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For each of the following, calculate the cost of inventory reported on the balance sheet.
(a) The total merchandise on hand at the end of the year as determined by taking a physical inventory is $55,000. Of the $55,000, $7,000 is held on consignment.
(b) The total merchandise inventory counted at the end of the year was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms.
(c) The total merchandise inventory counted at the end of the year was $60,000. Purchases for $5,000 are in transit under FOB destination terms.
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As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $5..
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Principles of Financial Accounting- Affordable Trailer Rental rents small trailers by the day for local moving jobs. This is its adjusted trial balance at the end of the current fiscal year: From the information given, record closing entries in journ..
As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Determine the correct amount of inventory that Hastin..
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How can your role as an accountant ensure that the information presented do not include errors and how would you support your claims?
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