X company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of 200,000. In reviewing the details of the count and related inventory transactions, you discover the following: 1. X company included in the count consigned goods costing $ 5000 shipped from other company 2. The company didn't include in the inventory count the goods (cost, $25,000) that were purchased on December 28, terms FOB shipping point. The goods are in transit on December 31. 3. The company included in the inventory count the goods (cost, $35,000) that were sold with terms of FOB shipping point. The goods are in transit on December 31. 4. The company didn't include in the inventory count supplies remain on hand 31/12 costing $1500. REQUIRED: Calculate correct inventory on hand?
X company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of 200,000. In reviewing the details of the count and related inventory transactions, you discover the following: 1. X company included in the count consigned goods costing $ 5000 shipped from other company 2. The company didn't include in the inventory count the goods (cost, $25,000) that were purchased on December 28, terms FOB shipping point. The goods are in transit on December 31. 3. The company included in the inventory count the goods (cost, $35,000) that were sold with terms of FOB shipping point. The goods are in transit on December 31. 4. The company didn't include in the inventory count supplies remain on hand 31/12 costing $1500. REQUIRED: Calculate correct inventory on hand?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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X company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of 200,000. In reviewing the details of the count and related inventory transactions, you discover the following: 1. X company included in the count consigned goods costing $ 5000 shipped from other company 2. The company didn't include in the inventory count the goods (cost, $25,000) that were purchased on December 28, terms FOB shipping point. The goods are in transit on December 31. 3. The company included in the inventory count the goods (cost, $35,000) that were sold with terms of FOB shipping point. The goods are in transit on December 31. 4. The company didn't include in the inventory count supplies remain on hand 31/12 costing $1500. REQUIRED: Calculate correct inventory on hand?
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