Sheridan Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below. For each of the below independent transactions determine what amount should be included in inventory. (a) Your answer is correct. Lipstick products counted in the physical inventory amount to $21,500 which include $1,100 of duty charges for importing the goods and $2,600 of recoverable taxes (i.e. HST). (If an answer is zero, please enter O. Do not leave any fields blank.) (b) Inventory $ eTextbook and Media Inventory 18900 Makeup kits held on consignment by a retailer with a cost of $14,700 (inclusive of $1,200 of commissions to the retailer). (If an answer is zero, please enter O. Do not leave any fields blank.) $ Attempts: 1 of 3 used
Sheridan Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below. For each of the below independent transactions determine what amount should be included in inventory. (a) Your answer is correct. Lipstick products counted in the physical inventory amount to $21,500 which include $1,100 of duty charges for importing the goods and $2,600 of recoverable taxes (i.e. HST). (If an answer is zero, please enter O. Do not leave any fields blank.) (b) Inventory $ eTextbook and Media Inventory 18900 Makeup kits held on consignment by a retailer with a cost of $14,700 (inclusive of $1,200 of commissions to the retailer). (If an answer is zero, please enter O. Do not leave any fields blank.) $ Attempts: 1 of 3 used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7, please read the qestion and answer section B
Transcribed Image Text:Sheridan Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted
below.
For each of the below independent transactions determine what amount should be included in inventory.
(a)
Your answer is correct.
Lipstick products counted in the physical inventory amount to $21,500 which include $1,100 of duty charges for importing the
goods and $2,600 of recoverable taxes (i.e. HST). (If an answer is zero, please enter O. Do not leave any fields blank.)
Inventory
(b)
$
eTextbook and Media
Inventory
18900
Makeup kits held on consignment by a retailer with a cost of $14,700 (inclusive of $1,200 of commissions to the retailer). (If an
answer is zero, please enter O. Do not leave any fields blank.)
$
Attempts: 1 of 3 used
Transcribed Image Text:Bridgeport Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to
cover the costs of this aging process. The company meets the interest capitalization criteria under IFRS. Capitalizable interest owed
under IFRS is $1,220.
(a)
Your answer is correct.
Prepare the journal entry to record the $1,220 interest under IFRS. (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. List debit
entry before credit entry.)
Account Titles and Explanation
Inventory
Interest Payable
Debit
1220
Credit
1220
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