Windsor, Inc. took a physical inventory on December 31 and determined that goods costing $222,500 were on hand. Not included in the physical count were $31,000 of goods purchased from Bonita Industries, FOB, shipping point, and $25,500 of goods sold to Metlock, Inc. for $33,000, FOB destination. Both the Bonita purchase and the Metlock sale were in transit at year-end.What amount should Windsor report as its December 31 inventory? Ending Inventory   $

Q: Jackson Specialties has been in business for more than 50 years. The company maintains a per-petual…

A: LIFO stands for Last in first out. It is one of the important inventory management techniques. Under…

Q: For each of the following, indicate whether the item should be included in the inventory of Blade…

A: Inventory of the business means how much amount of goods lying in the business at the end like raw…

Q: Chavez Wholesale Inc. changed its method of valuing inventory from the average cost method to the…

A: To generate a journal entry, you enter transaction records into your company's books. Your journal…

Q: In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2020, showed…

A: 1) The consignment goods of are not owned by Oliva . so this transaction is excluded. 2) The…

Q: The following consignment transactions were recorded by Rizal Corporation during January,…

A: Consigned inventory includes the inventory sent but not yet sold.

Q: The Ogale Equipment Corporation maintains a general ledger account for each class of inventory,…

A: Serial No Date Description Debit Credit 1 Jan 2,2021 Account Receivable $ 8,100…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under LIFO method, using perpetual inventory system, Cost of goods sold and value of ending…

Q: Sandoval needs to determine its year-end inventory. The warehouse contains 23,000 units, of which…

A: 1.FOB shipping point purchases should be included in the ending inventory  2. Goods on consignment…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory refers to the stock that is left with the company at the end of the year or the stock that…

Q: Fashion House uses a perpetual inventory system. At thebeginning of the year, inventory amounted to…

A:

Q: What should be the reported amount of inventory on December 31, 2021? Eisha Company conducted a…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Concord Company took a physical inventory on December 31 and determined that goods costing…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

Q: Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to…

A: Prior period adjustments are the adjustments made to the prior period financial statements for the…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: Gawa Inc. had the following consignment transactions during the month of December 2020: Inventory…

A: Consignment inventory is a business arrangement where the consignor agrees to give their goods to a…

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: Freight on Board Destination means that the goods will be transferred and the legal title of the…

Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A:

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: A Shirts Company uses a periodic inventory system. During the first year of operations, the company…

A: Formula: weighted average cost per unit = Total purchase value / Total units Division of total…

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: The goods shipped to customer FOB shipping point, should not be included in inventory after the…

Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: King Supply maintains its internal inventory records using perpetual FIFO, but for financial…

A: Date Account Titles and Explanation Debit Credit   Cost of Goods sold  $      15,000…

Q: The following inventory transactions took place near December 31, 2021, the end of the Rasul…

A: A transaction is a formalized agreement between a buyer and a seller to transfer things, services,…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2020, showed…

A: SOLUTION- DETERMINE THE ITEMS TO BE INCLUDED OR EXCLUDED IN THE CALCULATION OF INVENTORY-   1-…

Q: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A: In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y…

A: Cost of goods sold = Beginning Inventory + Total Purchases - Ending Inventory

Q: Bonita Inc. took a physical inventory at the end of the year and determined that $845000 of goods…

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

Q: The home office bills its branch for shipment of goods at 25% above cost. During the year, goods…

A: Branch ending inventory at cost = allowance for overvaluation  / % above cost

Q: 17. Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods…

A: If the terms are FOB shipping point, the goods in transit are the property of the buyer. Hence, the…

Q: The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be…

A: Inventory error:   Inventory errors are sometimes caused by making mistake in physical count, in…

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…

A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A: Number of units sold = 4,500 + 9,000 = 13,500  Number of units purchased = 10,000 + 6,000 = 16,000…

Q: Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Your review of Mine Company's inventory and related records for the year revealed the following…

A: Opening inventory (O) = 450000 Purchases (P) = 3150000 Sales = 4200000 Gross profit ratio = 30%…

Q: XYZ owns a branch in New York. During the year, the home office shipped to the branch supplies…

A: As per periodical method the ending inventory is valued by physical count and it does not include…

Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Neel & Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the…

A: Neel & Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the…