Problem regarding the fob shipping point

Reference no: EM13992456

Columbus Limited is trying to determine the value of its ending inventory at February 28, 2014, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $48,000. However, she didn't know how to treat the following transactions so she didn't record them.

For each of the below transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount

1) On February 26, Columbus shipped to a customer goods costing $800. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2.

Reference no: EM13992456

Questions Cloud

What are your thoughts and opinions about the roma : Article- Identity, Communication, Inclusion: The Roma and (New) Europe by Liliana Lubomirova Herakova. Based upon the article about Roma Identity, what are your thoughts and opinions about the Roma identities and the "gypsy" identities? Are there ..

Contribution margin ratio and the break-even point : Compute the contribution margin ratio and the break-even point in dollars. Suppose that revenues are $200,000 more than expected. What would the total profit be?

Construct the equity section : Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. Construct the equity section incorporating all the above information.

Describe the three major sections of the jewish bible : Describe the three major sections of the Jewish bible. Include its estimated date of being written and what is contained in each section. Describe the major similarities and differences between the four branches of Judaism

Problem regarding the fob shipping point : On February 26, Columbus shipped to a customer goods costing $800. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2.

Find use two-dimensional other or multidimensional array : Suppose that you are creating an app to keep track of the places that you have visited while traveling. Determine whether or not you would use a two-dimensional or other multidimensional array (choosing to use an array) for the task at hand. Provi..

How ambulatory services should be funded : Recommend how ambulatory services should be funded. Recommend how continuum of long-term care services should be funded

What is the acceleration of the cart : A cannon fires a cannon ball eastwards at a speed of 20 m/s and an angle of 45o above the horizontal. If the cart is to be at the same position as the cannon ball when the cannon lands, then what is the acceleration of the cart?

Make a diagram showing mirrors positions : When a candle is placed between two vertical mirrors at a right angle, three images of the candle are seen. Make a diagram showing their positions.

User Account

All Pages