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Looking for answers. Please inlcude all the calculation for my reference. Thanks! Make any adjustment necessary to inventory Analyze and review the following items and determine the appropriate journal entry. Record the journal entr

Looking for answers. Please inlcude all the calculation for my reference. Thanks! Make any adjustment necessary to inventory Analyze and review the following items and determine the appropriate journal entry. Record the journal entr

FINANCIAL ACCOUNTING
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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Looking for answers. Please inlcude all the calculation for my reference. Thanks!

Make any adjustment necessary to inventory

Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

f. Inventory on Consignment At December 31, 2020; the company received the following information for inventory on consignment: 1. All X105 machines were sold for $12,500 each. 2. Three of the JOS0 machines were sold for $7,200 each. The consignee received 5% commission on each sale and was allowed a 2% allowance for advertising. The consignee will pay the company the amount owed on January 15, 2021. In the Excel spreadsheet, see the tab "Inventory on Consignment" to perform any necessary calculations. Use “Other Accounts Receivable" if needed for this transaction.
Transcribed Image Text:f. Inventory on Consignment At December 31, 2020; the company received the following information for inventory on consignment: 1. All X105 machines were sold for $12,500 each. 2. Three of the JOS0 machines were sold for $7,200 each. The consignee received 5% commission on each sale and was allowed a 2% allowance for advertising. The consignee will pay the company the amount owed on January 15, 2021. In the Excel spreadsheet, see the tab "Inventory on Consignment" to perform any necessary calculations. Use “Other Accounts Receivable" if needed for this transaction.
Item # Description Cost РКО366 X105 15 HP Machine 9,800.00 РКО367 X105 15 HP Machine 9,800.00 РКО368 x105 15 HP Machine 9,800.00 РКО369 X105 15 HP Machine 9,800.00 РКО370 X105 15 HP Machine 9,800.00 РКО371 x105 15 HP Machine 9,800.00 РКО372 X105 15 HP Machine 9,800.00 РКО373 X105 15 HP Machine 9,800.00 РКО374 X105 15 HP Machine 9,800.00 9,800.00 9,800.00 РКО375 X105 15 HP Machine РКО376 X105 15 HP Machine JH14456 JO50 5 HP Machine 5,600.00 JH14457 JO50 5 HP Machine 5,600.00 JH14458 J050 5 HP Machine 5,600.00 5,600.00 5,600.00 JH14459 JO50 5 HP Machine JH14460 J050 5 HP Machine JH14461 JO50 5 HP Machine 5,600.00 141,400.00 Selling Units Sold Price Cost 103 x205 30 НР Мachine 32,500.00 3,347,500.00 13,500.00 1,390,500.00 43 G350 60 HP Machine 47,900.00 2,059,700.00 35,900.00 1,543,700.00 15 L500 100HP Machine 103,000.00 1,545,000.00 98,600.00 1,479,000.00 6,952,200.00 4,413,200.00
Transcribed Image Text:Item # Description Cost РКО366 X105 15 HP Machine 9,800.00 РКО367 X105 15 HP Machine 9,800.00 РКО368 x105 15 HP Machine 9,800.00 РКО369 X105 15 HP Machine 9,800.00 РКО370 X105 15 HP Machine 9,800.00 РКО371 x105 15 HP Machine 9,800.00 РКО372 X105 15 HP Machine 9,800.00 РКО373 X105 15 HP Machine 9,800.00 РКО374 X105 15 HP Machine 9,800.00 9,800.00 9,800.00 РКО375 X105 15 HP Machine РКО376 X105 15 HP Machine JH14456 JO50 5 HP Machine 5,600.00 JH14457 JO50 5 HP Machine 5,600.00 JH14458 J050 5 HP Machine 5,600.00 5,600.00 5,600.00 JH14459 JO50 5 HP Machine JH14460 J050 5 HP Machine JH14461 JO50 5 HP Machine 5,600.00 141,400.00 Selling Units Sold Price Cost 103 x205 30 НР Мachine 32,500.00 3,347,500.00 13,500.00 1,390,500.00 43 G350 60 HP Machine 47,900.00 2,059,700.00 35,900.00 1,543,700.00 15 L500 100HP Machine 103,000.00 1,545,000.00 98,600.00 1,479,000.00 6,952,200.00 4,413,200.00
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