2. Cedarbrae Art Sales uses the perpetual inventory system. On September 30, 2014, the company's year-end, a physical count was taken of theinventory on hand. The cost of the inventory on hand was determined to be $412500. However, the accountant has questions about the followingitems:1.On the store shelves, the staff counted 7 paintings held by Cedarbrae on consignment from a local artist. The paintings are included on the inventorycount at a cost of $4,200.On September 30, a shipment of goods was sent to a customer FOB destination. The cost of the goods shipped is $7,800, and freight, which is to bepaid by Cedarbrae, will cost $200. These items are not included in the inventory count.2.On October 2, a freight company delivered goods that cost $10,000 to Cedarbrae's warehouse. The goods had been shipped by the vendor onSeptember 29, FOB shipping point. Freight on this shipment will amount to $500 and will be paid by the appropriate party. The goods are not includedon the inventory count.On September 30 a loyal customer visited Cedarbrae's retail shop and asked that certain items be set aside for him. The goods set aside have a cost of$1,300. The customer intends to let Cedarbrae know no later than October 2 whether or not he wishes to finalize the sale and have the goods shipped tohis home. The freight will cost $50 and will be paid by Cedarbrae. The sales person was fairly sure the customer will take the items; and so prepared thesales invoice on September 30. The items are not included on the inventory count.3.4.Residing in Cedarbrae's warehouse is merchandise costing $5,000 that was purchased in September and found to be defective. Cedarbrae's purchasingmanager has arranged with the vendor to accept return of the goods and has packaged them for return shipment. The vendor processed a credit toCedarbrae's account on September 28, and arranged to have the goods picked up on October 1. The items are included on the inventory count.5.InstructionsCalculate the correct inventory balance at September 30, 2014 Using the table below, enter the number to add to inventory, 0 if not included orbrackets with the number to deduct.DeterminedBalanceCorrectBalance# 1#2# 3# 4#5$412500排

Name: 2. Cedarbrae Art Sales uses the perpetual inventory system. On Septem
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 2. Cedarbrae Art Sales uses the perpetual inventory system. On September 30, 2014, the company's year-end, a physical count was taken of theinventory on hand. The cost of the inventory on hand was determined to be $412500. However, the accountant ha

In the FOB Destination, the Seller will assume all risks and cost associated with the goods till it…

Business

Accounting

Instructions Calculate the correct inventory balance at September 30, 2014 Using the table below, enter the number to add to inventory, 0 if not included or brackets with the number to deduct. Determined Balance Correct Balance #1 # 2 # 3 # 4 # 5 S412500

Instructions Calculate the correct inventory balance at September 30, 2014 Using the table below, enter the number to add to inventory, 0 if not included or brackets with the number to deduct. Determined Balance Correct Balance #1 # 2 # 3 # 4 # 5 S412500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500, it is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets. Black pants 7649 10824 104 308 Unit Cost ($) Total Value ($) 24 2,496 5,852 19 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $740 and cost of…
Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 37 units @ $22 9 Sale 31 units 13 Purchase 37 units @ $25 28 Sale 10 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Subject: acounting
i need solution step by step
Please dont provide solution image based thank you
please assist