6. Anderson Company's year-end inventory balance on December 31, 2023 is P1,650,000 based onphysical count and before considering the following transactions:a. Goods shipped to Anderson f.o.b. destination on December 20, 2023, were received on January4, 2024. The invoice cost is P300,000.b. Goods shipped to Anderson f.o.b. shipping point on December 28, 2023, were received on January5, 2024. The invoice cost is P170,000.c. Goods shipped from Anderson to customer f.o.b. destination on December 27, 2023 received bythe customer on January 3, 2024. The sale price is P400,000 and the cost is P220,000.d. Goods shipped from Anderson to a customer f.o.b. destination on December 26, 2023 werereceived by the customer on December 30, 2023. The sale price is P200,000 and the cost isP130,000.e. Goods shipped from Anderson to a customer f.o.b. shipping point on December 28, 2023 werereceived by the customer on January 4, 2024. The sale price is P250,000 and the cost is P120,000.What is the correct inventory balance on December 31, 2023?2,170,0002,160,000O 2,290,0002,040,000

Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Answered: 6. Anderson Company's year-end…

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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On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method, Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales. Retail price index, end of year Cost $ 40,800 155,440 Retail $ 68,000 270,000 6,000 8,000 250,000 1.02 During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending Inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.) Answer is complete but not entirely correct. Ending inventory S 50,451
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost $50,400 201,840 During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06. Ending inventory Retail $ 84,000 350,000 10,000 12,000 327,000 1.04 Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) $ 175,100
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Wildhorse Company's inventory of $1,188,700 at December 31, 2025, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) (b) Goods shipped from a vendor f.o.b. shipping point on December 24, 2025, at an invoice cost of $64,330 to Wildhorse Company were received on January 4, 2026. The physical count included $31,420 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2025. The carrier picked up these goods on January 3, 2026. What amount should Wildhorse report as inventory on its balance sheet? Inventory to be reported $ +A
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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.
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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $ 323,040 6,300 5,400 Beginning inventory 28,500 Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Retail $530,000 14,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $85,330, the cost-to-retail percentage for 2023 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $52,320, the cost-to-retail percentage for…

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