User Account

All Pages

Determine the correct inventory amount to be reported

Assignment Help Financial Accounting
Reference no: EM132978121

Question - The Kwok Company's inventory balance on December 31, 2021, was $260,000 (based on a 12/31/2021 physical count) before considering the following transactions:

Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $49,000.

Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $36,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $59,000 and the merchandise cost $41,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $39,000 and the merchandise cost $32,000.

Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $44,000 and the merchandise cost $31,000.

Required - Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet.

Reference no: EM132978121

Questions Cloud

What is the current market value of the stock : Last year BestPrice Retailer's stock paid a dividend equal to $25.90 per share. What is the current market value of the stock
What is management : What is Management? Why do you think many people have misinterpreted Frederick W. Taylor's scientific management principles as being in humaine?
Examples of research questions : Does the organization of renal transplant nurse coordinators' responsibilities influence live donor rates?
What is the strategies or tactics nike company : What is the strategies or tactics Nike company should select to maximum advantage of the strenghs?
Determine the correct inventory amount to be reported : The sales price was $59,000 and the merchandise cost $41,000. Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet
Define the concept of globalization : 1. The impact that globalization has had on business operations. 2. How has globalization impacted the operations and strategies of organizations?
What is Hogan accrual basis net income : Hogan also purchased for cash a three-year insurance policy on January 1, 20x1. The cost of this policy was $3.000. What is Hogan 20x1 accrual basis net income
Rationale for a study on innovative marketing strategies : What is the rationale for a study on Innovative marketing strategies as a Means for supporting business performance in the Oilfield Service Businesses?
Contrast not-for-profit and for-profit healthcare entities : Compare and contrast not-for-profit and for-profit healthcare entities.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Higher percentage increase in total variable cost

Company A has 50% of its total variable manufacturing cost in labor and the other 50% in fuel. Company B has 10% of its total variable manufacturing cost in labor and the remainder in fuel. Suppose in a given year, labor costs rise 6% and fuel costs ..

  Make a schedule of fund accumulation

Make a Schedule of fund accumulation. On January 1, 2020, Carr company adopted a plan to accumulate funds for environmental improvement.

  How much should the price of the flat be

Assuming that you can rent the flat out continuously and the market interest rate is stable at 2%. How much should the price of the flat be

  What would be the pros of an nba lockout

What would be the pros and cons of an NBA lockout, an NHL lockout, MLB lockout or NFL lockout (choose one league). Discuss this from a financial perspective

  What the nci share of equity at the date of acquisition was

If the company tax rate was 30%, and the partial goodwill method was adopted, the NCI share of equity at the date of acquisition was

  What is roger adjusted gross income

Roger received a salary of $50,000. He has a deductible IRA contribution of $5,500, moving expenses of $400, mortgage interest of $4,000 and charitable gifts of

  How much will you have at the end of the year

If you invest $1,000 a year for 15 years at 6% annual interest, how much will you have at the end of the 15th year

  What is interest income for the year

On Jan. 1, 2020, it sold several integrated circuits to a major customer for a P1,600,000 non-interest bearing note. What is interest income for the year

  What amount does John realize

On December 12, 2020, he sells the shares for $42.50 per share. He also incurs a $1,000 fee for this transaction. What amount does John realize

  Find out the value of a share of the company

Find out the value of a share of the company, if the investors require a return of 25 percent on such an investment. Bata Motors Limited has paid a dividend.

  Question show the 2009 financial statements for the walt

question show the 2009 financial statements for the walt disney company on the internet. use the information contained

  What are the intrinsic values of stocks d and g

The companies are equally risky, and their required rate of return is 15 percent. D's constant growth rate is zero and G's is 8.33 percent. What are the intrinsic values of stocks D and G?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd