FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inveritories, Part l 179
Required:
Determine the amount of the net inventory overage or shortage and give the
adjustment to the perpetual inventory records. Give any entry record the final
disposition of any discrepancy. (Note: An inventory shortage is a loss.)
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Transcribed Image Text:Inveritories, Part l 179 Required: Determine the amount of the net inventory overage or shortage and give the adjustment to the perpetual inventory records. Give any entry record the final disposition of any discrepancy. (Note: An inventory shortage is a loss.)
Problem 1
Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses a
perpetual inventory system. The items on hand are inventoried on a rotation
basis throughout the year so that all items are checked twice each year. At
the end of the year, the following data relating to goods on hand are
available:
From Perpetual Inventory
Units
From Physical
Count (units)
390
Product
Unit Cost
P12
A..
450
B..
1,500
2,000
8,000
13,000
5
1,520
1,950
7,980
13,100
......
D.......
E. .
426
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Transcribed Image Text:Problem 1 Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses a perpetual inventory system. The items on hand are inventoried on a rotation basis throughout the year so that all items are checked twice each year. At the end of the year, the following data relating to goods on hand are available: From Perpetual Inventory Units From Physical Count (units) 390 Product Unit Cost P12 A.. 450 B.. 1,500 2,000 8,000 13,000 5 1,520 1,950 7,980 13,100 ...... D....... E. . 426
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