280View PoliciesCurrent Attempt in ProgressCarla Vista Company took a physical inventory on December 31 and determined that goods costing $236,000 were on hand. Notincluded in the physical count were $29,500 of goods purchased from Pelzer Corporation, FOB, shipping point, and $25,960 of goodssold to Alvarez Company for $35,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.What amount should Carla Vista report as its December 31 inventory?Ending inventorySave for LaterLAeTextbook and MediaA$2MAR1Attempts: 0 of 3 usedSubmit Answer

The objective of the question is to determine the value of the inventory that Carla Vista Company…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Buildings and equipment, net Accounts payable Common shares Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data are as follows: March (actual) April May June $50,000 $60,000 $72,000 $ 8,000 20,000 36,000 120,000 21,750 150,000 12,250 July $90,000 $48,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other one-half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows:…
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