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Homework Answers
c. 3,980,000
| Total Cost of goods as per physical count | 3600000 |
| Goods sold to a customer, which are being held for the customer | no effect |
| Add: goods kept in shipping room | 80000 |
| Add: goods in process for further processing | 300000 |
| Correct inventory on 31st December, 2014 | 3980000 |
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19. The physical count conducted...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
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...
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...
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 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...
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost....
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. Goods shipped from a vendor f.o.b.destination on December 24, 2017, at an invoice cost of $12,000 to Shamrock were received on January 4, 2018. These goods were excluded from the physical count. (b) (a) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Shamrock,...
The Mateo Corporation's inventory at December 31, 2019, was $325,000 based on a physical count priced...
The Mateo Corporation's inventory at December 31, 2019, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $30,000, shipped F.o.b. shipping point from a vendor on December 30, 2019, was received on January 5, 2020. Merchandise costing $22,000, shipped F.o.b. destination from a vendor on December 28, 2019, was received on January 3, 2020. Merchandise costing $38,000 was shipped to a customer F.o.b. destination on December 28, 2019, arrived...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December 31, 2020. These tools had a cost of $32,200 and were billed at $41,200. The shipment was on Blossom's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Blossom on December 31, 2020. The invoice cost was $77,200, and the goods were shipped f.o.b. shipping point on December 29, 2020. 3. Work in...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a...
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...
Windsor Company took a physical inventory on December 31 and determined that goods costing $189,800 were...
Windsor Company took a physical inventory on December 31 and
determined that goods costing $189,800 were on hand. Not included
in the physical count were $26,130 of goods purchased from Pelzer
Corporation, f.o.b. shipping point, and $23,420 of goods sold to
Alvarez Company for $30,660, f.o.b. destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Windsor report as its December 31
inventory?
December 31 inventory
$
Exercise 8-2
In your audit of...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
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...
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...
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...
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. Goods shipped from a vendor f.o.b.destination on December 24, 2017, at an invoice cost of $12,000 to Shamrock were received on January 4, 2018. These goods were excluded from the physical count. (b) (a) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Shamrock,...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December 31, 2020. These tools had a cost of $32,200 and were billed at $41,200. The shipment was on Blossom's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Blossom on December 31, 2020. The invoice cost was $77,200, and the goods were shipped f.o.b. shipping point on December 29, 2020. 3. Work in...
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...
Windsor Company took a physical inventory on December 31 and
determined that goods costing $189,800 were on hand. Not included
in the physical count were $26,130 of goods purchased from Pelzer
Corporation, f.o.b. shipping point, and $23,420 of goods sold to
Alvarez Company for $30,660, f.o.b. destination. Both the Pelzer
purchase and the Alvarez sale were in transit at year-end. What
amount should Windsor report as its December 31
inventory?
December 31 inventory
$
Exercise 8-2
In your audit of...
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