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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 7, Problem 3P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Valuation of Inventory The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $94,550. The following items were not included in this inventory:

  1. 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,100, freight costs $220.
  2. 2. Goods out on consignment to Madman Company, sales price $4,200, shipping costs of $250.
  3. 3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.
  4. 4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.
  5. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.

Required:

Determine the cost of the ending inventory that Reddall should report on its December 31, 2019, balance sheet, assuming that its selling price is 140% of the cost of the inventory.

To determine

Compute the cost of the ending inventory to be shown in the balance sheet of Company R.

Explanation

Cost of goods sold:

Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.

Compute the ending inventory of Company R for the year end:

ParticularsAmount ($)Amount ($)
Ending inventory before adjustments $ 94,550
Add:  
Goods in transit (FOB shipping)$ 4,100  
Freight costs$ 220  
Goods out on consignment (1)$ 3,250  
Good sold to Company G, FOB destination (2)$ 1,230  
Total cost  $ 8,800
Closing balance $ 103,350

Table (1)

The ending inventory at the year-end for Company R is $103,350.

Working note (1):

Compute the goods out on consignment...

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Ch-7 P-1GICh-7 P-2GICh-7 P-3GICh-7 P-4GICh-7 P-5GICh-7 P-6GICh-7 P-7GICh-7 P-8GICh-7 P-9GICh-7 P-10GI
Ch-7 P-11GICh-7 P-12GICh-7 P-13GICh-7 P-14GICh-7 P-15GICh-7 P-16GICh-7 P-17GICh-7 P-18GICh-7 P-19GICh-7 P-20GICh-7 P-21GICh-7 P-22GICh-7 P-23GICh-7 P-24GICh-7 P-25GICh-7 P-26GICh-7 P-27GICh-7 P-28GICh-7 P-29GICh-7 P-30GICh-7 P-1MCCh-7 P-2MCCh-7 P-3MCCh-7 P-4MCCh-7 P-5MCCh-7 P-6MCCh-7 P-7MCCh-7 P-8MCCh-7 P-9MCCh-7 P-10MCCh-7 P-1RECh-7 P-2RECh-7 P-3RECh-7 P-4RECh-7 P-5RECh-7 P-6RECh-7 P-7RECh-7 P-8RECh-7 P-9RECh-7 P-10RECh-7 P-11RECh-7 P-12RECh-7 P-13RECh-7 P-14RECh-7 P-15RECh-7 P-1ECh-7 P-2ECh-7 P-3ECh-7 P-4ECh-7 P-5ECh-7 P-6ECh-7 P-7ECh-7 P-8ECh-7 P-9ECh-7 P-10ECh-7 P-11ECh-7 P-12ECh-7 P-13ECh-7 P-14ECh-7 P-15ECh-7 P-16ECh-7 P-17ECh-7 P-18ECh-7 P-19ECh-7 P-20ECh-7 P-21ECh-7 P-22ECh-7 P-1PCh-7 P-2PCh-7 P-3PCh-7 P-4PCh-7 P-5PCh-7 P-6PCh-7 P-7PCh-7 P-8PCh-7 P-9PCh-7 P-10PCh-7 P-11PCh-7 P-12PCh-7 P-13PCh-7 P-14PCh-7 P-15PCh-7 P-16PCh-7 P-17PCh-7 P-1CCh-7 P-2CCh-7 P-3CCh-7 P-4CCh-7 P-5CCh-7 P-6CCh-7 P-7CCh-7 P-8CCh-7 P-11C

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