Sheridan Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below. For each of the below independent transactions determine what amount should be included in inventory. (a) Your answer is correct. Lipstick products counted in the physical inventory amount to $21,500 which include $1,100 of duty charges for importing the goods and $2,600 of recoverable taxes (i.e. HST). (If an answer is zero, please enter O. Do not leave any fields blank.) (b) Inventory $ eTextbook and Media Inventory 18900 Makeup kits held on consignment by a retailer with a cost of $14,700 (inclusive of $1,200 of commissions to the retailer). (If an answer is zero, please enter O. Do not leave any fields blank.) $ Attempts: 1 of 3 used
Sheridan Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below. For each of the below independent transactions determine what amount should be included in inventory. (a) Your answer is correct. Lipstick products counted in the physical inventory amount to $21,500 which include $1,100 of duty charges for importing the goods and $2,600 of recoverable taxes (i.e. HST). (If an answer is zero, please enter O. Do not leave any fields blank.) (b) Inventory $ eTextbook and Media Inventory 18900 Makeup kits held on consignment by a retailer with a cost of $14,700 (inclusive of $1,200 of commissions to the retailer). (If an answer is zero, please enter O. Do not leave any fields blank.) $ Attempts: 1 of 3 used
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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