TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of goods were on hand. TS Inc. determined that $12,000 of goods held and included in the court were being held on consignment from PDJ outlet. Additionally, because of high rates of return on some products, TS has established an estimate of items that will be returned of $17,000. What amount should TS report in their year-end balance sheet for the inventory account?
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TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of goods were on hand. TS Inc. determined that $12,000 of goods held and included in the court were being held on consignment from PDJ outlet. Additionally, because of high
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- Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Citizen Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Citizen report as inventory at the end of the year?Butter Company took a physical inventory at the end of the year and determined that $190,000 of goods were on hand. In addition, the entity determined that $24,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold $10,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at year-end? Select one: a. $214,000 b. $190,000 c. $200,000 d. $224,000Brandy Company took a physical inventory at the end of the year and determined that P2,600,000 of goods were on hand. In addition, the entity determined that P200,000 of goods purchased in transit shipped FOB shipping point were actually received two days after the physical count and that the entity had P300,000 of goods out on consignment. What amount should be reported as inventory at a year-end
- Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were on hand. In addition, Bell Inc., determined that $60k of goods that were in transit that were shipped F.O.B. shipping point were actually received two days after the inventory count and that the company had $90k of goods out on consignment. What amount should Bell report as inventory at the end of the year? a.) 780k b.) 860k c.) 870k d.) 930kHACHING Company suspects that there is missing inventory in its warehouse at December 31, 2021. All sales and purchases were made on account. Also, the gross profit ratebased on net sales is consistent every year. To aid in your investigation, you obtained the following: How much is the net sales revenue for the year?
- Umatilla Bank and Trust is considering giving Whispering Winds Corp. a loan. Before doing so, it decides that further discussions with Whispering Winds's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $300,800. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Whispering Winds shipped goods costing $44,300 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $93.500 that were shipped to Whispering Winds FOB destination on December 27 and were still in transit at year-end. Whispering Winds received goods costing $22.500 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. Whispering Winds shipped…Tri-State Bank and Trust is considering giving Crane Company a loan. Before doing so, management decides that further discussions with Crane's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $290,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Crane shipped goods costing $34,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $91,000 that were shipped to Crane FOB destination on December 27 and were still in transit at year-end. Crane received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Crane shipped goods costing $33,000 to Jesse Co., FOB destination, on…Tri-State Bank and Trust is considering giving Waterway Company a loan. Before doing so, management decides that further discussions with Waterway's accountant may be desirable. One area of particular concern is the inventory account, which has a year- end balance of $302,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Waterway sold goods costing $36,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $95.000 that were shipped to Waterway FOB destination on December 27 and were still in transit at year-end. Waterway received goods costing $21,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Waterway sold goods costing $30,000 to Jesse Co., FOB…
- Tri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management decides that further discussions with Swifty's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $310,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Swifty shipped goods costing $36,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $92,000 that were shipped to Swifty FOB destination on December 27 and were still in transit at year-end. Swifty received goods costing $20,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Swifty shipped goods costing $35,000 to Jesse Co., FOB…Wikki Inc. had the following transactions for the current year with respect to its inventory: On January 1, the entity purchased 50,000 units at P100 per unit. During the year, the entity sold 40,000 units at P180 per unit. The entity paid P700,000 for operating expenses. The current replacement cost of the inventory on December 31 is P150 per unit. Required: Based on the result of your audit, determine the following: What is the realized holding gain on inventory for 2010? What is the unrealized holding gain on inventory for 2010? What is the cost of sales to be reported under current cost accounting?Umatilla Bank and Trust is considering giving Novak Corp. a loan. Before doing so, it decides that further discussions with Novak’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $261,940. Discussions with the accountant reveal the following. 1. Novak shipped goods costing $55,800 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $97,720 that were shipped to Novak FOB destination on December 27 and were still in transit at year-end. 3. Novak received goods costing $25,980 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4. Novak shipped goods costing $54,080 to Ehler of Canada FOB…