Johnnie Walker Company provided the following data at year-end: Items counted in the warehouse (including P50,000 damaged and unsalable goods) Special order items included in the count specifically segregated per sale contract Goods held on consignment, included in count Items in the receiving department, returned by customer in good condition Items ordered and in the receiving department Items ordered; invoice received but goods not received. Freight is on account of 1 P4,050,000 100,000 3 250,000 50,000 5 400,000 seller 300,000 Items ordered; invoice received but goods not received. Freight is on account of buyer Items shipped today, invoice mailed, FOB shipping point Items shipped today, invoice mailed, FOB destination Goods out on consignment at sales price, cost P150,000 Items currently being used for window display 7 240,000 250,000 8 9 150,000 10 200,000 11 200,000

Johnnie Walker Company provided the following data at year-end: Items counted in the warehouse (including P50,000 damaged and unsalable goods) Special order items included in the count specifically segregated per sale contract Goods held on consignment, included in count Items in the receiving department, returned by customer in good condition Items ordered and in the receiving department Items ordered; invoice received but goods not received. Freight is on account of 1 P4,050,000 100,000 3 250,000 50,000 5 400,000 seller 300,000 Items ordered; invoice received but goods not received. Freight is on account of buyer Items shipped today, invoice mailed, FOB shipping point Items shipped today, invoice mailed, FOB destination Goods out on consignment at sales price, cost P150,000 Items currently being used for window display 7 240,000 250,000 8 9 150,000 10 200,000 11 200,000

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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The following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
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The inventory records of Sixto Corp at Dec 31, 20X1 show a balance of P260,000. Also the following data. 1. Good costing P10,000 purchased FOB shipping point were not yet recorded because the goods is still in transit. Goods were shipped by the seller on Dec 29 and prepaid the freight of P1,000. 2. Goods costing P16,000 were shipped to customer on Dec 31. Term was FOB shipping point. The goods were still included in the ledger at Dec 31. 3. Goods received on Dec 30 costing P5,000 were recorded in Jan 5, 20X2. 4. Goods costing P20,000 were shipped to a customer on Dec 31. Term was FOB destination. Goods were not included in the ledger. 5. Obsolete goods with no resale value amounting to P4,000 were still included in the ledgers. How much is the correct inventory?
Constructor Inc. sells sacks of cement. The inventory records show the following: Date Transaction Number Unit Cost Total Cost of Sacks May 1 Beginning Balance 600 P200 P120,000 5 Purchase 900 210 189,000 7 Sales 1,300 1,400 1,200 1,000 14 Purchase 190 266,000 15 Sales 24 Purchase 200 200,000 28 Sales 1,200 If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?
ok 1. At year-end, Barr Company had shipped $14,200 of merchandise FOB destination to Lee Company. Which company should include the $14,200 of merchandise in transit as part of its year-end inventory? 2. Parris Company has shipped $21,700 of goods to Harlow Company, and Harlow Company has arranged to sell the goods for Parris. Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory? Complete this question by entering your answers in the tabs below. t nces Required 1 Required 2 At year-end, Barr Company had shipped $14,200 of merchandise FOB destination to Lee Company. Which company shoul the $14,200 of merchandise in transit as part of its year-end inventory? Vhich company should include the $14,200 of merchandise in transit as part of its year-end inventory?
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This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (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 o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit
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Barry company counted and reported the ending inventory on Dec. 31, 2021 at P2,000,000. None of the following items were included when the total amount of the ending inventory was computed: a Goods located in warehouse that are consignment from another entity b Goods sold and shipped FOB destination were in transit on Dec. 31, 2021 and received by customer on Jan. 2, 2022 c Goods sold and shipped FOB shipping point were in transit on Dec. 31, 2021 and received by customer on Jan. 2, 2022 Inventory on December 31, 2021 is?
Required Information [The following information applies to the questions displayed below) The following data is provided for Garcon Company and Pepper Compeny for the year ended December 31. Garcon Company $12,100 15, e Pepper Company $18,55e 21,7 10,s00 14,40 25, 20,400 .0 25,3 22, 00 20,0 7,000 12,25e 47,000 34,620 1, Finished goods inventory, beginning Mork in process inventory, beginning Raw naterlals lnventory, beginning Rental cost on factory equlpeent Direct labor 11,250 intshed goods inventory, ending Mork in process ineeetory, ending Ran naterials inventory, ending Factory utilities General and adeanistrative expenses Indirect labor Repairs-factory equipeent Raw naterials purchases Selling expenses Sales Cash Accounts receivable, net 17,4s0 7.000 13,35e 34, 14,95e 5,420 43,500 271,60 2,4 29,20 22,e 13,200 1. Complete the table to find the cost of goods manufsctured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the toble to calculate the…