Homework Help is Here – Start Your Trial Now!
Business
Accounting
Included in the December 31, 2023, inventory of the Night Owl Supply Company are 2,800 deluxe ring binders in the amount of $8,488. An examination of the most recent acquisitions of binders showed the following costs: January 26, 2024, 2,400 at $3.05 each; December 6, 2023, 2,100 at $3.02 each; November 26, 2023, 2,600 at $2.78 each. What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? Using FIFO, the 12/31/23 inventory balance for deluxe ring binders should be 8,288 The ending inventory balance of $8,488 at 12/31/23 is overstated 200 The amount of the misstatement is What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? If the 1/26/24 acquisition was for 2,400 binders, the 12/31/23 inventory balance would be The ending inventory balance of $8,488 at 12/31/23 in this scenario is The amount of the misstatement in this scenario is

Included in the December 31, 2023, inventory of the Night Owl Supply Company are 2,800 deluxe ring binders in the amount of $8,488. An examination of the most recent acquisitions of binders showed the following costs: January 26, 2024, 2,400 at $3.05 each; December 6, 2023, 2,100 at $3.02 each; November 26, 2023, 2,600 at $2.78 each. What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? Using FIFO, the 12/31/23 inventory balance for deluxe ring binders should be 8,288 The ending inventory balance of $8,488 at 12/31/23 is overstated 200 The amount of the misstatement is What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? If the 1/26/24 acquisition was for 2,400 binders, the 12/31/23 inventory balance would be The ending inventory balance of $8,488 at 12/31/23 in this scenario is The amount of the misstatement in this scenario is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Included in the December 31, 2023, inventory of the Night Owl Supply Company are 2,800 deluxe ring binders in the amount of $8,488. An examination of the most recent acquisitions of binders showed the following costs: January 26, 2024, 2,400 at $3.05 each; December 6, 2023, 2,100 at $3.02 each; November 26, 2023, 2,600 at $2.78 each. What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? Using FIFO, the 12/31/23 inventory balance for deluxe ring binders should be 8,288 The ending inventory balance of $8,488 at 12/31/23 is overstated 200 The amount of the misstatement is What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? If the 1/26/24 acquisition was for 2,400 binders, the 12/31/23 inventory balance would be The ending inventory balance of $8,488 at 12/31/23 in this scenario is The amount of the misstatement in this scenario is
Transcribed Image Text:Included in the December 31, 2023, inventory of the Night Owl Supply Company are 2,800 deluxe ring binders in the amount of $8,488. An examination of the most recent acquisitions of binders showed the following costs: January 26, 2024, 2,400 at $3.05 each; December 6, 2023, 2,100 at $3.02 each; November 26, 2023, 2,600 at $2.78 each. What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? What is the misstatement in valuation of the December 31, 2023, inventory for deluxe ring binders, assuming FIFO inventory valuation? Using FIFO, the 12/31/23 inventory balance for deluxe ring binders should be 8,288 The ending inventory balance of $8,488 at 12/31/23 is overstated 200 The amount of the misstatement is What would your answer be if the January 26, 2024, acquisition was for 2,400 binders at $2.84 each? If the 1/26/24 acquisition was for 2,400 binders, the 12/31/23 inventory balance would be The ending inventory balance of $8,488 at 12/31/23 in this scenario is The amount of the misstatement in this scenario is
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS