Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Chapter 6, Problem 6.1BE
(a)
To determine
Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.
To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.
(b)
To determine
To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.
(c)
To determine
To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.
(d)
To determine
To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.
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Peete Company identifies the following items for possible inclusion in the physical inventory.Indicate whether each item should be included or excluded from the inventory taking.
(a)
900 units of inventory shipped on consignment by Peete to another company.
Select between included or excluded from the inventory taking IncludedExcluded
(b)
3,000 units of inventory in transit from a supplier shipped FOB destination.
Select between included or excluded from the inventory taking ExcludedIncluded
(c)
1,200 units of inventory sold but being held for customer pickup.
Select between included or excluded from the inventory taking IncludedExcluded
(d)
500 units of inventory held on consignment from another company.
Peete Comp
items for
Ssible
in th
onysical inventory.
Indicate whether each item should be included or excluded from the inventory taking.
(a) 900 units of inventory shipped on consignment by Peete to another company.
(b) 3,000 units of inventory in transit from a supplier shipped FOB destination.
(c) 1,200 units of inventory sold but being held for customer pickup.
(d) 500 units of inventory held on consignment from another company.
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The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts
for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory
account, which is debited for materials purchased and credited for materials requisitioned for use.
1.
2.
3.
4.
5.
6.
7.
An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows
that the materials were received on December 28, 2020.
Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns
were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's
office until January 6, 2021.
Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a
railroad car on the company's siding on that date and…
Chapter 6 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2QCh. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4QCh. 6 - Prob. 5QCh. 6 - Prob. 6QCh. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...
Ch. 6 - Which assumed inventory cost flow method: (a)...Ch. 6 - Prob. 12QCh. 6 - Prob. 13QCh. 6 - Prob. 14QCh. 6 - Prob. 15QCh. 6 - Prob. 16QCh. 6 - Prob. 17QCh. 6 - Prob. 18QCh. 6 - Why is it inappropriate for a company to include...Ch. 6 - Prob. 20QCh. 6 - Prob. 21QCh. 6 - Prob. 22QCh. 6 - When perpetual inventory records are kept, the...Ch. 6 - How does the average-cost method of inventory...Ch. 6 - Prob. 25QCh. 6 - Prob. 6.1BECh. 6 - Prob. 6.2BECh. 6 - Prob. 6.3BECh. 6 - Prob. 6.4BECh. 6 - Prob. 6.5BECh. 6 - Prob. 6.6BECh. 6 - Prob. 6.7BECh. 6 - Prob. 6.8BECh. 6 - Prob. 6.9BECh. 6 - Prob. 6.10BECh. 6 - Prob. 6.11BECh. 6 - Prob. 6.1DIECh. 6 - Prob. 6.2DIECh. 6 - Prob. 6.3ADIECh. 6 - Prob. 6.3BDIECh. 6 - Prob. 6.1ECh. 6 - Prob. 6.2ECh. 6 - Prob. 6.3ECh. 6 - Prob. 6.4ECh. 6 - Prob. 6.5ECh. 6 - Prob. 6.6ECh. 6 - Prob. 6.7ECh. 6 - Prob. 6.8ECh. 6 - Prob. 6.9ECh. 6 - Prob. 6.10ECh. 6 - Prob. 6.11ECh. 6 - Prob. 6.12ECh. 6 - Prob. 6.13ECh. 6 - Inventory data for Jeters Company are presented in...Ch. 6 - Prob. 6.15ECh. 6 - Prob. 6.16ECh. 6 - Prob. 6.17ECh. 6 - Prob. 6.1APCh. 6 - Prob. 6.2APCh. 6 - Prob. 6.3APCh. 6 - Prob. 6.4APCh. 6 - Prob. 6.5APCh. 6 - Prob. 6.6APCh. 6 - Prob. 6.7APCh. 6 - Prob. 6.8APCh. 6 - Prob. 6.9APCh. 6 - Prob. 6.1CACRCh. 6 - Prob. 6.1EYCTCh. 6 - Prob. 6.2EYCTCh. 6 - Prob. 6.3EYCTCh. 6 - Prob. 6.4EYCTCh. 6 - The July 15, 2010, edition of CFO.com contains an...Ch. 6 - Prob. 6.7EYCTCh. 6 - Prob. 6.8EYCTCh. 6 - Prob. 6.9EYCTCh. 6 - Prob. 6.10EYCTCh. 6 - Prob. 6.11EYCTCh. 6 - Prob. 6.1IFRSCh. 6 - Prob. 6.2IFRSCh. 6 - Prob. 6.3IFRS
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