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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fface8876-c829-41d7-91d8-ca005b2559e2%2F2d811f21-05e7-42fc-b935-f34b3ba7052d%2Fei4sirm_processed.png&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fface8876-c829-41d7-91d8-ca005b2559e2%2F2d811f21-05e7-42fc-b935-f34b3ba7052d%2Flcqad8_processed.png&w=3840&q=75)
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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