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A whisteblower notified Bandolin Co. that one of its employees is stealing its merchandise. A physical count on Nov. 30, 20x1 revealed P 443, 000 of Product X were on hand. The accounting records shows the following:   Inventory, jan 1 162, 000   Purcases, Jan 1 to Nov. 30( includes P56,000 goods in transit shipped FOB shipping point) 3,324,000   Purchase return and discounts 16,000   Freight in 104,000   Sales 4,654,000   Sales returns 10,000   Bandolin Co, consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft?   a. 555,400 b. 499,400 c. 112,400 d. 56,400

A whisteblower notified Bandolin Co. that one of its employees is stealing its merchandise. A physical count on Nov. 30, 20x1 revealed P 443, 000 of Product X were on hand. The accounting records shows the following:   Inventory, jan 1 162, 000   Purcases, Jan 1 to Nov. 30( includes P56,000 goods in transit shipped FOB shipping point) 3,324,000   Purchase return and discounts 16,000   Freight in 104,000   Sales 4,654,000   Sales returns 10,000   Bandolin Co, consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft?   a. 555,400 b. 499,400 c. 112,400 d. 56,400

Intermediate Accounting: Reporting And Analysis
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 13P: Errors As controller of Lerner Company, which uses a periodic inventory system, you discover the...
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A whisteblower notified Bandolin Co. that one of its employees is stealing its merchandise. A physical count on Nov. 30, 20x1 revealed P 443, 000 of Product X were on hand. The accounting records shows the following:

 

Inventory, jan 1 162, 000

 

Purcases, Jan 1 to Nov. 30( includes P56,000 goods in transit shipped FOB shipping point) 3,324,000

 

Purchase return and discounts 16,000

 

Freight in 104,000

 

Sales 4,654,000

 

Sales returns 10,000

 

Bandolin Co, consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft?

 

a. 555,400 b. 499,400 c. 112,400 d. 56,400

 

transit shipped FOB shipping point) Purchase returns and discounts A whistleblower notified Bandolin Co. that one of its employees is stealing its merchandise. A physical count on apter 8 hand. The accounting records show the following: Nov. 30, 20x1 revealed that P443,000 of Product X were on Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in wntory 451 histleblower notified Bandolin Co. that one of its 1? y over NO The accounting records show the foflowing; Inventory, Jan. 1 chases, Jan. 1 to NOV. 30 (includes P56,000 goods in 162,000 ransit shipped FOB shipping point) 3,324,000 16,000 Freight-in 104,000 Sales 4,654,000 10,000 Sales returns to Bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? c. 112,400 d. 56,400 b. 499,400 a. 555,400 orn, was organized on January 1, 2001. On Lito inventory in a Color
Transcribed Image Text:transit shipped FOB shipping point) Purchase returns and discounts A whistleblower notified Bandolin Co. that one of its employees is stealing its merchandise. A physical count on apter 8 hand. The accounting records show the following: Nov. 30, 20x1 revealed that P443,000 of Product X were on Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in wntory 451 histleblower notified Bandolin Co. that one of its 1? y over NO The accounting records show the foflowing; Inventory, Jan. 1 chases, Jan. 1 to NOV. 30 (includes P56,000 goods in 162,000 ransit shipped FOB shipping point) 3,324,000 16,000 Freight-in 104,000 Sales 4,654,000 10,000 Sales returns to Bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? c. 112,400 d. 56,400 b. 499,400 a. 555,400 orn, was organized on January 1, 2001. On Lito inventory in a Color
Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in 2 A whistleblower notified Bandolin Co. that one of its Nov. 30, 20x1 revealed that P443,000 of Product X were on hand. The accounting records show the following: 451 aployees is stealing its merchandise. A physical count on ent 30 20x1 revealed that P443,000 of Product X were on and. The accounting records show the following: w.thd Inventory, Jan. 1 Purchases, Jan. I to Nov. 30 (includes P56,000 goods in transit shipped FOB shipping point) 162,000 3,324,000 Purchase returns and discounts 16,000 Freight-in 104,000 • Sales 4,654,000 10,000 • Sales returns bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? a. 555,400 d. 56,400 c. 112,400 b. 499,400 Tfrembor 31 2002 the company lost most of its inventory in a aount of inventory was Northstar Sales Corp, was organized on January 1, 2001. On
Transcribed Image Text:Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in 2 A whistleblower notified Bandolin Co. that one of its Nov. 30, 20x1 revealed that P443,000 of Product X were on hand. The accounting records show the following: 451 aployees is stealing its merchandise. A physical count on ent 30 20x1 revealed that P443,000 of Product X were on and. The accounting records show the following: w.thd Inventory, Jan. 1 Purchases, Jan. I to Nov. 30 (includes P56,000 goods in transit shipped FOB shipping point) 162,000 3,324,000 Purchase returns and discounts 16,000 Freight-in 104,000 • Sales 4,654,000 10,000 • Sales returns bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? a. 555,400 d. 56,400 c. 112,400 b. 499,400 Tfrembor 31 2002 the company lost most of its inventory in a aount of inventory was Northstar Sales Corp, was organized on January 1, 2001. On
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