Waegelein Company identifies the following items for possible inclusion in the physical inventory.Indicate whether each item should be included or excluded from the inventory taking1. Goods shipped on consignment by Waegelein to another company.2. Goods in transit from a supplier shipped FOB destination.3. Goods shipped via common carrier to a customer with terms FOB shipping point.4. Goods held on consignment from another company.seek

1)Included 2)Not included 3)Not included 4)Not includedExplanation:Here's how each item should be…

Answered: Waegelein Company identifies the…

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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Goods in transit are included in a purchaser's inventory: Multiple Choice At any time during transit. When the goods are shipped FOB shipping point. When the supplier is responsible for freight charges. If the goods are shipped FOB destination. After the half-way point between the buyer and seller.
pp. Subject :- Accounting
Which of the following should be included in the ending inventory of a company? Goods held on consignment from another company. Goods in transit to another company shipped FOB shipping point. Goods in transit from another company shipped FOB shipping point. Goods in transit from another company shipped FOB destination.
The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the inventory balance after each sale, assuming the lastin, firstout methodPresent the data in the form illustrated in Exhibit Under LIFOif units are in inventory at two or more different costsenter the units with the LOWER unit cost the Inventory Cost
What are expenses like sales salaries expense, advertising expense, etc. called that are incurred directly in the selling of merchandise inventory? Group of answer choices administrative expenses other expenses selling expenses cost of goods sold
1.Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. 3. Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results.…
Brief Exercises Identify items to be included in taking a physical inventory. BE6.1 (LO 1), C Peete Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking. a. Goods shipped on consignment by Peete to another company. b. Goods in transit from a supplier shipped FOB destination. c. Goods sold but being held for customer pickup. d. Goods held on consignment from another company. Determine ending inventory amount.
Accounting for Merchandising Businesses and Inventory and Assets Define the following: Cost of goods sold Credit memo Credit terms Debit memo FIFO FOB Gross profit Invoice LIFO Net sales Periodic inventory Perpetual inventory Sales Selling expense Subsidiary ledger Trade discount Weighted average
Match each description with the correct term. Goods held for sale by one [Choose ] party although ownership of [Choose ] Consigned goods the goods is retained by another party. Net realizable value Inventory system in which companies manufacture or purchase goods only when needed for use. FOB (free on board) shipping point Dictates that a company use the same accounting principles FOB (free on board) destination and methods from year to year. Consistency concept Freight terms indicating that [ Choose ] ownership of the goods remains with the seller until the goods reach the buyer. Freight terms indicating that [ Choose ] ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller. Net amount that a company [Choose ] expects to realize (receive) from the sale of inventory. Specifically, it is the estimated selling price in the normal course of business, less estimated costs to complete and sell. > >
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The Inventory account is used in each of the following except the entry to record payment of freight on goods sold. goods purchased on account. the return of goods purchased. payment within the discount period.
Select all that apply Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory Check all that apply) A business may adopt any cost flow assumption when accounting for perishable sems Perishable-items Usually have an actual physical flow of FIFO Penshable items neve an actual physical flow of LIFO Cost flow in an assumption about which goods/items are sold Physical flow refers to the actual movement of goods

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