2Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emmalooks over her inventory and finds1,500 units (products) in the basement, 22 of which were damaged by water and cannot be sold.170 units in the van, ready to deliver per a customer order, terms FOB destination.• 180 units out on consignment to a friend who owns a retail store.How many total units should Emma include in the company's period-end inventory?●●Units in Ending Inventory:Units stored in basementAdd:Units on consignmentUnits in transitLess:Damaged unitsTotal units in period-end inventory1,500 units1,30035080:3,070 units

Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Answered: Homestead Crafts, a distributor of…

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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Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. • 350 units in her van, ready to deliver per a customer order, terms FOB destination. • 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company's period-end inventory? Units in Ending Inventory: Units of Product on hand: 1,300 units Add: Less: 1,300 units Total units in period-end inventory ITEENILD
exploded. The fire severely damaged his freezer. Ant's insurance company wrote him a check to cover the damages, but he had to pay his deductible first. The amount paid 1. The storeroom in Ant's restaurant caught fire last week after his hot water heater to repair the freezer is an example of a loss. a. Liability b. Hazard c. Indirect d. Direct
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