Johnnie Walker Company provided the following data at year-end: Items counted in the warehouse (including P50,000 damaged and unsalable goods) Special order items included in the count specifically segregated per sale contract Goods held on consignment, included in count Items in the receiving department, returned by customer in good condition Items ordered and in the receiving department Items ordered; invoice received but goods not received. Freight is on account of 1 P4,050,000 100,000 3 250,000 50,000 5 400,000 seller 300,000 Items ordered; invoice received but goods not received. Freight is on account of buyer Items shipped today, invoice mailed, FOB shipping point Items shipped today, invoice mailed, FOB destination Goods out on consignment at sales price, cost P150,000 Items currently being used for window display 7 240,000 250,000 8 9 150,000 10 200,000 11 200,000
Johnnie Walker Company provided the following data at year-end: Items counted in the warehouse (including P50,000 damaged and unsalable goods) Special order items included in the count specifically segregated per sale contract Goods held on consignment, included in count Items in the receiving department, returned by customer in good condition Items ordered and in the receiving department Items ordered; invoice received but goods not received. Freight is on account of 1 P4,050,000 100,000 3 250,000 50,000 5 400,000 seller 300,000 Items ordered; invoice received but goods not received. Freight is on account of buyer Items shipped today, invoice mailed, FOB shipping point Items shipped today, invoice mailed, FOB destination Goods out on consignment at sales price, cost P150,000 Items currently being used for window display 7 240,000 250,000 8 9 150,000 10 200,000 11 200,000
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
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 13E: The following are independent errors made by a company that uses the periodic inventory system: a....
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