In an annual audit of Whispering Winds Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $443,000. You also discover that the following items were excluded from the $443,000 1 2. 3. 4. 5. 6. 7 Merchandise of $61.700 is held by Whispering Winds on consignment from BonBon Corporation Merchandise costing $33,700 was shipped by Whispering Winds fob. destination to XYZ Ltd. on December 31, 2023. This merchandise was accepted by XYZ on January 6, 2024. Merchandise costing $46,300 was shipped to.b. shipping point to ABC Company on December 29, 2023. This merchandise was received by ABC on January 10, 2024. 4 Merchandise costing $73.300 was shipped to b. destination from Wholesaler Inc. to Whispering Winds on December 30, 2023. Whispering Winds received the items on January 3, 2024. Merchandise costing $51.400 was shipped by Distributor Ltd. fo.b. shipping point on December 30, 2023, and received at Whispering Winds's office on January 2, 2024 Whispering Winds had excess inventory and incurred an additional $1.430 in storage costs due to delayed shipment in transaction (3) above Whispering Winds incurred $2.180 for interest expense on inventory it purchased through delayed payment plans in fiscal 2023
In an annual audit of Whispering Winds Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $443,000. You also discover that the following items were excluded from the $443,000 1 2. 3. 4. 5. 6. 7 Merchandise of $61.700 is held by Whispering Winds on consignment from BonBon Corporation Merchandise costing $33,700 was shipped by Whispering Winds fob. destination to XYZ Ltd. on December 31, 2023. This merchandise was accepted by XYZ on January 6, 2024. Merchandise costing $46,300 was shipped to.b. shipping point to ABC Company on December 29, 2023. This merchandise was received by ABC on January 10, 2024. 4 Merchandise costing $73.300 was shipped to b. destination from Wholesaler Inc. to Whispering Winds on December 30, 2023. Whispering Winds received the items on January 3, 2024. Merchandise costing $51.400 was shipped by Distributor Ltd. fo.b. shipping point on December 30, 2023, and received at Whispering Winds's office on January 2, 2024 Whispering Winds had excess inventory and incurred an additional $1.430 in storage costs due to delayed shipment in transaction (3) above Whispering Winds incurred $2.180 for interest expense on inventory it purchased through delayed payment plans in fiscal 2023
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1CP
Related questions
Question
Subject :- Accounting
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT