Tommy City acquired $17300 of supplies inventory on November 1, 2019, having held no supplies inventory previously. On December 31, 2019, the end of Tommy City's fiscal year, a physical count shows $6700 worth of supplies inventories still on hand. Based on the preceding information, what amount would be reported as Supplies Inventory at December, 31 2019 if Tommy City used the consumption method of accounting for supplies inventories? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

Tommy City acquired $17300 of supplies inventory on November 1, 2019, having held no supplies inventory previously. On December 31, 2019, the end of Tommy City's fiscal year, a physical count shows $6700 worth of supplies inventories still on hand. Based on the preceding information, what amount would be reported as Supplies Inventory at December, 31 2019 if Tommy City used the consumption method of accounting for supplies inventories? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 11RE: At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical...

See similar textbooks

Similar questions

Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should have been 400,000 because it made a counting error. Upon discovery of this error in 2020, what correcting journal entry will Manny make? Ignore income taxes.
On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During 2019, supplies purchased amounted to $6,200. A physical count of inventory on hand at December 31, 2019 determined that the amount of supplies on hand was $1,800. How much is the supplies expense for year 2019? Multiple Choice $6,400. O $6,000. $7,800. O $1,600.
The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have beenasked to review the following transactions to determine if they have been correctly recorded.1. Goods shipped to Raymond f.o.b. destination on December 26, 2018, were received on January 2, 2019. Theinvoice cost of $30,000 is included in the preliminary inventory balance.2. At year-end, Raymond held $14,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.3. On December 29, merchandise costing $6,000 was shipped to a customer f.o.b. shipping point and arrivedat the customer’s location on January 3, 2019. The merchandise is not included in the preliminary inventorybalance.4. At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation. Themerchandise is not included in the preliminary inventory balance.Required:Determine the correct inventory amount to be reported in Raymond’s…
The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $40,000 and the merchandise cost $22,000. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $20,000 and the merchandise cost $13,000. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $25,000 and the merchandise cost $12,000.…
The Kwok Company's inventory balance on December 31, 2021, was $200,000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $37,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $24,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $47,000 and the merchandise cost $29,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $27,000 and the merchandise cost $20,00o. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $32,000 and the merchandise cost…
Assume that Barb City acquires $2,000 of inventory on May 1, 2022, having held no inventory previously. On June 30, 2022, the end of Barb City's fiscal year, a physical count shows $1,400 still in stock. During 2023, $900 of this inventory is used, resulting in a $500 remaining balance of supplies on June 30, 2023. How should Barb City account for these inventories? Show both the purchase and consumption methods.
The December 31, 2024, year-end inventory balance of the Almond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $31,000 is included in the preliminary inventory balance. At year-end, Almond held $15,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. On December 29, inventory costing $6,100 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2025. The inventory is not included in the preliminary inventory balance. At year-end, Almond had inventory costing $16,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Deteretermine the correct inventory amount to be reported in Almond’s 2024 balance sheet.
Keillor Company's inventory of $1,100,000 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. a. Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $69,000 to Keillor Company were received on January 4, 2021. b. The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021. What amount should Keillor report as inventory on its balance sheet?
Richardson’s Flower Depot uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records: 2018 2019 2020 Ending inventory, FIFO $78,650 $82,785 $93,678 Ending inventory, LIFO 68,500 75,640 84,675 Beginning inventory, FIFO 67,535 78,650 82,785 Beginning inventory, LIFO 74,565 68,500 75,640 Required: 1. Prepare the necessary entry to convert to LIFO at the end of 2020. 2. How much would Richardson’s cost of goods sold differ in 2020 if it used FIFO for external reporting?