Reference no: EM133091086
Question - At December 31, 2020, Dakota Corp.'s perpetual inventory showed as $43,100 in the general ledger. Towards the end of 2020, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows:
Units shipped to a customer January 2, 2021, costing $6,000, were included in inventory at December 31, 2020. The sale was recorded in 2021.
Units costing $25,000 received December 30, 2020, were recorded as received on January 2, 2021.
Units received during 2020, costing $4,300 were recorded twice in the general ledger.
Units shipped to a customer December 28, 2020, FOB shipping point, which cost $14,000, were not received by the customer until January 2021. The units were included in the ending inventory.
Units on hand that cost $5,600 were never recorded on the books.
Required - Calculate the correct inventory at December 31, 2020.
|
What two equal payments would replace original payments
: What two equal payments, one in 3 years and one in 4 years would replace these original payments
|
|
How many years will it take for this investment
: You currently have $169.4 in your savings account at an annual rate of 6 percent. How many years will it take for this investment to grow to a value of $535.8
|
|
Calculate the depreciation expense
: On January 1, 2016, Flo, Inc. purchased an asset for $48,000. Assuming the use of the sum-of-the-years'-digits method, calculate the depreciation expense
|
|
What would the charge and discharge statement be
: The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, What would the charge and discharge statement be
|
|
Calculate the correct inventory at december
: Units costing $25,000 received December 30, 2020, were recorded as received on January 2, 2021. Calculate the correct inventory at December
|
|
Explain two forms of financing
: Explain two forms of financing. What is a Union? How does a union work/negotiate? How can a union be efficient? How can a union be inefficient
|
|
What type of leadership style is this ceo most likely using
: Quick and Fast Enterprises has very short deadlines and must have materials out in proper order, What type of leadership style is this CEO most likely using
|
|
What is the expected annual yield on the bond
: The annual coupon rate of the bond is 10% with semi-annual payments. What is the expected annual yield on the bond
|
|
What is the average utilization of the mechanic
: A harvesting firm has six combines, each requiring service at an average rate of once every 40 hours, What is the average utilization of the mechanic
|