need answer in this questions Bedrock Company reported a December 31 ending inventory balanceof $412,000. The following additional information is also available:-The ending inventory balance of $412,000 included $72,000 ofconsigned inventory for which Bedrock was the consignor.-The ending inventory balance of $412,000 included $22,000 of officesupplies that were stored in the warehouse and were to be used by thecompany's supervisors and managers during the coming year.Based on this information, the correct balance for ending inventory onDecember 31 is:A) $362,000B) $390,000C) $412,000D) $318,000E) $340,000

To determine the correct balance for ending inventory on December 31, we need to adjust the reported…

Answered: Bedrock Company reported a December 31…

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

Bedrock Company reported a December 31 ending inventory balance of $416,500. The following additional information is also available: The ending inventory balance of $416,500 included $72,900 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $416,500 incorrectly included $23,800 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: Multiple Choice $416,500 $343,700 $309,000 $392,700 $319,900
Coronado Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $12,960, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $44,800, shipped f.o.b. destination, were not entered by December 31, 2019, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.” 3. Materials costing $11,680 were returned to the supplier on December 29, 2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until January 6, 2020. 4. An invoice for…
Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2019, “because they were in a railroad car on the company's siding on that date and had not been unloaded.” 3. Materials costing $7,300 were returned to the supplier on December 29, 2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2020. 4. An…
ABC Company took a physical inventory at the end of the year and determined that P 2,500,000 of goods were on hand. In addition, the entity determined that P500,000 of goods purchased in transit shipped FOB Shipping point were actually received two days after the physical count and that the entity had P 300,000 of goods out on consignment. What amount should be reported as inventory at year end?
Brandy Company took a physical inventory at the end of the year and determined that P2,600,000 of goods were on hand. In addition, the entity determined that P200,000 of goods purchased in transit shipped FOB shipping point were actually received two days after the physical count and that the entity had P300,000 of goods out on consignment. What amount should be reported as inventory at a year-end
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: End of year Beginning of year Inventory accounts Materials $126,000 $222,000 Work in pRogress 109,000 75,000 Finished goods inventory 325,000 238,000 The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows: Debit entries Credit entries Account Materials Inventory $2,410,000 $? Direct Labor 1,189,000 992,000 Manufacturing Overhead 893,600 893,600 Work in process inventory ? ? Finished goods inventory ? ? A. Using this data, state or compute for the year the following amounts. Direct materials purchased Direct materials used Payments of direct labor payrolls Direct labor cost assigned to production Total manufacutring costs charged to the work inprocess inventory account during the year Total…
Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600 were on hand. Not included in the physical count were $23,940 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $20,700 of goods sold to Alvarez Company for $32,580, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Coronado report as its December 31 inventory?
The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…
Jackal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation system. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 60,000 units Total cost of units available for sale in July 1,452,100 Cost of goods sold during July 1,164,100 Cost of beginning inventory, July 1 4.00 per unit Gross profit on sales for July 935,900 Day Units Unit Cost Total Cost 5-Jul 55,000 5.10 280,500 11-Jul (53,000) 5.00 265,000 15-Jul 45,000 5.50 247,500 16-Jul 47,000 5.30 249,100 1. What is the number of units on July 1? 2. Refer to Jackal Company. How many…
Windsor, Inc. took a physical inventory on December 31 and determined that goods costing $222,500 were on hand. Not included in the physical count were $31,000 of goods purchased from Bonita Industries, FOB, shipping point, and $25,500 of goods sold to Metlock, Inc. for $33,000, FOB destination. Both the Bonita purchase and the Metlock sale were in transit at year-end.What amount should Windsor report as its December 31 inventory? Ending Inventory $
Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing $216,000 were on hand. Not included in the physical count were $30,000 of goods purchased from Tamarisk, Inc., FOB, shipping point, and $21,500 of goods sold to Sheffield Corp. for $32,000, FOB destination. Both the Tamarisk purchase and the Sheffield sale were in transit at year-end.What amount should Vaughn report as its December 31 inventory? Ending Inventory $enter Ending Inventory in dollars
Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS