ADMS 3585 Lecture Notes - Lecture 5: Perpetual Inventory, Current Liability, Financial Statement

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chocolateworm656

1 Mar 2015

School

York University

Department

Administrative Studies

Course

ADMS 3585

Professor

Adeel Mahmood

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Document Summary

Use the following information for questions 14 and 15. The following information was available from the inventory records of lock company for. 1,000: assuming that lock uses the periodic inventory system, what should the inventory be at. January 31, using the weighted-average inventory method, rounded to the nearest dollar: ,237, ,260, ,360, ,505, assuming that lock uses the perpetual inventory system, what should the inventory be at. January 31, using the moving-average inventory method, rounded to the nearest dollar: ,237, ,260, ,360, ,505, tehran ltd. uses fifo to cost its inventory. March 1: purchase of 250 units @ . 50 per unit. April 10: sale of 100 units @ . 10 per unit. Assuming tehran uses the perpetual inventory system, the second entry to account for the april. Use the following information for questions 17 and 18. The following information is available for anselmo corporation"s inventories: At lower of cost and net realizable value (nrv): ,000.

Related Questions

Goods in transit that are shipped f.o.b. destination should be

a. included in the inventory of the buyer.

b. included in the inventory of the shipping company.

c. included in the inventory of the seller.

d. none of these.

roseyak795

The December 31, 2016, year-end inventory balance of the Raymond Corporation is $224,000. You have been asked to review the following transactions to determine if they have been correctly recorded.

1.	Goods shipped to Raymond f.o.b. destination on December 26, 2016, were received on January 2, 2017. The invoice cost of $37,000 is included in the preliminary inventory balance.
2.	At year-end, Raymond held $21,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.
3.	On December 29, merchandise costing $6,700 was shipped to a customer f.o.b. shipping point and arrived at the customerâs location on January 3, 2017. The merchandise is not included in the preliminary inventory balance.
4.	At year-end, Raymond had merchandise costing $22,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance.

Required:

Determine the correct inventory amount to be reported in Raymondâs 2016 balance sheet.

roseduck68

Which of the following items should not be included in the cost of ending merchandise inventory?

a. units on consignment

b. purchased units in transit, shipped FOB destination

c. units on hand in the warehoused.

d. both (a) and (c)

carminewoodchuck215

ADMS 3585 Lecture Notes - Lecture 5: Perpetual Inventory, Current Liability, Financial Statement

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