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help?
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $452,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $52,000. The purchase was recorded paid for in 2022. Another supplier shipment costing $21,000 was correctly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from the...
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The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $20,000 was cor- rectly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from...
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The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $20,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
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The December 31, 2018, inventory of Tog Company, based on a
physical count, was determined to be $452,000. Included in that
count was a shipment of goods received from a supplier at the end
of the month that cost $52,000. The purchase was recorded and paid
for in 2019. Another supplier shipment costing $21,000 was
correctly recorded as a purchase in 2018. However, the merchandise,
shipped FOB shipping point, was not received until 2019 and was
incorrectly omitted from the...
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The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $461,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
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The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
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Please solve for Requirement #2
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchand ise, shipped FOB shipping point, was not received until 2022...
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Please do the required 1 and required 2 .
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $456,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $56,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $23,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not...
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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 to b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok fob, 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...
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Travis Company has just completed a physical Inventory count at year-end, December 31 or 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 565,700. 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...
help?
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $452,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $52,000. The purchase was recorded paid for in 2022. Another supplier shipment costing $21,000 was correctly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from the...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $20,000 was cor- rectly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $20,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $461,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
Please solve for Requirement #2
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchand ise, shipped FOB shipping point, was not received until 2022...
Please do the required 1 and required 2 .
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $456,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $56,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $23,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not...
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 to b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. 2. Goods shipped to Kwok fob, 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...
Travis Company has just completed a physical Inventory count at year-end, December 31 or 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 565,700. 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...