Question 2 of 5 - Week 6 - Homework_ Chapter 6

Current Attempt in Progress Sheffield Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $330,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. 2. Your answer is incorrect. 3. Sheffield has sent inventory costing $23,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory

Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1.   Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory

Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1.   Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory   $enter the Correct December 31 inventory in dollars

Bramble Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $350,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. Bramble has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory $

Bramble Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $350,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1.   Bramble has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory   $enter the Correct December 31 inventory in dollars

What is the Correct December 31 inventory amount ??   Bramble Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $280,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1.   Bramble has sent inventory costing $26,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $12,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory.

Waterway Industries just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $282,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1.   Waterway Industries has sent inventory costing $25,210 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $19,380) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $12,360) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory.

Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,500. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1.   Wildhorse has sent inventory costing $25,600 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $20,800) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $18,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory

Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1.   Wildhorse has sent inventory costing $30,510 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31. 2.   The company did not include in the count inventory (cost, $18,270) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3.   The company did not include in the count inventory (cost, $12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory   $enter a dollar amount

Compute the correct December 31 inventory?

In your audit of Thomas Taylor Company, you find that a physical inventory on December 31, 2025, showed merchandise with a cost of $403,730 was on hand at that date. You also discover the following items were all excluded from the $403,730. 1. 2. 3. 4. 5. Merchandise of $61,080 which is held by Taylor on consignment. The consignor is the Max Suzuki Company. Merchandise costing $35,400 which was shipped by Taylor f.o.b. destination to a customer on December 31, 2025. The customer was expected to receive the merchandise on January 6, 2026. Merchandise costing $43,270 which was shipped by Taylor f.o.b. shipping point to a customer on December 29, 2025. The customer was scheduled to receive the merchandise on January 2, 2026. Merchandise costing $84,630 shipped by a vendor f.o.b. destination on December 30, 2025, and received by Taylor on January 4, 2026. Merchandise costing $47,400 shipped by a vendor f.o.b. shipping point on December 31, 2025, and received by Taylor on January 5, 2026.…

I want the answer, with the explanation ..

In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000. 1.   Merchandise of $61,000 which is held by Oliva on consignment. The consignor is the Max Suzuki Company. 2.   Merchandise costing $38,000 which was shipped by Oliva f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. 3.   Merchandise costing $46,000 which was shipped by Oliva f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. 4.   Merchandise costing $83,000 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Oliva on January 4, 2021. 5.   Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Oliva on…

In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000. 1.    Merchandise of $61,000 which is held by Oliva on consignment. The consignor is the Max Suzuki Company. 2.    Merchandise costing $38,000 which was shipped by Oliva f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. 3.    Merchandise costing $46,000 which was shipped by Oliva f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. 4.    Merchandise costing $83,000 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Oliva on January 4, 2021. 5.    Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Oliva on January 5,…

Can you please solve these financial accounting question?

Current Attem As a result of a thorough physical inventory, Bramble Company determined that it had inventory of $144000 at December 31, 2025. This count did not take into consideration the following transactions: Ayayai Consignment store currently has goods with a cost of $28000 on its sales floor that belong to Bramble but are being sold on consignment by Ayayai. The selling price of these goods is $40000. Bramble purchased $10400 of goods that were shipped on December 27, FOB destination, that will be received by Bramble on January 3. Determine the correct amount of inventory that Bramble should report. O $154400 O $172000 O $182400 O $184000

Q: Which misstatement below is more difficult to detect? Explain.(i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from the ending inventory balance as they are set aside for delivery after year end. The ending balance of inventory as on the statement of financial position was $ 600,000.(ii) Inventory list shows 40 boxes of rice but only 38 boxes were found in the warehouse.(iii) The inventory has a cost of $600,000 and realizable value of $540,000 as the items are outdated. The ending balance of inventory as on the statement of financial position was $ 600,000.

