Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 $105,000 $126,000 Beginning Inventory Cost of goods purchased 840,000 882,000 Cost of goods available for sale 945,000 1,008,000 126,000 115,500 $819,000 $892,500 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $16,800 2. Year 2 ending inventory was overstated by $8,400 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ 802,200 $ 0

Errors in Inventory Counts The following information was taken from the records of Tinker Enterprises: Year 1 Year 2 $105,000 $126,000 Beginning Inventory Cost of goods purchased 840,000 882,000 Cost of goods available for sale 945,000 1,008,000 126,000 115,500 $819,000 $892,500 Ending inventory Cost of goods sold The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $16,800 2. Year 2 ending inventory was overstated by $8,400 Compute the correct cost of goods sold for both years. Year 1 Year 2 Cost of goods sold $ 802,200 $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 7. Determine the ending inventory using weigthed average method. Flores Company had the following transactions relating to inventory during January. Unit Cost 150 200 Jan 1 5 Balance on hand Purchase Sale Sale 10 15 20 Purchase 25 Purchase 31 Sale Your answer Units 6,000 2,000 4,000 1,000 2,500 2,000 3,000 300 400
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13) Perea, Inc recently completed 56.000 units of a product that was expecte four pounds of direct material per finished unit. The standard price of the direct material was 58.50 per pound If the fins purchased and consumed 228,000 pounds in manufacturing (cost S1,881,000), the direct-material quantity variance would be figured as A) S34.000U. B) S57,000F C) S34,000F D) SS7,000U E) None of the answers is correct
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Current Attempt in Progress * Your answer is incorrect. Presented below is information related to Sarasota Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $252,942 1,383,000 Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $ 158070
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