2016 2017 (LO 3), AN Saies revente Cost ef goods sold Regirning inventory $3,120,000 1,200,000 170,000 210,000 $3,713,000 1,425,000 210,000 90,000 Cefencine OVr and days in inventory for 2016 and 2017. Discuss the the inventory turnover and days in inventory, and the EXERCISES E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical Determine the атоиnt. (LO 1), AN count. MACHINE WASH COLD SEPARATELY/ GENTLE CYCLE ONLY NON-CHLORINE BLEACH WHCN TUMBLE DRY COW HEAT! g and Analyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30 The goods were received in Canada on January 8. They were not included in Poh physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destinas on December 29. The shipment was a rush order that was supposed to arrive De ber 31. This purchase was included in the ending inventory of $275,000.
2016 2017 (LO 3), AN Saies revente Cost ef goods sold Regirning inventory $3,120,000 1,200,000 170,000 210,000 $3,713,000 1,425,000 210,000 90,000 Cefencine OVr and days in inventory for 2016 and 2017. Discuss the the inventory turnover and days in inventory, and the EXERCISES E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following. 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship- ping point on December 26 by Yanice Co. The goods were not included in the physical Determine the атоиnt. (LO 1), AN count. MACHINE WASH COLD SEPARATELY/ GENTLE CYCLE ONLY NON-CHLORINE BLEACH WHCN TUMBLE DRY COW HEAT! g and Analyzing Inventory 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30 The goods were received in Canada on January 8. They were not included in Poh physical inventory. 5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destinas on December 29. The shipment was a rush order that was supposed to arrive De ber 31. This purchase was included in the ending inventory of $275,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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Question
Transcribed Image Text:2016
2017
(LO 3), AN
Saies revente
Cost ef goods sold
Regirning inventory
$3,120,000
1,200,000
170,000
210,000
$3,713,000
1,425,000
210,000
90,000
Cefencine
OVr and days in inventory for 2016 and 2017. Discuss the
the inventory turnover and days in inventory, and the
EXERCISES
E6-1 Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing
so, it decides that further discussions with Pohl's accountant may be desirable. One area
of particular concern is the Inventory account, which has a year-end balance of $275,000.
Discussions with the accountant reveal the following.
1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point on
December 28. The goods are not expected to reach Hemlock until January 12. The
goods were not included in the physical inventory because they were not in the
warehouse.
2. The physical count of the inventory did not include goods costing $95,000 that were
shipped to Pohl FOB destination on December 27 and were still in transit at year-end.
3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB ship-
ping point on December 26 by Yanice Co. The goods were not included in the physical
Determine the
атоиnt.
(LO 1), AN
count.
Transcribed Image Text:MACHINE WASH COLD
SEPARATELY/ GENTLE CYCLE
ONLY NON-CHLORINE BLEACH
WHCN TUMBLE DRY
COW HEAT!
g and Analyzing Inventory
4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30
The goods were received in Canada on January 8. They were not included in Poh
physical inventory.
5. Pohl received goods costing $42,000 on January 2 that were shipped FOB destinas
on December 29. The shipment was a rush order that was supposed to arrive De
ber 31. This purchase was included in the ending inventory of $275,000.
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