First Bank is considering giving Cullumber Company a loan. First, however, it decides that it would be a good idea to have further discussions with Cullumber’s accountant. One area of particular concern is the inventory account, which has a December 31 balance of $280,000. Discussions with the accountant reveal the following: 1.   The physical count of the inventory did not include goods that cost $91,000 that were shipped to Cullumber, FOB shipping point, on December 27 and were still in transit at year end. 2.   Cullumber sold goods that cost $37,000 to Oriole, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 3.   On December 31, Indigo had $32,000 of goods held on consignment for Cullumber. The goods were not included in Cullumber’s ending inventory balance. 4.   Cullumber received goods that cost $28,500 on…

Hot Pepper Company had the following information in its accounting records at year end:Inventory Cost $4,000,000It estimates the net realizable value of this inventory is $3,500,000. As a result of this information Hot Pepper Co. would: Make a journal entry debiting a loss on inventory decline for $500,000 Make a journal entry debiting the allowance for inventory valuation for $500,000 Make a journal entry crediting the allowance for inventory valuation for $500,000 Make a journal entry debiting a gain on market appreciation for $500,000 Make no entry

First Bank is considering giving Oriole Company a loan. First, however, it decides that it would be a good idea to have further discussions with Oriole's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $309,100. Discussions with the accountant reveal the following: 1. The physical count of the inventory did not include goods that cost $104,500 that were shipped to Oriole, FOB shipping point, on December 27 and were still in transit at year end. 2. Oriole sold goods that cost $38,500 to Ivanhoe Company, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 3. On December 31, Grouper Company had $33,550 of goods held on consignment for Oriole. The goods were not included in Oriole's ending inventory balance. 4. Oriole received goods that cost $30,800 on January 2. The goods…

First Bank is considering giving Sunland Company a loan. First, however, it decides that it would be a good idea to have further discussions with Sunland’s accountant. One area of particular concern is the inventory account, which has a December 31 balance of $278,000. Discussions with the accountant reveal the following: 1.   The physical count of the inventory did not include goods that cost $95,000 that were shipped to Sunland, FOB shipping point, on December 27 and were still in transit at year end. 2.   Sunland sold goods that cost $34,000 to Blossom, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 3.   On December 31, Bridgeport had $32,000 of goods held on consignment for Sunland. The goods were not included in Sunland’s ending inventory balance. 4.   Sunland received goods that cost $28,000 on January 2.…

Party Supply, Inc., a calendar year corporation, took a physical inventory count on November 30, Year 1 and properly valued its inventory at $4,250,000. The company will not perform another physical inventory count on December 31, Year 1. Assume the company uses FIFO inventory method. How much would you increase (decrease) the inventory account balance with each of the following situation? Put a positive number for increasing inventory balance, and a number in parenthesis for decreasing inventory balance. The company purchased goods from a European manufacturer. The cost of the goods was $750,000. The goods were shipped FOB shipping point on December 23 and were received at U.S. customs on January 2, year 2. The goods were delayed in customs until January 8, year 2, when they were finally received by Party Supply. Sales for the month of December were $5,000,000 and the company has an average gross margin of 30%. Party Supply placed goods with a selling price of $300,000 on its shipping…

Please show the complete solution. Thank you so much.    1. LEVIATAN Company is using perpetual inventory system and net method. On May 1, the company purchased P200,000 worth of inventory on account with terms of 2/10, n/30; FOB shipping point, freight prepaid of P10,000. On May 5, the company returned P60,000 defective units. On May 11, the company paid in full the amount due. There were no other transactions during the month. Question: What is the amount paid on May 11 and the amount of general ledger balance of "Merchandise Inventory" as of May 30, respectively.

Taking e Physl- tory account has a balance of $314,000, but a physical count showɛ that the mer- Electronics Warehouse uses a perpetual inventory system. At year-end, the Inven- ĐXERCISE 56 chandise on hand has a cost of only $307,500. cal Inventory INSTRUCTIONS a Explain the probable reason(s) for this discrepancy. b Prepare the journal entry required in this situation. c Indicate all the accounting records to which your journal entry in part b shoula be posted. Hanson's Gift Shop uses a periodic inventory system. At the end of 1994, the ac- counting records include the following information: EXERCISE 7 Periodic Inventory System Inventory, December 31, 1993 . Inventory, December 31, 1994. $ 6,700 4,400 Net sales.... 160,400 Purchases 81,500 a How were the amounts of beginning and ending inventory determined? b Compute the amount of the cost of goods sold in 1994. c Prepare a partial income statement showing the shop's gruss profit in the veer