Management and Organizational Studies 3360A/B Study Guide - Final Guide: Perpetual Inventory, Gross Margin, Moving Average

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3360A/B
• Professor: Muhammad Shuja

Document Summary

Huntington packers (hp) is working on it"s year end for december 31, 2010 and completed a physical count. There are a number of items that have been excluded from this inventory count. Hp is holding inventory on consignment from abc co in the amount of. Merchandise was shipped by hp fob destination to xyz co. December 28th and received by the customer on january 2, 2011. Merchandise was shipped by hp fob shipping point to clarke ltd. December 26th and received by the customer on january 1, 2011. Hp ordered goods from jfg corp on december 23rd, 2010. They were sent fob destination on december 24th and received january 7th, 2011. Hp has sent inventory to jlc and sons to sell for them on consignment. Required: the controller has asked you to review the above items to determine what should be included in inventory and calculate the ending inventory that should be shown on the closing financial statements.