Current Attempt in Progress Sheffield Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $330.000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. 2. Your answer is incorrect. 3. Sheffield has sent inventory costing $23,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory $

Current Attempt in Progress Sheffield Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $330.000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. 2. Your answer is incorrect. 3. Sheffield has sent inventory costing $23,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory
Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1. Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory $enter the Correct December 31 inventory in dollars
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Q: Which misstatement below is more difficult to detect? Explain.(i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from the ending inventory balance as they are set aside for delivery after year end. The ending balance of inventory as on the statement of financial position was $ 600,000.(ii) Inventory list shows 40 boxes of rice but only 38 boxes were found in the warehouse.(iii) The inventory has a cost of $600,000 and realizable value of $540,000 as the items are outdated. The ending balance of inventory as on the statement of financial position was $ 600,000.
Al Shams Company completed its inventory count. It arrived at a total inventory value of OMR 30,000. As a new member of Al Shams accounting department, you have been given the information listed below. Discuss how this information affects the reported cost of inventory. 1. Al Shams included in the inventory goods held on consignment for Al Najm Co., costing OMR 2000. 2. The company did not include in the count purchased goods of OMR 3,000 which were in transit (terms: FOB destination). 3. The company did not include in the count sold inventory with a cost of OMR 1,500 which was in transit (terms: FOB Destination). 4. The company did not include in the count purchased goods of OMR 5,000 which were in transit (terms: FOB shipping point ).