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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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X 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 200,000. In reviewing the details of the count and related inventory transactions, you discover the following: 1. X company included in the count consigned goods costing $ 5000 shipped from other company 2. The company didn't include in the inventory count the goods (cost, $25,000) that were purchased on December 28, terms FOB shipping point. The goods are in transit on December 31. 3. The company included in the inventory count the goods (cost, $35,000) that were sold with terms of FOB shipping point. The goods are in transit on December 31. 4. The company didn't include in the inventory count supplies remain on hand 31/12 costing $1500. REQUIRED: Calculate correct inventory on hand?
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- Subject: acountingarrow_forwardPlease do not give solution in image format thankuarrow_forwardSheffield Corp. accumulates the following cost and market data at December 31. Inventory Categories Cost Data Market Data Cameras $12,188 $13,228 Camcorders 8,758 9,458 DVDs 11,304 9,814 Compute the lower-of-cost-or-market valuation for company’s inventory. The lower-of-cost-or-market value $Enter a dollar amountarrow_forward
- Shamrock, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Units Cost per Unit Market per Unit Cameras Minolta 5 $187 $173 Canon 7 160 170 Light Meters Vivitar 12 116 108 Kodak 10 114 125 What amount should be reported on Shamrock, Inc.’s financial statements, assuming the lower-of-cost-or-market rule is applied? Total $Enter a dollar amount that should be reported on Shamrock, Inc.’s financial statementsarrow_forwardNonearrow_forwardPlease do not give solution in image formatarrow_forward
- The accounting records of Cullumber Electronics show the following data. Beginning inventory Purchases Sales 4,000 units at 8,500 units at $8 10,700 units at $11 * Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media $6 X Your answer is incorrect. Cost of goods sold $ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to O decimal places, e.g. 125.) FIFO 5.36 56,200 $ LIFO 59,800 $ Average-cost 57,352arrow_forwardYour answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80arrow_forwardSkysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost 6 11 13 18 $173 146 The ending inventory $ 136 125 Net Realizable Value $163 170 104 128 What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?arrow_forward
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