Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods were on hand. In addition, the following items were not included in the physical count. Swifty determined that $96000 of goods purchased were in transit. The goa were shipped f.o.b. destination and were received by the company three days after the inventory count. The company had also sold $40000 worth of inventory that was shipped f.o.b. destination and had not been received by the buyer as of year-end. What amount should Swifty report as inventory at the end of the year? O $882000 © $040000

Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods were on hand. In addition, the following items were not included in the physical count. Swifty determined that $96000 of goods purchased were in transit. The goa were shipped f.o.b. destination and were received by the company three days after the inventory count. The company had also sold $40000 worth of inventory that was shipped f.o.b. destination and had not been received by the buyer as of year-end. What amount should Swifty report as inventory at the end of the year? O $882000 © $040000

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

See similar textbooks

Similar questions

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Tanke Company reported net income on the year-end financial statements of $850,200. However, errors in inventory were discovered after the reports were issued. If inventory was overstated by $21,000, how much net income did the company actually earn?
If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with a cost value of $20,000 were accidentally included with the company assets, when making the year-end inventory adjustment, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any?
Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by $15,000, how much net income did the company actually earn?
Bonita Inc. took a physical inventory at the end of the year and determined that $845000 of goods were on hand. In addition, the following items were not included in the physical count. Bonita, Inc. determined that $98000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39000 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Bonita report as inventory at the end of the year? $982000. $943000. $845000. $884000.
Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer:
Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year?
Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.
Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were on hand. In addition, Bell Inc., determined that $60k of goods that were in transit that were shipped F.O.B. shipping point were actually received two days after the inventory count and that the company had $90k of goods out on consignment. What amount should Bell report as inventory at the end of the year? a.) 780k b.) 860k c.) 870k d.) 930k
Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.
ABC Company took a physical inventory at the end of the year and determined that P 2,500,000 of goods were on hand. In addition, the entity determined that P500,000 of goods purchased in transit shipped FOB Shipping point were actually received two days after the physical count and that the entity had P 300,000 of goods out on consignment. What amount should be reported as inventory at year end?
Blue Company took a physical inventory on December 31 and determined that goods costing $190,900 were on hand. Not included in the physical count were $26,400 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $23,260 of goods sold to Alvarez Company for $29,460, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue report as its December 31 inventory? December 31 inventory $