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„Problem 13-14 (AICPA Adapted) L What is the amount of gross profit for the eleven months ended May 31, 2020? In conducting an audit of Ultimate Company for the year ended June 30, 2020, the CPA observed the physical inventory at an interim date, May 31, 2020, instead of at year end. a 1,680,000 b 1,725,000 c. 1,735,000 d. 1,670,000 The following information was obtained from the general ledger. 2 What is the amount of sales for the month of June? Inventory, July 1, 2019 Physical inventory, May 31, 2020 Sales for 11 months ended May 31, 2020 Sales for year ended June 30, 2020 Purchases for 11 months ended May 31, 2020 before audit adjustments Purchases for year ended June 30, 2020 before audit adjustments 875,000 950,000 8,400,000 9,600,000 1,100,000 b. 1,200,000 c. 1,300,000 d. 1,400,000 . What is the cost of goods sold for the month of June ? 8. 6,750,000 8,000,000 1. Shipments received in May and included in the physical inventory but recorded as June purchases a. 960,000 b. 880,000 c. 980,000 d. 950,000 75,000 b. Shipments received in unsalable condition and exduded from physical inventory. Credit memos had not been received nor had chargebacks to vendors been recorded: 4 What is the inventory on June 30, 2020: Total at May 31, 2020 Total at June 30, 2020, including the May unrecorded chargebacks a 1,160,000 b. 1,240,000 c. 1,340,000 d. 1,140,000 10,000 15,000 c. Deposit made with vendor and charged to purchases in Ápril, 2020. Product was shipped in July, 2020 - 20,000 d. Deposit made with vendor and charged to purchases in May, 2020. Product was ahipped FOB destination, on May 29, 2020 and was included in May 31, 2020 physical inventory as goods in transit 55,000 e. Through the careleseness of the receiving department aJune shipment was damaged by rain. This ehipment was later sold in June at ite cost of 100,000

„Problem 13-14 (AICPA Adapted) L What is the amount of gross profit for the eleven months ended May 31, 2020? In conducting an audit of Ultimate Company for the year ended June 30, 2020, the CPA observed the physical inventory at an interim date, May 31, 2020, instead of at year end. a 1,680,000 b 1,725,000 c. 1,735,000 d. 1,670,000 The following information was obtained from the general ledger. 2 What is the amount of sales for the month of June? Inventory, July 1, 2019 Physical inventory, May 31, 2020 Sales for 11 months ended May 31, 2020 Sales for year ended June 30, 2020 Purchases for 11 months ended May 31, 2020 before audit adjustments Purchases for year ended June 30, 2020 before audit adjustments 875,000 950,000 8,400,000 9,600,000 1,100,000 b. 1,200,000 c. 1,300,000 d. 1,400,000 . What is the cost of goods sold for the month of June ? 8. 6,750,000 8,000,000 1. Shipments received in May and included in the physical inventory but recorded as June purchases a. 960,000 b. 880,000 c. 980,000 d. 950,000 75,000 b. Shipments received in unsalable condition and exduded from physical inventory. Credit memos had not been received nor had chargebacks to vendors been recorded: 4 What is the inventory on June 30, 2020: Total at May 31, 2020 Total at June 30, 2020, including the May unrecorded chargebacks a 1,160,000 b. 1,240,000 c. 1,340,000 d. 1,140,000 10,000 15,000 c. Deposit made with vendor and charged to purchases in Ápril, 2020. Product was shipped in July, 2020 - 20,000 d. Deposit made with vendor and charged to purchases in May, 2020. Product was ahipped FOB destination, on May 29, 2020 and was included in May 31, 2020 physical inventory as goods in transit 55,000 e. Through the careleseness of the receiving department aJune shipment was damaged by rain. This ehipment was later sold in June at ite cost of 100,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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I What is the amount of gross profit for the eleven months 2 What is the amount of sales for the month of June? a What is the cost of goods sold for the month of June ? at an interim date, May 31, 2020, instead of at year end. ended June 30, 2020, the CPA observed the physical inventory The following information was obtained from the general „Problem 13-14 (AICPA Adapted) ended May 31, 2020? year In conducting an audit of Ultimate Company for the a 1,680,000 b. 1,725,000 C. 1,735,000 d. 1,670,000 ledger. Inventory, July 1, 2019 Physical inventory, May 31, 2020 Sales for 11 months ended May 31, 2020 Sales for year ended June 30, 2020 Purchases for 11 months ended May 31, 2020 before audit adjustments Purchases for year ended June 30, 2020 before audit adjustments 875,000 950,000 8,400,000 9,600,000 в. 1,100,000 b. 1,200,000 c. 1,300,000 d. 1,400,000 er 14 6,750,000 8,000,000 1. Shipments received in May and included in the physical inventory but recorded as June purchases a. 960,000 b. 880,000 c. 980,000 d. 950,000 75,000 b. Shipments received in unsalable condition and exduded from physical inventory. Credit memos had not been received nor had chargebacks to vendors been recorded: A What is the inventory on June 30, 2020 a. 1,160,000 b. 1,240,000 c. 1,340,000 d. 1,140,000 10,000 Total at May 31, 2020 Total at June 30, 2020, including the May unrecorded chargebacks 15,000 c. Deposit made with vendor and charged to purchases in Ápril, 2020. Product was shipped in July, 2020 - 20,000 d. Deposit made with vendor and charged to purchases in May, 2020. Product was shipped FOB destination, on May 29, 2020 and was included in May 31, 2020 physical inventory as goods in transit 55,000 e. Through the carelessness of the receiving department a June shipment was damaged by rain. This shipment was later sold in June at its cost of 100,000 376 377
Transcribed Image Text:I What is the amount of gross profit for the eleven months 2 What is the amount of sales for the month of June? a What is the cost of goods sold for the month of June ? at an interim date, May 31, 2020, instead of at year end. ended June 30, 2020, the CPA observed the physical inventory The following information was obtained from the general „Problem 13-14 (AICPA Adapted) ended May 31, 2020? year In conducting an audit of Ultimate Company for the a 1,680,000 b. 1,725,000 C. 1,735,000 d. 1,670,000 ledger. Inventory, July 1, 2019 Physical inventory, May 31, 2020 Sales for 11 months ended May 31, 2020 Sales for year ended June 30, 2020 Purchases for 11 months ended May 31, 2020 before audit adjustments Purchases for year ended June 30, 2020 before audit adjustments 875,000 950,000 8,400,000 9,600,000 в. 1,100,000 b. 1,200,000 c. 1,300,000 d. 1,400,000 er 14 6,750,000 8,000,000 1. Shipments received in May and included in the physical inventory but recorded as June purchases a. 960,000 b. 880,000 c. 980,000 d. 950,000 75,000 b. Shipments received in unsalable condition and exduded from physical inventory. Credit memos had not been received nor had chargebacks to vendors been recorded: A What is the inventory on June 30, 2020 a. 1,160,000 b. 1,240,000 c. 1,340,000 d. 1,140,000 10,000 Total at May 31, 2020 Total at June 30, 2020, including the May unrecorded chargebacks 15,000 c. Deposit made with vendor and charged to purchases in Ápril, 2020. Product was shipped in July, 2020 - 20,000 d. Deposit made with vendor and charged to purchases in May, 2020. Product was shipped FOB destination, on May 29, 2020 and was included in May 31, 2020 physical inventory as goods in transit 55,000 e. Through the carelessness of the receiving department a June shipment was damaged by rain. This shipment was later sold in June at its cost of 100,000 376 377
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