Problem 10-1 (IAA)Amiable Company provided the following data at year-end:Items counted in the bodegaItems included in the count specifically segregatedper sales contractItems in receiving department, returned by customer,in good conditionItems ordered and in the receiving department,4,000,000100,00050,000invoice not receivedItems ordered, invoice received but goods notreceived. Freight is paid by seller.Items shipped today, invoice mailed, FOB shipping pointItems shipped today, invoice mailed, FOB destinationItems currently being used for window displayItems on counter for sale400,000300,000250,000150,000200,000800,000Items in receiving department, refused by us becauseof damage180,000Items included in count, damaged and unsalableItems in the shipping department50,000250,000Required:Compute the correct amount of inventory. Problem 10-1 (IAA)Amiable Company provided the following data at year-end:Items counted in the bodegaItems included in the count specifically segregatedper sales contractItems in receiving department, returned by customer,in good conditionItems ordered and in the receiving department,4,000,000100,00050,000invoice not received400,000Items ordered, invoice receiyed but goodş notreceived. Freight is paid by seller.Items shipped today, invoice mailed, FOB shipping pointItems shipped today, invoice mailed, FOB destinationItems currently being used for window displayItems on counter for sale300,000250,000150,000200,000800,000Items in receiving department, refused by us becauseof damageItems included in count, damaged and unsalableItems in the shipping department180,00050,000250,000Required:Compute the correct amount of inventory.CS Scanned with CamScanner

Name: Problem 10-1 (IAA)Amiable Company provided the following data at year
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 10-1 (IAA)Amiable Company provided the following data at year-end:Items counted in the bodegaItems included in the count specifically segregatedper sales contractItems in receiving department, returned by customer,in good conditionItems orde

Inventory is the stock which the company has in order to sell them in the normal course of the…

Answered: Compute the correct amount of…

Business

Accounting

Compute the correct amount of inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Items counted in the bodega Amiable Company provided the following data at year-end: PROBLEMS Problem 10-1 (IAA) Amiable Company provided the following data at year-end: 4,000,000 trems included in the count specifically segregated per sales contract Items in receiving department, returned by customer, in good condition Items ordered and in the receiving department, invoice not received Items ordered, invoice received but goods not received. Freight is paid by seller. Items shipped today, invoice mailed, FOB shipping point Items shipped today, invoice mailed, FOB destination Items currently being used for window display Items on counter for sale Items in receiving department, refused by us because of damage Items included in count, damaged and unsalable Items in the shipping department 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 180,000 50,000 250,000 Required: Compute the correct amount of inventory.
Problem 1 AFABLE Company provided the following data at year-end: Items counted in the bodega Items included in the count specifically segregated per sales contract Items in receiving department, returned by customer, in good condition Items ordered and in the receiving department, invoice not received Items ordered, invoice received but goods not received. Freight is shouldered by seller Items shipped out today, invoice mailed, FOB shipping point Items shipped out today, invoice mailed, FOB destination Items currently being used for window display Items on counter for sale Items in receiving department, refused by us because of damage Items included in bodega count, damaged and unsalable Items in the shipping department Required: Compute the correct amount of inventory P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 180,000 50,000 250,000
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $24,000 $300 FOB destination, 1/10, n/30 $2,000 b. 31,500 250 FOB shipping point, 2/10, n/30 2,500 a. $ b. $ Feedback a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase – Return – Discount) + applicable freight.
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $36,000 800 FOB destination, 1/10, n/30 $4,000 b. 44,900 375 FOB shipping point, 2/10, n/30 2,400
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise(Invoice Amount) FreightPaid by Seller Freight Terms Returns andAllowances(InvoiceAmount) a. $24,000 300 FOB destination, 1/10, n/30 2000 b. 31,500 250 FOB shipping point 2/10, n/30 2500 a. $ b. $
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $90,000 $1,000 FOB shipping point, 1/10, n/30 $15,000 b. 110,000 1,575 FOB destination, 2/10, n/30 8,500
Module 3 MI Assessment.doc Prepare journal entries to record the transactions using gross method and net method: compute for change inventory, beginning inventory, cost of sales and net purchases under each method Autumn Company provided the following transactions for the current year, the first year of operations. Purchase of merchandise at an invoice price of 4,750,000 excluding freight. Terms are 2/10, n/30. b. Freight paid, 250,000. The freight is allocated to each purchase. c. Cash payment on purchases 3,717,000 of which 1,617,000 was paid within the discount period. d. It is expected that all discounts on unpaid accounts payable will be lost. On December 31, one fifth of the merchandise remains on hand. f. Assuming at the end of the accounting period no payment was made, what is the corresponding journal I. а. е. entry. Using the information of Autumn Company: prepare journal entries to record the transactions using gross method and net method: compute for accounts receivable and…
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. a. b. Merchandise $120,800 147,700 00 Freight Paid by Seller $1,300 2,100 Freight Terms FOB shipping point, 1/10, n/30 FOB destination, 2/10, n/30
Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $
Freight Terms Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $5,900 $200 FOB shipping point, 2/10, n/30 $1,750 b. 2,600 400 FOB destination, 1/10, n/30 1,200
MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
c. Shipping terms are F.O.B. shipping point, freight prepaid. llano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance.