TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of goods were on hand. TS Inc. determined that $12,000 of goods held and included in the court were being held on consignment from PDJ outlet. Additionally, because of high rates of return on some products, TS has established an estimate of items that will be returned of $17,000. What amount should TS report in their year-end balance sheet for the inventory account?

Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O O O O 68 days 204 days 66 days 102 days

During 2025, which was the first year of operations, Ivanhoe Company purchased inventory with a cost of $973000 before cash discounts. All purchases were made on terms of 2/10, n/30. Three-fourths of the items purchased were paid for within 10 days of purchase. All of the goods available had been sold at year end. Which of the following recording procedures would result in the highest cost of goods sold for 2025? 1. Recording purchases at gross amounts 2. Recording purchases at net amounts, with the amount of discounts not taken shown under "other expenses" in the income statement 01 02 O Either 1 or 2 will result in the same cost of goods sold. O Cannot be determined from the information provided.

Denger

At the beginning of the year, Snaplt had $10,000 of inventory. During the year, Snaplt purchased $35, 000 of merchandise and sold $30,000 of merchandise. A physical count of inventory at year-end shows $14,000 of inventory exists. Prepare the entry to record inventory shrinkage.

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system.

Tamarisk, Inc. took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in the physical count were $29,000 of goods purchased from Sheffield Corp., FOB, shipping point, and $24,000 of goods sold to Wildhorse Co. for $33,000, FOB destination. Both the Sheffield purchase and the Wildhorse sale were in transit at year-end. What amount should Tamarisk report as its December 31 inventory? Ending Inventory $

Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing $216,000 were on hand. Not included in the physical count were $30,000 of goods purchased from Tamarisk, Inc., FOB, shipping point, and $21,500 of goods sold to Sheffield Corp. for $32,000, FOB destination. Both the Tamarisk purchase and the Sheffield sale were in transit at year-end.What amount should Vaughn report as its December 31 inventory? Ending Inventory   $enter Ending Inventory in dollars