You have been provided with the following information for Massy Shoe Store (St Lucia) whichaccounts for its inventory using the periodic system. Its financial year ends September 30. Allpurchases and sales are made on account.§ Physical count at beginning of September 30, 2024 valued inventory of shoes at$469,780.§ Included in the physical count was shoes purchased for $20,840 on September 17 fromPayless (SLU). The shoes were shipped f.o.b. destination point on September 30 andarrived October 7. The invoice was received and recorded appropriately.§ Shoes purchased from Fabco (SVG) on September 25 for $17,080 and shipped f.o.b.destination were received on September 30 after inventory had been counted. Theinvoice was received and recorded appropriately.§ On September 29, shoes were received from Genuine Leathers (Brazil) with an invoiceprice of $31,260. The shoes were shipped to Massy Shoe Store f.o.b. destination. Theinvoice, which had not yet arrived, had not been recorded on September 30.§ Massy Shoe Store sold some chef crocs to Holiday Resorts (Antigua) on September 29,f.o.b. destination, these were shipped on September 30. The invoice was prepared andrecorded as a sale on September 30 for $25,600. The shoes had a cost of $14,700 andHoliday Resorts received the shoes on October 6.§ Shoes costing $92,000 were purchased and received from Telco (Dom) on September 30accompanied by an invoice annotated ’40 % on consignment’. The invoice was receivedand recorded appropriately.§ A box containing returned shoes (incorrect size) and labelled ‘Please Accept for Credit’was placed in the front of the wharehouse on September 30 after the physical countwas done. These shoes which cost $3,000 had been sold to a customer for $5,200. Noentry had been made in the books to reflect the returns.3§ Football shoes were sold to Trinidad and Tobago Football Association (TTFA) f.o.b.shipping point for $37,800 on September 30 (last transaction on the day). The cost ofthese shoes were $23,040. The shoes were shipped on October 1 and received by TTFAon October 4. Required:i) Compute the correct inventory balance for Massy Shoe Store (St Lucia) at the end of itstrading day, September 30, 2024.
You have been provided with the following information for Massy Shoe Store (St Lucia) which
accounts for its inventory using the periodic system. Its financial year ends September 30. All
purchases and sales are made on account.
§ Physical count at beginning of September 30, 2024 valued inventory of shoes at
$469,780.
§ Included in the physical count was shoes purchased for $20,840 on September 17 from
Payless (SLU). The shoes were shipped f.o.b. destination point on September 30 and
arrived October 7. The invoice was received and recorded appropriately.
§ Shoes purchased from Fabco (SVG) on September 25 for $17,080 and shipped f.o.b.
destination were received on September 30 after inventory had been counted. The
invoice was received and recorded appropriately.
§ On September 29, shoes were received from Genuine Leathers (Brazil) with an invoice
price of $31,260. The shoes were shipped to Massy Shoe Store f.o.b. destination. The
invoice, which had not yet arrived, had not been recorded on September 30.
§ Massy Shoe Store sold some chef crocs to Holiday Resorts (Antigua) on September 29,
f.o.b. destination, these were shipped on September 30. The invoice was prepared and
recorded as a sale on September 30 for $25,600. The shoes had a cost of $14,700 and
Holiday Resorts received the shoes on October 6.
§ Shoes costing $92,000 were purchased and received from Telco (Dom) on September 30
accompanied by an invoice annotated ’40 % on consignment’. The invoice was received
and recorded appropriately.
§ A box containing returned shoes (incorrect size) and labelled ‘Please Accept for Credit’
was placed in the front of the wharehouse on September 30 after the physical count
was done. These shoes which cost $3,000 had been sold to a customer for $5,200. No
entry had been made in the books to reflect the returns.
3
§ Football shoes were sold to Trinidad and Tobago Football Association (TTFA) f.o.b.
shipping point for $37,800 on September 30 (last transaction on the day). The cost of
these shoes were $23,040. The shoes were shipped on October 1 and received by TTFA
on October 4.
Required:
i) Compute the correct inventory balance for Massy Shoe Store (St Lucia) at the end of its
trading day, September 30, 2024.
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