View PoliciesmCurrent Attempt in ProgressSwifty Company took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not includedin the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold toAlvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. Whatamount should Swifty report as its December 31 inventory?Swifty ending Inventory$eTextbook and Media

The objective of the question is to determine the correct inventory value that Swifty Company should…

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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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Adjustment for Merchandise Inventory Shrinkage Intrax Inc.'s perpetual inventory records indicate that $815,400 of merchandise should be on hand on December 31, 20Y4. The physical inventory indicates that $798,300 of merchandise is actually on hand. Illustrate the effects on the accounts and financial statements of the inventory shrinkage for Intrax Inc. for the year ended December 31, 20Y4. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. When entering the income statement effects, enter amounts that decrease net income as negative values. Balance Sheet Assets = Liabilities + Stockholders' Equity No Effect + Inventory = No Effect + Retained Earnings fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Statement of Cash Flows Income Statement No effect fill in the blank 10 Cost of…
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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
Current Attempt in Progress Sheridan Industries had the following inventory transactions occur during 2025, its first year of operations: Units Cost/unit Feb. 1, 2025 Purchase 93 $39 Mar. 14, 2025 Purchase 160 $40 May 1, 2025 Purchase 114 $42 The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1548, what is the company's net income using LIFO? O $1544.90 O $1334.20 O $1906.00 O $2207.00
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Determining Merchandise to Be Included or Excluded from Ending Inventory The unadjusted inventory balance of Ann Corp. is $600,000 on December 31 based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $600 of merchandise inventory shipped to Ann Corp. from a vendor f.o.b. destination that arrived on January 1 of the following year. b. On December 31, the physical inventory included $21,600 of merchandise inventory held on consignment by a customer. Ann Corp. is the consignor. c. On December 31, the physical inventory included $960 of merchandise held on consignment. The consignor is Ann's largest vendor. d. $21,600 of in-transit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 28 and is expected to arrive at the customer on December 31. e. Goods are in transit from a…
Question Inventory Systems Dubai Retail Company began operations in August and completed these transactions during the first month of operations. Aug. 1 Purchased OMR 8,000 of merchandise from V. Co. with terms of 2/10 n/30. Aug. 2 Paid OMR 200 in shipping costs for merchandise purchased from V. Co. Aug. 5 Returned OMR 500 of goods to V. Co. due to defects. Aug. 7 Sold OMR 8,000 of goods to C. Co. with terms of 3/10 n/40 (the goods cost OMR 5,000). Aug. 8 Paid V. Co. with check #844. Aug. 10 Purchased OMR 7,000 of goods for resale from W. Co. with terms 3/5 n/45. Aug. 11 C. Co. returned OMR 200 of merchandise. Aug. 12 Sold OMR 4,000 of merchandise to Ali Co. with terms 3/10 n/40 (the goods cost OMR 2,500). Aug. 14 Received full payment from C. Company. Aug. 25 Paid W. Co. in full. Aug. 28 Received full payment from Ali Co. Required: a. Prepare journal entries to record these transactions using perpetual inventory system. b. Prepare journal entries to record these transactions using…
View Policies Current Attempt in Progress Whispering Winds Corporation uses a perpetual inventory system and had inventory worth $88,500 at the beginning of the year. Purchases were made during the year for $393,000; however, 10% of these goods were returned to the supplier, and a 3% discount was taken on the remaining balance owing. Whispering Winds paid $3,500 cash for freight to ship the inventory to its location during the year. Whispering Winds reported cost of goods sold for the year of $295,000. Whispering Winds has a calendar year end. What is the balance in the inventory account at the end of the year? Balance If Whispering Winds counted its actual inventory balance as $118,000 at the end of the year, what adjusting entry, if any, would be made? (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 all debit entries before credit…
Show Attempt History Current Attempt in Progress X Your answer is incorrect. The following information was available from the inventory records of Sheffield Corp. for January: Units Unit Cost Total Cost Balance at January 1 9100 $9.74 $88634 Purchases: January 6 January 26 6000 10.35 62100 8300 10.73 89059 Sales January 7 (7600 ) January 31 (11200 ) Balance at January 31 4600 Assuming that Sheffield maintains perpetual inventory records, what should be the inventory at January 31, using the moving- average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.) O $47138. $47244. O $48550. O $47725.

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