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2noitondenl a adı to daidw vlugsbL bluods bobioon E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. dinom smea odt nnudgadmo 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the mì ni babubai ad bluorla EXERCISESlauo0on 1edw ni oreie oinovni ni bobulant od son a pott naib EXERCISES ori od warehouse. 0012 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical count. lyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pohl's physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive Decem- ber 31. This purchase was included in the ending inventory of $275,000. botalen b d Instructions biano nood onbe Determine the correct inventory amount on December 31. moti

2noitondenl a adı to daidw vlugsbL bluods bobioon E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. dinom smea odt nnudgadmo 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the mì ni babubai ad bluorla EXERCISESlauo0on 1edw ni oreie oinovni ni bobulant od son a pott naib EXERCISES ori od warehouse. 0012 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical count. lyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pohl's physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive Decem- ber 31. This purchase was included in the ending inventory of $275,000. botalen b d Instructions biano nood onbe Determine the correct inventory amount on December 31. moti

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2noitondenl a adı to daidw vlugsbL bluods bobioon E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. dinom smea odt nnudgadmo 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the mì ni babubai ad bluorla EXERCISESlauo0on 1edw ni oreie oinovni ni bobulant od son a pott naib EXERCISES ori od warehouse. 0012 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical count.
Transcribed Image Text:2noitondenl a adı to daidw vlugsbL bluods bobioon E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. dinom smea odt nnudgadmo 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the mì ni babubai ad bluorla EXERCISESlauo0on 1edw ni oreie oinovni ni bobulant od son a pott naib EXERCISES ori od warehouse. 0012 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical count.
lyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pohl's physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive Decem- ber 31. This purchase was included in the ending inventory of $275,000. botalen b d Instructions biano nood onbe Determine the correct inventory amount on December 31. moti
Transcribed Image Text:lyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pohl's physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive Decem- ber 31. This purchase was included in the ending inventory of $275,000. botalen b d Instructions biano nood onbe Determine the correct inventory amount on December 31. moti
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