acct doc 1

Houghton Limited is trying to determine the value of its ending inventory as of February 28. 2022, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. On February 26, Houghton shipped goods costing $800 to a customer and charged the customer $1,000. The goods were shipped with terms FOB shipping point and the receiving reportindicates that the customer received the goods on (a) Not Included March 2 On February 26. Crain Inc shipped goods to Houghton under terms FOB shipping point. The invoice price was S600 plus $40 for freight. The receiving report indicates that the goods were received by Houghton on March 2. (b) ncluded Houghton had $750 of inventory isolated in the warehouse The inventory is designated for a customer who has requested that the…

Candle Co. performs an inventory court at year - end. The company records a ending balance of $56,000 for inventory on its balance sheet. During the following year, the accountant discovers that the ending inventory was miscounted, causing ending inventory to be overstated by $2, 500. a. What is the effect of the misstatement on the income statement? b. Besides ending inventory, what was the effect of the error on the balance sheet?

Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.

Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were on hand. In addition, Bell Inc., determined that $60k of goods that were in transit that were shipped F.O.B. shipping point were actually received two days after the inventory count and that the company had $90k of goods out on consignment. What amount should Bell report as inventory at the end of the year?  a.) 780k b.) 860k c.) 870k d.) 930k

Denger

Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for O $5800. O $2900. O $800. O $6000.

Marigold Inc. tookaphysical inventory at the end of the year and determined that $777000 of goods were on hand. In addition, Marigold, Inc. determined that $ 57500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $ 87000 of goods out on consignment. What amount should Marigold report as inventory at the end of the year? O $ 921500. O $777000. O $854000. O $864000.

At the end of last year, Helen's, Inc. (uses a periodic inventory system with a physical inventory count taken only at year-end) had merchandise costing $115,000 in inventory. During January of the current year, the company purchased merchandise costing $35,000, and sold merchandise which it had purchased at a total cost of $55,000. Based on the foregoing information,the total debited to the inventory account during January was:

Sun Co. uses a periodic inventory system. Beginning inventory on Jan. 1 was overstated by $32,000, and its ending inventory on December 31 was understated by $62,000. These errors were not discovered until the next year. So, cost of goods sold for this year was:

Patricia Flynn owns a business called Patty's Place. The company uses a periodic inventory system. The beginning inventory balance was $31,000. A physical count determined her ending inventory was $25,000. Based on past experience, Patricia estimates that $3,000 of sales from this year will be returned next year. The cost of the merchandise expected to be returned is $900. Which of the following journal entries would record the ending inventory? a.Debit Income Summary for $25,000 and credit Merchandise Inventory for $25,000 b.Debit Income Summary for $6,000 and credit Merchandise Inventory for $6,000 c.Debit Merchandise Inventory for $6,000 and credit Cost of Goods Sold for $6,000 d.Debit Merchandise Inventory for $25,000 and credit Income Summary for $25,000

Skysong Limited is trying to determine the value of its ending inventory as of February 28, 2020, the company’s year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not.For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (a)   On February 26, Skysong shipped goods costing $1,440 to a customer and charged the customer $1,800. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2.                                                              Included or Not Included   $                (b)   On February 26, Louis Inc. shipped goods to Skysong under terms FOB shipping point. The invoice price was $450 plus $40 for freight. The receiving report indicates that the goods were received by Skysong on March 2.…

Crane Company is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $45,000. However, she didn't know how to treat the following transactions so she didn't record them. (a1) For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (If item is not included in the ending inventory, then enter O for the amounts.) (a) On February 26, Crane shipped to a customer goods costing $600. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. (b) On February 26. Martine Inc. shipped goods to Crane FOB destination. The invoice price was $300 plus $15 for freight. The receiving report indicates that the goods were received by Crane on March 2. (c) Crane had $350 of…

Butter Company took a physical inventory at the end of the year and determined that $190,000 of goods were on hand. In addition, the entity determined that $24,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold $10,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at year-end? Select one: a. $214,000 b. $190,000 c. $200,000 d. $224,000

Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?

Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer:

Compute the correct December 31 inventory?

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.

The Phoenix Corporation’s fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company’s controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Merchandise held on consignment for Trout Creek Clothing. 2. Goods shipped f.o.b. destination on December 28 that arrived at the customer’s location on January 4. 3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3. 4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer’s location on January 5. 5. Phoenix had merchandise on consignment at Lisa’s Markets, Inc. 6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3. 7. Freight charges on goods purchased in 3. Required: Determine if each of the items above should be included or excluded from the…

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

Concord Company took a physical inventory on December 31 and determined that goods costing $Unresolved were on hand. Not included in the physical count were $22,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Concord report as its December 31 inventory? Concord ending Inventory   $

Neel & Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the begin-ning of the year was $300,000; Neel & Neal purchased $250,000 of goods during January, and sales during January were $400,000. What is the balance that would appear in Neel & Neal’sinventory account on February 1 assuming use of a periodic inventory system?

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.

You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have determined the following information from your company’s records, which you assume is correct: Inventory of $296,064 was on hand at the start of the year. Purchases for the year totalled $2,028,000. Of this, $1,694,400 was purchased on account; that is, accounts payable was credited for this amount at the time of the purchase. A year-end inventory count revealed inventory of $389,760 Required: b) Assume now that your company uses the perpetualmethod of inventory control, and that your records show that $1,857,990 of inventory (at cost) was sold during the year. What is the adjustment needed to correct the records, given the inventory count in item 3 above?

You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have determined the following information from your company’s records, which you assume is correct: Inventory of $296,064 was on hand at the start of the year. Purchases for the year totalled $2,028,000. Of this, $1,694,400 was purchased on account; that is, accounts payable was credited for this amount at the time of the purchase. A year-end inventory count revealed inventory of $389,760 Required: d) Assume that during the year, total inventory was sold for $3,360,000 on credit. What would be the entries to record the sales transaction under periodic inventory control system? What would be the entries to record the sales transaction under perpetual inventory control system?