Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in trans that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.

Wildhorse Company took a physical inventory on December 31 and determined that goods costing $676,000 were on hand. Not included in the physical count were $9,000 of goods purchased from Sandhill Corporation, f.o.b. shipping point, and $29,000 of goods sold to Ro-Ro Company for $37,000, f.o.b. destination. Both the Sandhill purchase and the Ro-Ro sale were in transit at year-end. What amount should Wildhorse report as its December 31 inventory? December 31 Inventory $ %24

Jillet Corporation began the year with inventory of 24,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: Purchased 120,000 additional units at a cost of $10 per unit. Terms of the purchases were 210/210 , n30/�30 . The company uses the gross method to record purchase discounts. The inventory was purchased f.o.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. 2,400 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges of $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received. The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) Sales for the year totaled 115,000 units at $18 per unit. (Hint: The cost of the…

Jillet Corporation began the year with inventory of 12,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: a. Purchased 60,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10. "/30. The company uses the gross method to record purchase discounts. The inventory was purchased f.o.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. b. 1,200 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges of $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received. The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) c. Sales for the year totaled 55,000 units at $18 per unit. (Hint: The cost of the inventory…

Manji

Vibrant Company had $1,040,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $570,000 in each of those years. It also maintained a $340,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $320,000 rather than the correct $340,000. 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. Cost of goods sold Cost of goods sold Gross profit Year 1 0 $ VIBRANT COMPANY Comparative Income Statements…

Denger

Delta Apparel Inc. uses a perpetual inventory system. At the beginning of the year inventory amounted to $ 50,000. During the year, the company purchased merchandise for $ 230,000 and sold merchandise costing $ 245,000. A physical inventory taken at year-end indicated shrinkage losses of $4,000. Prior to the recording of these shrinkage losses, the year-end balance in the companys Inventory account was :- a. $ 31,000 b. $ 35,000 c. $ 50,000 d. $ 55,00

Assuming the current ratio equals 2, which of the following would cause the current ratio to increase? O Accrual for payroll. Declaration of cash dividend. O Payment for inventory purchased on account. O Inventory purchased on account.

You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have determined the following information from your company’s records, which you assume is correct: Inventory of $296,064 was on hand at the start of the year. Purchases for the year totalled $2,028,000. Of this, $1,694,400 was purchased on account; that is, accounts payable was credited for this amount at the time of the purchase. A year-end inventory count revealed inventory of $389,760 Required: b) Assume now that your company uses the perpetualmethod of inventory control, and that your records show that $1,857,990 of inventory (at cost) was sold during the year. What is the adjustment needed to correct the records, given the inventory count in item 3 above?