Homework Answers
| Question 01 | ||
| Inventory as per physical count | 858000 | |
| 1 | 0 | Correctly not included |
| 2 | 39500 | To be included in inventory |
| 3 | -46400 | To be excluded from inventory |
| Inventory to be reported | 851100 |
| Question 02 | |||
| Units | Unit cost | Total | |
| April 1 | 2100 | 8.00 | 16800 |
| April 4 | 3500 | 8.25 | 28875 |
| April 10 | 4300 | 8.40 | 36120 |
| April 19 | 1000 | 9.00 | 9000 |
| April 29 | 2700 | 9.90 | 26730 |
| Total | 13600 | 117525 | |
| Average cost | 8.64 | =117525/13600 | |
| Inventory cost: | |||
| FIFO | 37410 | =(2700*9.9)+(1000*9)+(200*8.4) | |
| LIFO | 31650 | =(2100*8)+(3900-2100)*8.25 | |
| Average cost | 33696 | =3900*8.64 | |
Add Answer to:
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost....
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...
Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
Sanderson Company’s inventory of $1.1 million at December 31, 2017, was based on a physical count...
Sanderson Company’s inventory of $1.1 million at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) Goods shipped f.o.b. shipping point on December 24, 2017, from a vendor at an invoice cost of $80,000 to Sanderson Company, received on January 4, 2018. (b) Goods worth $39,000 and included in the physical count, billed to Makee Corp., f.o.b. shipping point, on December 31, 2017. The...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory cou...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $450 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $16,200 of merchandise inventory held on consignment by a customer. Sara...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
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...
The Kwok Company's inventory balance on December 31, 2021. was $165.000 (based on a 12/31/2021 physical...
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...
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...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? Inventory, December 31 _______ In its first month of operations, Bethke Company made...
Max's Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at...
Max's Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at cost, and before any necessary adjustment for the following: • Merchandise costing $90,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. • Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005,...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current...
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 $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
The unadjusted inventory balance of Sara Ann Corp. is $450,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $450 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $16,200 of merchandise inventory held on consignment by a customer. Sara...
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...
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...
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 $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Most questions answered within 3 hours.
-
What percent of revenue does net income represent for each
year?
Total Revenue
2017 = 60,319,000...
asked 13 minutes ago -
For Ti+2 (Z=22). Determine the correct ground state
& # of microstates. Use the correct tanabe...
asked 16 minutes ago -
Why did so many investment banks have to start buying CDO’s and
other mortgaged backed securities...
asked 31 minutes ago -
The mean cost of domestic airfares in the United States rose to
an all-time high of...
asked 42 minutes ago -
1.Magazine Luiza is a Brazilian retail chain for consumer
electronics. The company currently has 100 stores...
asked 41 minutes ago -
What is the molarity of ZnCl2 that forms when 25.0 g of zinc
completely reacts with...
asked 43 minutes ago -
For independent X and Y, we have probability density function
for them where pdf of X...
asked 53 minutes ago -
The decomposition of SO2Cl2 is first order in SO2Cl2 and has a
rate constant of 1.42...
asked 49 minutes ago -
How do I convert from volume percent to mole percent in the
distillation lab? ethy acetate...
asked 56 minutes ago -
8. An air-plane has an effective wing surface area of 14.0 m²
that is generating the...
asked 57 minutes ago -
A railroad worker was a person who worked on setting and moving
railroad tracks. In securing...
asked 56 minutes ago -
using RECURSIVE Functions in Java, create a public static String
doubleLetters (String word)
For ex) that...
asked 1 hour ago