A company's inventory on December 31, 2024, was $333,000 based on a physical count priced at cost, and before any necessary adjustment for the followin • Inventory costing $38,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $30,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $46,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $20,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Multiple Choice O O $391,000 $437,000 $333,000 $467,000

A company's inventory on December 31, 2024, was $333,000 based on a physical count priced at cost, and before any necessary adjustment for the followin • Inventory costing $38,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $30,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $46,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $20,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Multiple Choice O O $391,000 $437,000 $333,000 $467,000

Name: 2A company's inventory on December 31, 2024, was $333,000 based on a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 2A company's inventory on December 31, 2024, was $333,000 based on a physical count priced at cost, and before any necessary adjustment for the following:• Inventory costing $38,000, shipped f.o.b. shipping point from a vendor on December 30, 2024,

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

Give me correct answer with explanation.h
At December 31, 2025, suppose that Whispering Company's inventory records indicated a balance of $620000. Upon further investigation it was determined that this amount included the following: ▪ $127000 in inventory purchases made by Whispering shipped from the seller on December 27, 2025 terms FOB destination, but not due to be received until January 2, 2026 $70000 in goods sold by Whispering with terms FOB destination on December 27, 2025. The goods are not expected to reach their destination until January 6, 2026 $7000 of goods received on consignment from Sandra Company ■ What is Whispering's correct ending inventory balance at December 31, 2025? $493000 $486000 O $416000 O $613000 Save for Later Attempts: 0 of 1 used Submit Answer
A physical inventory count showed ABC Company had inventorycosting $428,000 on hand at December 31, 2025. This amountdid not include the following:1. Inventory costing $39,000 that was shipped to acustomer FOB shipping point on December 30, 2025.The inventory was expected to be received by thecustomer on January 3, 2026.2. Inventory costing $17,000 that was shipped to acustomer FOB destination point on December 29, 2025.The inventory was expected to be received by thecustomer on January 6, 2026.3. Inventory costing $26,000 that ABC Company hadpurchased from one of its suppliers. The goodswere shipped to ABC Company on December 31, 2025.ABC Company expects to receive the inventory onJanuary 4, 2026. The shipping terms were FOBshipping point.Calculate the correct dollar amount of ending inventoryto be reported on ABC Company’s December 31, 2025 balancesheet.
On December 31, 2018, Inventory for Company X was $30,000. On December 31, 2019 the Inventory amount was $15,000. During 2019, the change in Inventory represented: A $15,000 Operating Outflow. A $15,000 Operating Inflow. A $45,000 Operating Inflow. A $45,000 Operating Outflow.
What is the correct amount of inventory on December 31, 2024?
.
Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer
PROBLEM: Based on its general ledger/records, Alfonso Co. reported inventory of P356,400 at the end of 2021. The following items were included in the inventory total: P31,500 worth of goods shipped by "Free Along Side" on December 31, 2021, and received by Alfonso Co. on January 5, 2022. а. Goods worth P12,400 ordered from a supplier on December 26, 2021, were shipped on December 28 "Cost, Insurance, and Freight" but had not arrived by December 31. b. P14,800 worth of goods ordered on December 25, 2021, were shipped to Alfonso Co. FOB "Ex-ship" on December 28, 2021, and received on January 2, С. 2022. d. A client ordered P21,600 worth of goods on December 27, 2021, which were dispatched FOB Seller on December 29, 2021, and received by the customer on January 5, 2022. On December 29, 2021, goods worth P12,500 were shipped FOB Buyer to a client. The goods are still on their way, and the customer anticipates receiving them on January 6, 2022. е. What is the correct inventory amount to…
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
Boulder, Incorporated is computing its inventory at December 31, 2022. The following information relates to the five major inventory items regularly stocked for resale: Item A B C D E Item A B Required: Using the lower of cost or net realizable value, compute the total valuation for each inventory item at December 31 2022, and the total inventory valuation. C Ending Inventory, Quantity on December 31, 2022 Unit Hand 140 190 45 340 740 D E Total Inventory Valuation $ Net Realizable Value (Market) at Cost when Acquired (FIFO) December 31, 2022 $44 $39 $54 $56 $104 $84 $66 $16 0 $64 $19
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot
Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow: 2019 2020 1stQ 2ndQ 3rdQ 4thQ 1stQ Sales $ 14,000 $ 16,000 $ 18,000 $ 20,000 $ 22,000 Cost of goods sold (LIFO) 4,400 5,400 6,200 7,400 8,900 Operating expenses 2,400 2,600 3,000 3,400 3,600 Income before income taxes $ 7,200 $ 8,000 $ 8,800 $ 9,200 $ 9,500 Income taxes (25%) 1,800 2,000 2,200 2,300 2,375 Net income $ 5,400 $ 6,000 $ 6,600 $ 6,900 $ 7,125 If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: 2019 2020 1stQ 2ndQ 3rdQ 4thQ…