Required:1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If theinventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a 0 wherever it isrequired.)a.b.C.d.Inventory Cost2. Determine the correct ending inventory value at December 31, 2023. Starting with the unadjusted inventory value of $76,500, addor subtract any errors based on your analysis in Part 1. Assume all items that are not shown in the inventory listing are recordedcorrectly.Merchandise Inventory On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventoryvalue to be $76500. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses aperpetual inventory system. Note: Only relevant items are shown on the inventory listing.#12...Jen & Mink Clothing,Inventory ListingDecember 31, 2023Inventory Number Inventory Description Quantity (units) Unit Cost ($) Total Value ($)764910824Blue JacketsBlack pants10230422172,2445,168***Total Inventory $76,500The following situations have been brought to your attention:a. On January 3, 2024, J&M received a shipment of 102 blue jackets, for $2,244 (Item #7649). The inventory was purchasedDecember 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventorylisting.b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $720 and cost of $510, FOB shipping.The order was shipped on December 30, 2023. J&M has not included this inventory.c. Red Blazers (Itcm #6193) wore purchased and shipped from International Co. on December 30, 2023, for $3,320, FOB shipping.The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $340. Additional costs were $230for import duties and $64 for insurance during shipment. J&M has not included this inventory.d. At year-end, J&M is holding $5,168 of black pants (Item # 10824) on consignment for designer Duke Co. This inventory was includedin J&M's inventory count and inventory listing.e. On December 31, 2023, J&M shipped white shirts (Item # 4291), FOB destination costing $1,030 to a customer. The customer wascharged $1,400 and the customer received the goods on January 3, 2024. J&M has not included this inventory.

Ending Inventory:The quantity of inventory that a company must disclose on its balance sheet is…

Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a O wherever it is required.) la. b. C. d. 0. Inventory Cost 2. Determine the correct ending inventory value at December 31, 2023. Starting with the unadjusted inventory value of $76,500, add or subtract any errors based on your analysis in Part 1. Assume all items that are not shown in the inventory listing are recorded correctly. Merchandise Inventory

Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a O wherever it is required.) la. b. C. d. 0. Inventory Cost 2. Determine the correct ending inventory value at December 31, 2023. Starting with the unadjusted inventory value of $76,500, add or subtract any errors based on your analysis in Part 1. Assume all items that are not shown in the inventory listing are recorded correctly. Merchandise Inventory

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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inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
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…
answer in text form please (without image), Note: .Every entry should have narration please
Subject: acounting
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Subject: accounting
Coronado uses LIFO inventory costing. At January 1, 2020, inventory was $427,200 at both cost and market value. At December 31, 2020, the inventory was $543,600 at cost and $511,200 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32