Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $2,734,800 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.

Items to Be Included in Inventory As the auditor of Hayes Company forthe year ended December 31, 2019, you found the following transactionsoccurred near its closing date: 1. Merchandise received on January 8, 2020, and costing $800 wasrecorded as inventory on January 8, 2020. An invoice on handshowed the shipment was made FOB shipping point on December31, 2019. Because the merchandise was not on hand at December31, 2019, it was not included in the 2019 inventory balance. 2. A product costing $600 was in Hayes's shipping room when thephysical inventory was taken. It was not included in the inventorybecause it was marked "Hold for customer's shipping instructions." Investigation revealed that the customer's order was datedDecember 18, 2019 but that the case was shipped and the customer billed on January 10, 2020.3. A machine, made to order for a customer, was finished onDecember 31, 2019, The customer had inspected it and wassatisfied with it. The customer was billed in full for $2,000…

At December 31, 2020, Sandhill’s Mercantile has Cost of Goods Sold of $50800 before adjusting entries are recorded. The physical count of inventory indicates that the actual inventory amount is $1500 less than the balance in the Inventory account. What balance will the company report for Cost of Goods Sold on the 2020 income statement? $49300.$50800.$52300.$53800.

Eros Company’s inventory at December 31, 2019 was P2,500,000 based on physical count priced at cost and before any necessary adjustment for the following: Merchandise costing P100,000, shipped FOB shipping point from a vendor on December 30, 2019 was received and recorded on January 5, 2020. Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2020. The goods billed to the customer FOB shipping point on December 30, 2019, had a cost of P400,000. What amount should Eros report as inventory it its December 31, 2019 balance sheet? choices: P2,900,000 P2,600,000 P3,000,000 P2,500,000

Wildhorse Company's inventory of $1,188,700 at December 31, 2025, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) (b) Goods shipped from a vendor f.o.b. shipping point on December 24, 2025, at an invoice cost of $64,330 to Wildhorse Company were received on January 4, 2026. The physical count included $31,420 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2025. The carrier picked up these goods on January 3, 2026. What amount should Wildhorse report as inventory on its balance sheet? Inventory to be reported $ +A

Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $11 5/5 Purchase 120 $13 5/15 Purchase 270 $15 5/25 Purchase 420 $17 Sales were 430 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.

A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $50,000 and then sells this inventory on account on March 7, 2021, for $70,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event select "No Journal Entry Required" in the first account field.)

Madison Company's perpetual inventory records indicate that $531,630 of merchandise should be on hand on October 31. The physical inventory indicates that $508,250 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not requíre an entry, leave it blank. Oct. 31

Manji

Rescue Sequences LLC purchased inventory by issuing a $30,000, 60-day, non-interest bearing note on October 1. Assume that the note is discounted at a 15% rate.   Required:   Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year.