As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Waterway but are being sold on consignment by Herschel. The selling price of these goods is $74100. Waterway purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Waterway on January 3. Determine the correct amount of inventory that Waterway should report. $389600. O $368400. O $321500. O $374400.

As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Waterway but are being sold on consignment by Herschel. The selling price of these goods is $74100. Waterway purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Waterway on January 3. Determine the correct amount of inventory that Waterway should report. $389600. O $368400. O $321500. O $374400.

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Description: As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31,2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
As a result of a thorough physical inventory, Oriole Company determined that it had inventory worth $320300 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47200 on its sales floor that belong to Oriole but are being sold on consignment by Herschel. The selling price of these goods is $75300. Oriole purchased $21700 of goods that were shipped on December 27, FOB destination, that will be received by Oriole on January 3. Determine the correct amount of inventory that Oriole should report. O $367500. $320300. O $389200. O $373900.
As a result of a thorough physical inventory, Railway Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales floor that belong to Railway but are being sold on consignment by Rogers. The selling price of these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by Railway on January 3. How much is the correct amount of inventory to be reported in Railway Company’s statement of financial position? a. P215,000 b. P230,000 c. P193,000 d. P228,000
As a result of a thorough physical inventory, Railway Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales floor that belong to Railway but are being sold on consignment by Rogers. The selling price of these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by Railway on January 3. How much is the correct amount of inventory to be reported in Railway Company’s statement of financial position?Required to answer. Single choice.
As a result of a thorough physical inventory, Railway Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales floor that belong to Railway but are being sold on consignment by Rogers. The selling price of these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by Railway on January 3. How much is the correct amount of inventory to be reported in Railway Company’s statement of financial position? a. P215,000 b.P228,000 c. P230,000 d.P193,000
As a result of a thorough physical inventory, TANK Company determined that it had inventory worth P180,000 at December 31, 2019. This count did not take into consideration the following facts: AD Consignment store currently has goods worth P35,000 on its sales floor that belong to TANK but are being sold on consignment by AD. The selling price of these goods is P50,000. TANK purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by AD on January 3. How much is the correct amount of inventory to be reported in TANK Company’s statement of financial position?
As a result of a thorough physical inventory, Ulalam Company determined that it had inventory worth $180,000 at December 31, 2020. This count did not take into consideration the following facts: Miya Consignment store currently has goods worth P35,000 on its sales floor that belong to Ulalam but are being sold on consignment by Miya. The selling price of these goods is $50,000. Ulalam purchased $13,000 of goods that were shipped on December 27, FOB destination, that will be received by Ulalam on January 3. How much is the correct amount of inventory to be reported in Ulalam Company’s statement of financial position?
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
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Gawa Inc. had the following consignment transactions during the month of December 2020: Inventory shipped on consignment to Benta Inc. P90,000; Freight paid by Gawa Inc. P4,500; Inventory received on consignment from Suki Inc. P60,000; Freight paid by Suki Inc. P2,500. No sales of consigned goods were made through December 31, 2020. Gawa Inc.’s December 31 statement of financial position should include consigned inventory at:* a. P 60,000 b. P 90,000 c. P 62,500 d. P 94,500