Farley Bains, an auditor with Nolls CPAs, is performing arga review of Ryder Company's Inventory account. Ryder did not have a goodyear, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was$740,000. However, the following information was not considered when determining that amount.Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with onegative sign preceding the number, e.g.-15,000, or parenthesis eg. (15,000). Enter 0 if there is no effect.)1.Your answer is partially correct.23Ending inventory-as reportedIncluded in the company's count were goods with a cost of $228,000 that the company isholding on consignment. The goods belong to Nader Corporation.The physical count did not include goods purchased by Ryder with a cost of $40,000 thatwere shipped FOB shipping point on December 28 and did not arrive at Ryder's warehouseuntil January 3.Included in the Inventory account was $17,000 of office supplies that were stored in thewarehouse and were to be used by the company's supervisors and managers during thecoming year.$740000|||512000552000$531000SUPE 23.4.5.The physical count did not include goods purchased by Ryder with a cost of $40,000 thatwere shipped FOB shipping point on December 28 and did not arrive at Ryder's warehouseuntil January 3.Included in the Inventory account was $17,000 of office supplies that were stored in thewarehouse and were to be used by the company's supervisors and managers during thecoming year.The company received an order on December 29 that was boxed and was sitting on theloading dock awaiting pick-up on December 31. The shipper picked up the goods on January1 and delivered them on January 6, The shipping terms were FOB shipping point. The goodshad a selling price of $40,000 and a cost of $29,000. The goods were not included in thecount because they were sitting on the dock.Included in the count was $50,000 of goods that were parts for a machine that the companyno longer made. Given the high-tech nature of Ryder's products, it was unlikely that theseobsolete parts had any other use. However, management would prefer to keep them on thebooks at cost, "since that is what we paid for them, after all."Correct inventory.$552000$535000564000514000514000"

The purpose of Inventory is:-To provide the relation between the production and sales of goodsIt…

Farley Bains, an auditor with Nolls CPAs, is performing a review of Ryder Company's Inventory account. Ryder did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $740,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000, or parenthesis e.g. (15,000). Enter O if there is no effect.) 1 Your answer is partially correct. 2 3 Ending inventory-as reported Included in the company's count were goods with a cost of $228,000 that the company is holding on consignment. The goods belong to Nader Corporation. The physical count did not include goods purchased by Ryder with a cost of $40,000 that were shipped FOB shipping point on December 28 and did not arrive at Ryder's warehouse until January 3. Included in the inventory account was $17.000 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. 740000 ||| 512000 552000 1531000

Farley Bains, an auditor with Nolls CPAs, is performing a review of Ryder Company's Inventory account. Ryder did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $740,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000, or parenthesis e.g. (15,000). Enter O if there is no effect.) 1 Your answer is partially correct. 2 3 Ending inventory-as reported Included in the company's count were goods with a cost of $228,000 that the company is holding on consignment. The goods belong to Nader Corporation. The physical count did not include goods purchased by Ryder with a cost of $40,000 that were shipped FOB shipping point on December 28 and did not arrive at Ryder's warehouse until January 3. Included in the inventory account was $17.000 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. 740000 ||| 512000 552000 1531000

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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Do not provide handwritten solution,Maintain accuracy and quality in your answer,Take care of plagiarism,Answer completely,You will get up vote for sure.
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Two similar questions, I am aware of bartleby's policy thats why i only attached two vry simple and similar questions, if you still deicde to only solve one, atleast please show your work so i can complete the other problem on my own. Or solve both problems
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.