The company received an order on dec29 that was boxed and

Assignment Help Accounting Basics

Reference no: EM13601153

The company received an order on Dec.29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $40,000 and a cost of $30,000. The goods were not included in the count because they were sitting on the dock.

5.On December 29 Strawser shipped goods with a selling price of 80,000 and a cost of 60,000 to District Sales Corporation FOB shipping point. The goods arrived on January 3. District sales had only ordered goods with a selling price of 10,000 and a cost of 8,000. However,a sales manager at Strawser had authorized the shipment and said that if District wanted to ship the goods back next week,it could.

6.Included in the count was 40,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Strawser's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all."

Reference no: EM13601153

Questions Cloud

Determine the value of ending inventory if the sales value : oregon lumber processes timber into four products. during january the joint costs of processing were 280000. there was

Assuming that estimated overhead costs are 3000 which are : propats manufactures three souvenir products and has the following direct cost when three 1000-unit batches one for

Calculate the total dividends and the per-share dividends : love theatre inc. owns and operates movie theaters throughtout new mexico and utah. love theatre has declared the

Crab house joe operates a chain of fine seafood restaurants : crab house joe operates a chain of fine seafood restaurants. the company makes very detailed long-term planning. on

The company received an order on dec29 that was boxed and : the company received an order on dec.29 that was boxed and was sitting on the loading dock awaiting pick-up on december

As the manager of the accounts receivable department for : as the manager of the accounts receivable department for beavis leather goods ltd. you recently noticed that kelly

Red sauce canning company processes tomatoes into catsup : red sauce canning company processes tomatoes into catsup tomato juice and canned tomatoes. during the summer of 20x2

York yoyos began 2008 with a debit balance in accounts : york yoyos began 2008 with a debit balance in accounts receivable of 4320000 and a credit balance in allowance for

Berg company incurs 320000 overhead costs each year in its : berg company incurs 320000 overhead costs each year in its three main departments setup 20000 machining 220000 and

User Account

All Pages