aside for a sales order to be shipped on January 15. Goods on counters and on shelves in sales areas. 400 180,000 Items in the receiving section of the storeroom were excluded from the count because they had been sold to customers and then returned (in resalable condition). 200 Total-Correct inventory valuation at December 31, 2014
aside for a sales order to be shipped on January 15. Goods on counters and on shelves in sales areas. 400 180,000 Items in the receiving section of the storeroom were excluded from the count because they had been sold to customers and then returned (in resalable condition). 200 Total-Correct inventory valuation at December 31, 2014
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
Related questions
Question
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Pls hurry ty x
![24°C
Humid
JC Corporation is in the process of adjusting and closing the books and preparing financial
statements at the end of the year, December 31, 2014. One item of concern is in the ending
inventory of goods on hand. After the count had been completed, additional items not
included in the storeroom count were listed for consideration. You are to consider each item
and decide whether it should be included in the ending inventory for 2014.
Cost
Merchandise Inventory Valuation
Initial inventory valuation based on a count of all goods on hand only, unless otherwise
noted
P 200,000
(a) Goods in a back room of the store were not included in the storeroom count at purchase
cost.
They are damaged and will be disposed of as
salvage.
P 1,400
(b) Goods shipped on December 30, FOB destination, invoice mailed to our customer,
delivery date January 5,
2015.
800
(c) Goods currently being used for window displays (not damaged); were not included in
the
count.
1,800
(d) Goods in receiving section that was shipped to JC on order. JC has refused to accept
them
because of their damaged condition. They will be picked up on January 20 by the
vendor
2,000
(e) Goods shipped to customer on December 30, FOB shipping
point.
1,000
(f) An invoice has been received for goods ordered from a supplier, the goods had been
shipped, but
not yet received UC Corporation pays the
freight).
600
(g) Goods held by JC on consignment from PJ Company, not included in the
count.
1,200
Items in one corner of the storeroom were not included in the count because they had
been set
aside for a sales order to be shipped on January
15.
Goods on counters and on shelves in sales
areas.
180,000
() Items in the receiving section of the storeroom were excluded from the count because
they had
been sold to customers and then returned (in resalable
condition).
200
Total - Correct inventory valuation at December 31, 2014
400
W
ENG
US
Ex
...
X
6:09 am
10/11/2022](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5cf23e49-388a-455e-bec7-a007f08a3496%2F6962d05c-178c-40a1-84cf-d0d1de8af075%2Fqabcm19h_processed.png&w=3840&q=75)
Transcribed Image Text:24°C
Humid
JC Corporation is in the process of adjusting and closing the books and preparing financial
statements at the end of the year, December 31, 2014. One item of concern is in the ending
inventory of goods on hand. After the count had been completed, additional items not
included in the storeroom count were listed for consideration. You are to consider each item
and decide whether it should be included in the ending inventory for 2014.
Cost
Merchandise Inventory Valuation
Initial inventory valuation based on a count of all goods on hand only, unless otherwise
noted
P 200,000
(a) Goods in a back room of the store were not included in the storeroom count at purchase
cost.
They are damaged and will be disposed of as
salvage.
P 1,400
(b) Goods shipped on December 30, FOB destination, invoice mailed to our customer,
delivery date January 5,
2015.
800
(c) Goods currently being used for window displays (not damaged); were not included in
the
count.
1,800
(d) Goods in receiving section that was shipped to JC on order. JC has refused to accept
them
because of their damaged condition. They will be picked up on January 20 by the
vendor
2,000
(e) Goods shipped to customer on December 30, FOB shipping
point.
1,000
(f) An invoice has been received for goods ordered from a supplier, the goods had been
shipped, but
not yet received UC Corporation pays the
freight).
600
(g) Goods held by JC on consignment from PJ Company, not included in the
count.
1,200
Items in one corner of the storeroom were not included in the count because they had
been set
aside for a sales order to be shipped on January
15.
Goods on counters and on shelves in sales
areas.
180,000
() Items in the receiving section of the storeroom were excluded from the count because
they had
been sold to customers and then returned (in resalable
condition).
200
Total - Correct inventory valuation at December 31, 2014
400
W
ENG
US
Ex
...
X
6:09 am
10/11/2022
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