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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- 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
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