Reference no: EM13753967
Inventory cut-off.
Vogts Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2014. At the close of the year, 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.
1) TVs costing $12,000 received December 30, 2014, were recorded as received on January 2, 2015.
2) TVs received during 2014 costing $4,600 were recorded twice in the inventory account.
3) TVs shipped to a customer December 28, 2014, f.o.b. shipping point, which cost $9,000, were not received by the customer until January, 2015. The TVs were included in the ending inventory.
4) TVs on hand that cost $6,100 were never recorded on the books.
Instructions
Compute the correct inventory at December 31, 2014. Please show work
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: Vogts Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2014. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial sta..
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