At the end of the current period, a company checks its physical inventory against its records and discovers the following. 1,700 units (products) were in the warehouse. . . 23 of the 1,700 units in the warehouse were destroyed when a storage shelf collapsed. 180 units were loaded in a trailer. The units are to be delivered to a customer, terms FOB destination. . 140 units were out on consignment to a retailer. Determine the number of units in the company's period-end inventory. Units in Ending Inventory Units of Product in warehouse: Add: Less: Total units in period-end inventory 1,700 units units
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- Quiz Sandoval needs to determine its year-end inventory. The warehouse contains 22,000 units, of which 3,200 were damaged by flood and are not sellable. Another 2,200 units were purchased from Markor Company, FOB shipping point, and are currently in transit. The company also consigns goods and has 4,200 units at a consignee's location. How many units should Sandoval include in its year-end inventory? Multiple Choice 23,000 31,600 20,800 25,200 28,400Sandoval needs to determine its year-end inventory. The warehouse contains 23,000 units, of which 3,300 were damaged by flood and are not sellable. Another 2,300 units were purchased from Markor Company, FOB shipping point, and are currently in transit. The company also consigns goods and has 4,300 units at a consignee's location. How many units should Sandoval include in its year-end inventory?Jackal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation system. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 60,000 units Total cost of units available for sale in July 1,452,100 Cost of goods sold during July 1,164,100 Cost of beginning inventory, July 1 4.00 per unit Gross profit on sales for July 935,900 Day Units Unit Cost Total Cost 5-Jul 55,000 5.10 280,500 11-Jul (53,000) 5.00 265,000 15-Jul 45,000 5.50 247,500 16-Jul 47,000 5.30 249,100 1. What is the number of units on July 1? 2. Refer to Jackal Company. How many…
- Muller Computers stores its inventory in a warehouse that burned to the ground in late November, 2018. Their sales office was at a different location. In order to file a claim with their insurance, the owners ask you to estimate the inventory that was in the warehouse. The following information is available: Beginning Inventory 375,000 Purchases through November 30 470,250 Net sales revenue through november 30 793,000 The company's gross profit has historically been 40% of net sales revenue. Estimate the value of the inventory destroyed in the fire using the gross profit method. a.$528,550 b.$388,450 c.$369,950 d.$410,000The inventory of Swifty Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,000, Purchases $34,000, Freight-In $1,300, and Purchase Returns and Allowances $1,500.Determine the merchandise lost by fire, assuming: A beginning inventory of $20,000 and a gross profit rate of 32% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollarsThe inventory of Swifty Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,000, Purchases $34,000, Freight-In $1,300, and Purchase Returns and Allowances $1,500.Determine the merchandise lost by fire, assuming: A beginning inventory of $20,000 and a gross profit rate of 32% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollars A beginning inventory of $31,000 and a gross profit rate of 41% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollars
- Muller Computers stores its inventory in a warehouse that burned to the ground in late November, 2018. Their sales office was at a different location. In order to file a claim with their insurance, the owners ask you to estimate the inventory that was in the warehouse. The following information is available: Beginning inventory Purchases through November 30 Net sales revenue through November 30 $375,500 470,250 793,000 The company's gross profit has historically been 40% of net sales revenue. Estimate the value of the inventory destroyed in the fire using the gross profit method. a. $388,450 b. $410,000 c. $369,950 d. $528,55024. Cable Company reviewed its year-end inventory and found the following items: A. A package containing a product costing P81,600 was standing in the shipping area when the physical inventory was conducted. This was not included in the inventory because it was marked "Hold for shipping instructions The purchase order was dated December 19 but the package was shipped and the customer was billed January 2, 2021 B. A special machine, fabricated to order for a particular customer, was finished and in the shipping room on December 30, 2020. The customer, was billed on that date and the machine was excluded in the inventory. The machine costing P230.000 was shipped January 2, 2021 C Merchandise costing P23,500 was received on January 5, 2021 and the related purchase invoice was recorded January 5, 2021. The invoice showed the shipment was made December 29, 2020. FOB destination. D. Goods costing P150,000 were sold and delivered on December 20, 2020. The sale was accompanied by a repurchase…Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer:
- You are asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your cilents. You arrive on Thursday, December 30, and find that the inventory procedures have just been started. You spot a railway car on the sidetrack ar the unloading door and ask the warehouse superintendent, Buck Rogers, how he plans to inventory the contents of the car. He responds "We are not going to include the contents in the inventory." Later in the day, you ask the bookkeeper for the invoive on the carload and the related freight bill. The invoice lists the various items, prices, and extensions of the goods in the car. You note that the carload of goods in the car was $35,300. The frieght bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper affirms the fact that this invoice is to be held for recording in January. a. Does your cilent have a liability that should be recorded at December 31? Discuss. b. Prepare a journal entry(ies), if required,…Company A reported that a flood recently destroyed many of their financial records. The entity used average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 60,000 units Total cost of units available for sale in July 1,452,100 Cost of goods sold during July 1,164,100 Cost of beginning inventory, July 1 4.00 per unit Gross profit on sales for July 935,900 Units Unit Cost Total Cost 5-Jul 55,000 5.1 280,500 11-Jul 53,000 5 265,000 15-Jul 45,000 5.5 247,500 16-Jul 47,000 5.3 249,100 Total purchases 200,000 1,042,100 Determine: (1) Cost of ending inventory on July 31…On April 10, 2023, a fire damaged the office and warehouse of Sill Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2023: Sales Revenue (January 1-March 31, 2023), $180,000; Purchases (January 1- March 31, 2023), $94,000. The company's fiscal year ends on December 31. It uses a periodic inventory system. From an analysis of the April bank statement, you discover cancelled checks of $4,200 for cash purchases during the period April 1-10. Deposits during the same period totaled $18,500. Of that amount, 60% were collections on accounts receivable related to sales made in prior periods, and the balance was cash sales. Correspondence with the company's principal suppliers revealed $12,400 of purchases on account from April 1 to April 10. Of that amount, $1,600 was for merchandise in transit on April 10 that was shipped FOB destination. Correspondence with the company's principal customers produced acknowledgments of…