Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $560 of goods held on consignment for Woods Corporation. Not included in the physical count were $780 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $190 of goods sold to Myers Ltd. for $340, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory? December 31 inventory

Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $560 of goods held on consignment for Woods Corporation. Not included in the physical count were $780 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $190 of goods sold to Myers Ltd. for $340, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory? December 31 inventory

Name: Blue Spruce Ltd. took a physical inventory count on December 31 and d
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Description: Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. Thisamount included $560 of goods held on consignment for Woods Corporation. Not included in the physical count were $780 of goods

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...

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Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
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