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please don't answer in handwritten * Question 5 The records of Blossom Company show the following amounts in its Decembe...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
Blossom Company asks you to review its December 31, 2017, inventory values and prepare the necessary...
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...
You have been hired as the new controller for the Ralston Company. Shortly after joining the...
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,700. b. Inventory at 12/31/2017 was overstated by $12,400. c. On 12/31/2017, inventory was purchased for $4,700. The company did not record the purchase until the inventory was paid for early in 2018. At that time, the purchase was recorded by...
Blossom Company asks you to review its December 31, 2017, inventory values and prepare the necessary...
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...
1. Headlands Industries uses a periodic inventory system. Its records show the following for the month...
1. Headlands Industries uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 31 $10 $310 15 Purchase 23 11 253 24 Purchase 37 13 481 Total 91 $1,044 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round average unit cost to 2 decimal places, e.g. 2.51 and final answers to 0 decimal...
hory at December 31, 2015 was $90,000 based on a physical count efore any necessary year-end...
hory at December 31, 2015 was $90,000 based on a physical count efore any necessary year-end adjustment relating to the following: 23) Marsha Company's inventory at December of goods priced at cost, and before any necessary yea $2,000 in goods that were sold by in goods that were sold by Marsha and shipped on December 3 2015; the goods were received by the were FOB destination. $1,000 in goods that were purchased by M were received by the customer on...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Pertinent retail price indexes are as f...
Lance-Hefner Specialty Shoppes decided to use the dollar-value
LIFO retail method to value its inventory. Accounting records
provide the following information:
Pertinent retail price indexes are as follows:
Determine ending inventory and cost of goods sold.
Cost Retail 315,000 $ 420,000 537,200 675,000 24,000 19,000 550,000 Merchandise inventory, January 1, 2016 Net purchases Net markups Net markdowns Net sales January 1, 2016 December 31, 2016 1.00 1.10 Ending inventory at retail Ending inventory at cost Cost of goods sold
Cost...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data: 2021 2020 2019 port Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79,000 56,000 46,000 35,000 After its July 31, 2021 year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,700. b. Inventory at 12/31/2017 was overstated by $12,400. c. On 12/31/2017, inventory was purchased for $4,700. The company did not record the purchase until the inventory was paid for early in 2018. At that time, the purchase was recorded by...
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...
hory at December 31, 2015 was $90,000 based on a physical count efore any necessary year-end adjustment relating to the following: 23) Marsha Company's inventory at December of goods priced at cost, and before any necessary yea $2,000 in goods that were sold by in goods that were sold by Marsha and shipped on December 3 2015; the goods were received by the were FOB destination. $1,000 in goods that were purchased by M were received by the customer on...
At December 31, 2017 Vaughn Manufacturing's inventory records indicated a balance of $877000. Upon further investigation it was determined that this amount included the following: $170000 in inventory purchases made by Vaughn shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd • $111000 in goods sold by Vaughn with terms FOB destination on December 27th. The goods are not expected to reach their destination until rse January 6th • $7500 of goods...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
Lance-Hefner Specialty Shoppes decided to use the dollar-value
LIFO retail method to value its inventory. Accounting records
provide the following information:
Pertinent retail price indexes are as follows:
Determine ending inventory and cost of goods sold.
Cost Retail 315,000 $ 420,000 537,200 675,000 24,000 19,000 550,000 Merchandise inventory, January 1, 2016 Net purchases Net markups Net markdowns Net sales January 1, 2016 December 31, 2016 1.00 1.10 Ending inventory at retail Ending inventory at cost Cost of goods sold
Cost...
Current Attempt In Progress Blossom Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Blossom Company show the following data: 2021 2020 2019 port Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $340,000 233,000 79,000 $325,000 230,000 79,000 $360,000 276,000 79,000 56,000 46,000 35,000 After its July 31, 2021 year end, Blossom discovered two errors: 1. At July 31, 2020, Blossom had $10,000 of goods held on...
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