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Umatilla Bank and Trust is considering giving Shamrock, Inc. a loan. Before doing so, it decides that further discussions with Shamrock, Inc.’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $282,890. Discussions with the accountant reveal the following. 1. Shamrock, Inc. sold goods costing $50,770 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $103,820 that were shipped to Shamrock, Inc. FOB destination on December 27 and were still in transit at year-end. 3. Shamrock, Inc. received goods costing $26,950 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4. Shamrock, Inc. sold goods costing $47,050 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Shamrock, Inc. physical inventory. 5. Shamrock, Inc. received goods costing $41,500 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $282,890. Determine the correct inventory amount on December 31.
Tucker Company produced 5,400 units of product that required 3.9 standard hours per unit. The standard variable overhead cost per unit is $5.00 per hour. The actual variable factory overhead was $103,190. Determine the variable factory overhead contr..
Darr Equipment Inc. is a company based in Irving, TX, that manufactures and supplies earthmoving and construction equipment. Darr Equipment either sells the equipment to customers or leases it under terms specific to a customer’s needs. Provide the j..
Prepare a statement of cost of goods manufactured and prepare the cost of goods sold section of the income statement.
Analyze the fine points of portfolio theory and determine which single point is the most difficult for investors to understand, and then explain it in a way that your grandmother would understand (assuming she is not a financial analyst).
find the reorder point.scrumptious spices manufactures a special blend of beef marinade. the company buys one of the
The following list summarizes the transactions that took place during a start up’s first year of operations. Using the information below, prepare a list of the appropriate journal entries, including any necessary adjusting entries, and create a set o..
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
Who is responsible for the preparation and fair presentation of these consolidated financial statements? What is the name of the independent auditor and what is their responsibility?
Tawstir Corporation has 500 obsolete personal computers that are carried in inventory at a total cost of $720,000. If these computers are upgraded at a total cost of $140,000, they can be sold for a total of $200,000. As an alternative, the computers..
On the first dy of its fiscal year, Pedro Dynamite Co. issued $11,000,000 of the five-year, 9% bonds, semiannually. The bonds were issued at an effective rate of 12%, and received proceeds cash of $9,785,645. Prepare an amortization table for the fiv..
Draw an REA diagram, complete with cardinalities, for Joe's revenue cycle. Also, prepare an integrated REA for Joe's Ice Cream, prepare a table listing including table names, primary keys, foreign keys and non-key attributes. Joe's is a small ice-cre..
A generous benefactor to a local ballet plans to make a one-time endowment that would provide the ballet with $150,000 per year into perpetuity. The rate of interest is expected to be 5 percent for all future time periods. How large must the endowmen..
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