13 of 18 Sony Company took a physical inventory at December 31, 2020 and determined that $15,800,000 of goods were on hand. Included in the count was inventory of $2,800,000 on consignment from Samsung Company. On December 30, Sony sold and shipped F.O.B. destination $3,280,000 worth of inventory. These goods arrived at the buyer's place of business on January 2, 2021. What amount should Sony report for inventory on its December 31, 2020 statement of financial position? O $15, 800,000. O $16,280,000. $13,480,000. O $19,080,000.

13 of 18 Sony Company took a physical inventory at December 31, 2020 and determined that $15,800,000 of goods were on hand. Included in the count was inventory of $2,800,000 on consignment from Samsung Company. On December 30, Sony sold and shipped F.O.B. destination $3,280,000 worth of inventory. These goods arrived at the buyer's place of business on January 2, 2021. What amount should Sony report for inventory on its December 31, 2020 statement of financial position? O $15, 800,000. O $16,280,000. $13,480,000. O $19,080,000.

Name: 13 of 18Sony Company took a physical inventory at December 31, 2020 a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 13 of 18Sony Company took a physical inventory at December 31, 2020 and determined that $15,800,000 of goods were on hand. Included in the countwas inventory of $2,800,000 on consignment from Samsung Company. On December 30, Sony sold and shipped F.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A physical inventory count showed ABC Company had inventorycosting $428,000 on hand at December 31, 2025. This amountdid not include the following:1. Inventory costing $39,000 that was shipped to acustomer FOB shipping point on December 30, 2025.The inventory was expected to be received by thecustomer on January 3, 2026.2. Inventory costing $17,000 that was shipped to acustomer FOB destination point on December 29, 2025.The inventory was expected to be received by thecustomer on January 6, 2026.3. Inventory costing $26,000 that ABC Company hadpurchased from one of its suppliers. The goodswere shipped to ABC Company on December 31, 2025.ABC Company expects to receive the inventory onJanuary 4, 2026. The shipping terms were FOBshipping point.Calculate the correct dollar amount of ending inventoryto be reported on ABC Company’s December 31, 2025 balancesheet.
At the beginning of 2021, Calston Incorporated reports inventory of $9,000. During 2021, the company purchases additional inventory for $25,000. At the end of 2021, the cost of inventory remaining is $8,000. Calculate cost of goods sold for 2021. $
Yellow Corporation sold selected merchandise on a consignment basis during 2020. Yellow's accounting records show the following information: Inventory, January 1 = 244, 000 Inventory on hand, December 31 = 290,000 Inventory out on consignment, December 31 = 40,000 Purchases = 1,080,000 Freight-in = 20,000 Freight-out to customers = 70,000 Freight-out to consignees = 10,000 What amount should YELLOW report as cost of goods sold in its 2020 income statement? a. 1,014,000 b. 1,354,000 c. 1,024,000 d. 1,094,000
What is the correct amount of inventory on December 31, 2024?
During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 68 $ 68 $ 4,624 May 5 Purchase 166 69 11,454 Nov. 3 Purchase 190 71 13,490 424 $ 29,568 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory: __________ Cost of goods sold: ___________
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (20,000units at $25 each). During 2018, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2018. Esquire uses a periodic inventory system. Calculate the December 31, 2018, endinginventory and cost of goods sold for 2018.
During 2024, a company sells 20 units of Inventory. The company has the following inventory purchase transactions for 2024: Total Cost $969 826 $1,795 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Number of Transaction Beginning inventory Purchase Units Unit Cost 17 $57 59
PROBLEM: Based on its general ledger/records, Alfonso Co. reported inventory of P356,400 at the end of 2021. The following items were included in the inventory total: P31,500 worth of goods shipped by "Free Along Side" on December 31, 2021, and received by Alfonso Co. on January 5, 2022. а. Goods worth P12,400 ordered from a supplier on December 26, 2021, were shipped on December 28 "Cost, Insurance, and Freight" but had not arrived by December 31. b. P14,800 worth of goods ordered on December 25, 2021, were shipped to Alfonso Co. FOB "Ex-ship" on December 28, 2021, and received on January 2, С. 2022. d. A client ordered P21,600 worth of goods on December 27, 2021, which were dispatched FOB Seller on December 29, 2021, and received by the customer on January 5, 2022. On December 29, 2021, goods worth P12,500 were shipped FOB Buyer to a client. The goods are still on their way, and the customer anticipates receiving them on January 6, 2022. е. What is the correct inventory amount to…
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—4,000 units; cost $7.30 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand—11,000 units. Required:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using FIFO.
Maroon Company’s inventory at December 31, 2021 amounts to P555,000 based on physical count of goods priced at cost and before any year-end adjustments relating to the following:a. Goods with a selling price of P30,000 were in transit to a customer as of December 31, 2021. Terms 2/10, 2/30, FOB shipping point. The freight cost of P1,400 was prepaid by Maroon. These goods cost P24,000.b. Goods shipped FOB shipping point on December 28,2021 from a supplier to Maroon Company were received on January 5, 2022. The invoice amount is P 25,000.c. Goods shipped from Maroon to Pink , a customer, terms FOB destination, are still in transit at December 31, 2021. The goods with a selling price of P120,500, were received by Pink on January 3, 2022 The company sells goods at a mark up of 25% of cost.d. Goods purchased FOB destination were in transit at December 31,2021. The goods with invoice price of P16,500 were received on January 7, 2022. What amount should Maroon report as inventory in…
Workers at Al Madar company have raised a complaint against the management that they are not provided with the hand gloves and mask to protect themselves from the toxic materials they are handling. Which of the following issue describes the given scenario? a. Societal dilemma b. Customer confidence c. Conflict of interest d. Employee safety