Dinoland Manufacturing shipped consignment inventory of $200,000 to Storing Company on December 1, 2024. Storing agrees to sell the inventory for a 10% sales commission, while Dinoland maintains title and control over pricing. By the end of the year, $60,000 of the inventory has been sold by Storing to customers for $90,000. How much of this inventory, if any, would Dinoland include in ending inventory in its December 31, 2024, balance sheet?
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- Dani Corporation signed a binding commitment on December 2 to purchase inventory for 300,000 cash on January 2. By December 31, the market price (replacement cost) of the inventory had declined to 280,000. Prepare Danis journal entries at year-end and at the date of purchase.Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
- Wildhorse Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Wildhorse ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Wildhorse on consignment. During 2020, Wildhorse ships $119,500 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $72,000. CMR notifies Wildhorse of the sales, retains a 20% commission, and remits the cash due to Wildhorse. Prepare all the necessary journal entries on the books of Wildhorse Manufacturing to record the consignment transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record shipped merchandise) 2. (To record year end sales entry)…On May 1, 2021, Company A shipped merchandise costing $16,000 to Company B on consignment. Company A paid $1,400 in shipping costs to deliver the inventory. On September 30, 2021, Company B advised Company Athat all of the inventory had been sold for a total of $54,000. On October 15, 2021, Company A received payment from Company B for the proceeds, less a 12% commission. Required: Prepare all the journal entries for Company A to account for the transaction from April 2 through October 15.During 2021, Claneverium Corporation transferred inventory from its home office to its Laguna branch at a billed price of P110,000. The inventory originally cost the company P90,000. The home office reported sales and cost of goods sold of P1,400,000 and P590,000, respectively. The Laguna branch reported sales and cost of goods sold of P675,000 and P300,000, respectively. All of the inventory had been sold by year-end. What is the cost of goods sold to be reported in the 2021 combined statement of comprehensive income? a. 870,000 b. 890,000 c. 800,000 d. 780,000
- Dowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2018, to Bassadrome. Because ofa shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2019 (having assuredBassadrome that it would deliver sooner if necessary). How much revenue should Dowell recognize in 2018 forthe sale to Bassadrome?On October 1, 2020, Popsters Company consigned 240 posters to AshMatt Inc. Popsters policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by Popsters Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, AshMatt Inc. submitted an account sale stating that it had sold 40% of the total consigned units and AshMatt remitted P116,720 after deducting 12% commissions and selling expense of P10,000.1. The net income recognized by Popsters Company is2. Using the information above, and assuming that 20% of the consigned units were returned on 12/22 how much is the cost of ending inventory in the books of Popsters Company?Using the information above, and assuming that 20% of the consigned units were returned on December 22 (AshMatt incurred 5,000 shipping costs) and 50% of the goods returned were found obsolete when received by Popsters Company on December 24.3. How much is the cost of…Wolfpack Corp. has the following normal account balances on 12/31/22 before the year-end adjustment to convert the cost of its inventory to LIFO using the DVL method. Inventory (at FIFO costs) - $700,000 Debit Lifo reserve - 25,000 credit At the end of 2022, Wolfpack computes the cost of its ending inventory to be $680,000 when using the DVL method. In the journal below, prepare the year-end entry to adjust inventory.
- At December 31, 2025, Sarasota Company has outstanding noncancelable purchase commitments for 39,500 gallons, at $3.42 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower, and uses a perpetual inventory system. Give the entry in January 2026, when the 39,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.08 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Jan. 2026 Account Titles and Explanation Debit CreditDowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2021, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2022 (having assured Bassadrome that it would deliver sooner if necessary). How much revenue should Dowell recognize in 2021 for the sale to Bassadrome?Mogul Company ships inventory to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the inventory, and in return, Mogul will pay to Ski Outfit a 20% sales commission on any inventory sold. During the year, Mogul ships inventory with a cost of $80,000 to Ski Outfit. By the end of the year, $60,000 of the inventory has been sold to customers for a total of $85,000. What amount of inventory will Mogul report at year end? Multiple Choice O $20,000 $5,000 $16,000 $0