1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should includethe $12,500 of merchandise in transit as part of its year-end inventory?2. Parris Company has shipped $20,000 of goods to Harlow Company, and Harlow Company has arranged to sell the goods for Parris.Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory?Complete this questlon by entering your answers in the tabs below.Required 1Required 2Parris Company has shipped $20,000 of goods to Harlow Company, and Harlow Company has arranged to sell the goods forParris. Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory?Identify the consignor.Identify the consignee.Which company should include any unsold goods as part of its inventory?< Required 1

Name: 1. At year-end, Barr Company had shipped $12,500 of merchandise FOB d
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should includethe $12,500 of merchandise in transit as part of its year-end inventory?2. Parris Company has shipped $20,000 of goods to Har

Answered: 1. At year-end, Barr Company had…

Business

Accounting

1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should include the $12,500 of merchandise in transit as part of its year-end 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

CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000
5. Gingerbread, Corp. presents the following information for inventory purchases and sales throughout the month of December. The company uses LIFO Perpetual Method for inventory. DATE TRANSACTIONS UNITS UNIT COST December 1 Beginning inventory 1,000 $1.00 December 5 Sale 500 December 20 Purchase 1,000 $1.10 December 31 Sale 500 Cost of goods sold for the month of December is ?
ok 1. At year-end, Barr Company had shipped $14,200 of merchandise FOB destination to Lee Company. Which company should include the $14,200 of merchandise in transit as part of its year-end inventory? 2. Parris Company has shipped $21,700 of goods to Harlow Company, and Harlow Company has arranged to sell the goods for Parris. Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory? Complete this question by entering your answers in the tabs below. t nces Required 1 Required 2 At year-end, Barr Company had shipped $14,200 of merchandise FOB destination to Lee Company. Which company shoul the $14,200 of merchandise in transit as part of its year-end inventory? Vhich company should include the $14,200 of merchandise in transit as part of its year-end inventory?
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269, 500 Cost of goods sold 470,400 417,100 Multiple Choice 222.7. 251.2.
A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 12 25 units at $ 16 24 units at $ 19 Sales 7 units at $40 Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?
Please help with Question A
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 470,400 417,100 Cost of goods sold Multiple Choice 222.7. 251.2. 中

a. Differentiate between periodic inventory system and perpetual inventory system from an accounting point of view.b. Amanda Wholesale Company purchases merchandise from a variety of manufactures andsells the merchandise to a variety of retailers. The following transactions occurred duringFebruary 2020:Feb. 2. Purchased $7,600 of merchandise from Zenith manufacturing; terms are1/10, n/30.5. Paid $270 freight on February 2 purchase.11. Paid Zenith for the February 2 purchase.13. Purchased $5,000 of merchandise of Forbes Manufacturing; terms are 2/10, n/4.16. Received a $300 allowance (purchases return) for returned items on the February 13 purchase since some of the merchandise was the wrong size.17. Purchased $4,200 of merchandise from Toddler industries; terms are 2/10, n/3020. Sold merchandise with a list price of $4,000 ($2,200 cost) to valley mart.22. Valley mart returned 20% of the merchandise from the February 20 sales.23. Paid Forbes manufacturing for the February 13…
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
1. At year-end, Photomath Permi Company purchased goods costing P500,000 FOB destination. These goods were received at year-end. The cost incurred in connection with the sale and delivery of goods were: Packaging for shipment P10,000, Shipping P10,000, Special handling charges P25,000. What total cost should be included in inventory at year-end?
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Req 2 to 4 Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. Specific Identification $ LAKER COMPANY For Month Ended January 31 Weighted Average $ Units Acquired at Cost 185 units @ $11.00 = 5,600 100 units @ 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that…