Larkspur, Inc's inventory of $859,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. (a) Goods shipped from a vendor fo.b. destination on December 24, 2017, at an invoice cost of $7,000 to Larkspur were received on January 4, 2018. These goods were excluded from the physical count. (b) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Larkspur, Inc. The cost of these goods to Larkspur was $ 32,500. Larkspur did not record a sale when it shipped the goods to Deals. (c) The inventory included $48,000 of goods that were in Larkspur's warehouse on the morning of December 31, 2017 but were shipped to a customer fo.b. shipping point later that day, after they had been included in the physical inventory count. What inventory amount should appear on Larkspur's December 31, 2017 balance sheet? Inventory to be reported S

Larkspur, Inc's inventory of $859,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. (a) Goods shipped from a vendor fo.b. destination on December 24, 2017, at an invoice cost of $7,000 to Larkspur were received on January 4, 2018. These goods were excluded from the physical count. (b) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Larkspur, Inc. The cost of these goods to Larkspur was $ 32,500. Larkspur did not record a sale when it shipped the goods to Deals. (c) The inventory included $48,000 of goods that were in Larkspur's warehouse on the morning of December 31, 2017 but were shipped to a customer fo.b. shipping point later that day, after they had been included in the physical inventory count. What inventory amount should appear on Larkspur's December 31, 2017 balance sheet? Inventory to be reported S

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
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Acue Company reported current assets of P3,900,000 and current liabilities of P2,000,000 on its statement of financial position as of December 31, 2017. The following items may have been recorded incorrectly. The company uses the periodic inventory system. Goods purchased costing P220,000 were shipped FOB shipping point by a vendor on December 26. Acue received and recorded the invoice on December 29, 2017, but the goods were not included in Acue’s physical count of inventory because they were not received until January 4, 2018. Goods purchased costing P200,000 were shipped FOB destination by a supplier on December 28. Acue received and recorded the invoice on December 31, but the goods were not included in Acue’s 2017 physical count of inventory because they were not received until January 2, 2018. Goods held on consignment from Si Company were included in Acue’s December 31, 2017, physical count of inventory at P130,000. What is the current ratio based on Acue’s…
Acue Company reported current assets of P3,900,000 and current liabilities of P2,000,000 on its statement of financial position as of December 31, 2017. The following items may have been recorded incorrectly. The company uses the periodic inventory system. • Goods purchased costing P220,000 were shipped FOB shipping point by a vendor on December 26. Acue received and recorded the invoice on December 29, 2017, but the goods were not included in Acue's physical count of inventory because they were not received until January 4, 2018. • Goods purchased costing P200,000 were shipped FOB destination by a supplier on December 28. Acue received and recorded the invoice on December 31, but the goods were not included in Acue's 2017 physical count of inventory because they were not received until January 2, 2018. • Goods held on consignment from Si Company were included in Acue's December 31, 2017, physical count of inventory at P130,000. What is the current ratio after corrections are made?…