Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT

Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Aa.63.

 

Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT
Transcribed Image Text:Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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