Stone Co had the following consignment transactions during December: Inventory shipped on consignment to Beta Co. Freight paid by Stone Inventory received on consignment from Alpha Co. Freight paid by Alpha $18,000 $900 $12,000 $500 No sales of consigned goods were made through December 31. Stone's December 31 balance sheet should include consigned Inventory at: a. $18,000 b. $18,900 c. $12,500 d. $12,000

Stone Co had the following consignment transactions during December: Inventory shipped on consignment to Beta Co. Freight paid by Stone Inventory received on consignment from Alpha Co. Freight paid by Alpha $18,000 $900 $12,000 $500 No sales of consigned goods were made through December 31. Stone's December 31 balance sheet should include consigned Inventory at: a. $18,000 b. $18,900 c. $12,500 d. $12,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Presented below is a list of items that may or may not be reported as inventory in a company’s December 31 balance sheet. 1. Goods out on consignment at another company’s store: 800,0002. Goods sold on installment basis: 100,000 3. Goods purchased F.O.B. shipping point that are in transit on December 31: 120,0004. Goods purchased F.O.B. destination that are in transit on December 31: 200,000 5. Goods sold to another company, for which our company has signed an agreement to repurchase at a set price that covers all costs related to the inventory: 300,000 How much of these items would typically be reported as inventory in the financial statements? A. 1,520,000 B. 800,000 C. 1,100,000 D. 1,220,000
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The choices are 12K, 12.5K 18K and 18.9 K
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Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $31,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $46,000 on October 12. Terms of the purchase were 2/10. "/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $660 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $20,400 was sold on account for $31,200. d. It was determined that inventory on hand at the end of October cost $56,340. Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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MH Pte Ltd is one of thedistributors for Coke. The following information relates to transactions thathave affected its stock of Coke during the month of December 20X1:Now, assuming the perpetual inventory system, compute the ending balance ofinventory as at 31 December 20X1 and cost of goods sold during the month ofDecember under the following methods:(i) First-In, First-Out (FIFO) Method
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! Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet <…
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