Reference no: EM132961796
Question - Rijin Company sells TVs and it operates a periodic inventory system. On 1 January 2019, the inventory account in its ledger had a balance of 400,000. Based on the following information, answer the required questions.
1. Rijin's accountants conducted a physical counting of inventory on 31 December 2019 and concluded that the value of all the inventories in Rijin's warehouse was 800,000.
2. On 1 May 2019, Rijin's purchased TVs from Kota Inc. at the cost of 300,000. Kota Inc. shipped out the TVs on 5 May 2019 on the terms of the FOB shipping point. Rijin received those TVs on 20 May 2018. Rijin will not pay Kota Inc. until 1 January 2020.
3. On 1 June 2019, Rijin found out that some TVs purchased from Kota Inc. were in defect and returned those TVs. The total cost of those returned TVs was 200,000.
4. On 29 December Rijin paid 100,000 for more TVs from Dato Inc. Dato shipped out the TVs on 29 December 2019, and the term is FOB shipping point. Rijin received the TVs from Dato Inc. on 4 January 2019.
5. One of Rijin's major customers purchased 200,000 worth of TVsfrom Rijin, with cost 150,000, on 25 December 2019. Rijin shipped out the TVs on 27 December 2019, in the term of FOB destination. Those TVs arrived at the buyer's place on 2 January 2019.
6. Among the inventory in Rijin's warehouse on 31 December 2019 was some TVs on consignment from Maza Inc., with a cost of 100,000.
Required - Rijin has not made any journal entries for all the above transactions yet.
For each of the above 6 transaction information, provide all relevant journal entries, if any, required on 31 December 2019.
What is the ending balance of Rijin's inventory account on 31 December 2019?
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