Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

Samson Company provided you with the following information: • Items counted in the warehouse.. • Items included in the count specifically segregated per sale contract with a customer. • Items in the receiving department, returned by a customer, in good condition... • Items ordered and in the receiving department. • Items ordered, invoice received but goods not received, freight is on account of seller.. • Items shipped today, invoice mailed to customer, FOB shipping point... • Items shipped today, invoice mailed, FOB destination.. • Items currently being used for window display.. • Items on the counters for sale.... • Damaged items returned, refused by receiving department 180,000 • Items included in the count, damaged and unsalable.. • Items in the shipping department ready for delivery.. What is the correct amount of inventory? .P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 50,000 250,000 A P5 70o 000 R P6 000 000 C P5 800 000 P5 150 000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1CP

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Oust the Turtle Corporation provided the following data as of December 31, 2020: Items counted in the bodega 4,000,000Items included in the count specifically segregated per sales contract 100,000Items in receiving department, returned by customer, in good condition 50,000Items ordered and in the receiving department, invoice not received 400,000Items ordered, invoice received but goods not received. Burden of freight is on the buyer 300,000Items shipped today, invoice mailed, FOB shipping point 250,000Items shipped today, invoice mailed, FOB destination 150,000Items currently held on consignment and in bodega…
baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?
The Consignment Out account of Jackie Department Store is shown below (image): The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute the amount to be remitted by the consignee. Compute for the consignment profit.
You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…
ABC Co. provides the following data with respect to its inventory:Items counted in the bodega, P4,500,000Items included in count specifically segregated per sales contract, P100,000Items returned by customer, P20,000Items ordered and in receiving department, P400,000Items shipped out today, FOB destination, P175,000Items for display, P220,000Items on counter for sale, P800,000Damaged and unsalable items included in count, P75,000Items in the shipping department, P350,000Items ordered, invoice received but goods not received; freight is paid by seller, P200,000Items shipped out today, FOB shipping point, P250,000Required:Determine the correct amount of inventory.
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I'm having trouble with the following problem from Cengage. I’m getting error messages in the journalizing for Summit Company. Included are the instructions and screenshots of my results. Please help. The following selected transactions were completed during August between Summit Companyy and Beartooth Co. Aug 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, term FOB Destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. Paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675 which was added to the…
please help me with this =( On May 12, Wilcox Company accepted delivery of $20,000 of merchandise and received aninvoice dated May 11, with terms of 3/10, n/30, FOB Garner Company’s factory. When thegoods were delivered, Wilcox Company paid $185 to Express Shipping Service for the delivery charges on the merchandise. The next day, Wilcox Company returned $800 of defective goods to the seller, which received them one day later. On May 21, Wilcox Companymailed a cheque to Garner Company for the amount owed on that date. It was received thefollowing day Requireda. Present the journal entries that Wilcox Company should record for these transactions.b. Present the journal entries that Garner Company should record for these transactions.
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On June 3, Concord Company sold to Chester Company merchandise having a sale price of $3,300 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $94, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Concord Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.