User Account

All Pages

Find cost of ending inventory that reddall should report

Assignment Help Accounting Basics
Reference no: EM132838195

Valuation of Inventory The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $95,750 . The following items were not included in this inventory:

1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,100, freight costs $220.
2. Goods out on consignment to Marlman Company, sales price $4,200, shipping costs of $250.
3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.
4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.
5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.

Required:

Problem 1: Determine the cost of the ending inventory that Reddall should report on its December 31, 2019, balance sheet, assuming that its selling price is 140% of the cost of the inventory.

Reference no: EM132838195

Questions Cloud

Find what amount should be reported as interest income : What amount should be reported as interest income for 2017? What amount should be reported as gain or loss on the sale of equipment in 2017?
Prepare an acquisition analysis at July by ABC Ltd : Plant can be used for another 5 years since the acquisition date. Inventory are sold by 30/6/2020. Prepare an acquisition analysis at 1 July 2019 by ABC Ltd
What does ec want from customer relationships : Cultivate your customers and their employees on every level of the organization.
Collaborative and leadership skills : The course project provides a practice environment in which you can build your collaborative and leadership skills.
Find cost of ending inventory that reddall should report : Determine the cost of the ending inventory that Reddall should report on its December 31, 2019, balance sheet, assuming that its selling price is 140%
Major strengths and weaknesses of accenture : Describe the major strengths and weaknesses of Accenture's new system of providing employees feedback about their job performance.
Identify and research one not-for-profit organization : Identify and research one not-for-profit organization and provide the Web link to the most recent financial report of the organization
How would you compare the push and pull factors : How would you compare the push and pull factors that drove each group to move? What role did the U.S. government play in these migrations and in encouraging
Describe the amount and nature of expenses : With respect to leasing the high-tech panels, describe the amount and nature of expenses that South British Company and New York Solar will record

Reviews

Write a Review

Accounting Basics Questions & Answers

  Summarize current events and other items of importance

Prepare the DuPont Analysis of ROE for your company and its industry. Indicate the primary driver of ROA and ROE for your company

  Refer to the most recent financial statements and related

refer to the most recent financial statements and related disclosure notes of walmart stores inc. managements

  Write the given case assignment of accounts

What option the business should choose.- Are there any other factors that need to be considered while making a credit sales decision?

  What is sales revenue

Assuming there are no other items to be considered and that the Income Taxes are 25% of Net Income before Taxes, what is sales revenue

  What is his standard deduction amount

If Donald supports himself and is not a dependent of someone else, what is his standard deduction amount

  On august 1 2003 cooper company purchased a four-year

on august 1 2003 cooper company purchased a four-year business insurance policy for 13200. calculate the amount of

  What the difference between the two balances was caused

What the difference between the two balances was caused by Three outstanding checks: Check 7017 for $129, Check 7098 for $60, and Check 7107 for $1,610.

  Determine the amount of net gain or loss to be amortized

determine the amount of net gain or loss to be amortized by the company as a component of pension expense for the years

  Make the appropriate journal entries for moore corporation

Moore Corporation follows a policy of a 10% depreciation charge, Make the appropriate journal entries for Moore Corporation for the dates.

  Calculate the operating income for manahan

Net cash provided by financing activities - $168,000. Calculate the operating income for Manahan Co. for the year ended December 31, 2016

  How much are total assets

Accounts payable $65,000 accounts receivable $34,000 capital stock $100,000 cash $50,000 dividends $10,000, How much are total assets

  What is the amount of sales required to realize

If fixed costs are $1,500,000, the unit selling price is $210, and the unit variable costs are $130, what is the amount of sales required to realize an operating income of $200,000? a)14,166. b)12,500. c)16,000. d)11,538.

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