goods costing $220,000 were...
Sheridan Company took a physical inventory on December 31 and
determined that goods costing $220,000 were on hand. Not included
in the physical count were $22,000 of goods purchased from Pelzer
Corporation, FOB shipping point, and $19,500 of goods sold to
Alvarez Company for $27,500 FOB destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Sheridan report as its December 31
inventory?
Sheridan ending Inventory
$
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determined that goods costing $220,000 were on hand. Not included
in the physical count were $22,000 of goods purchased from Pelzer
Corporation, FOB shipping point, and $19,500 of goods sold to
Alvarez Company for $27,500 FOB destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Sheridan report as its December 31
inventory?
Sheridan ending Inventory
$
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