Reference no: EM132931289
Question - A company uses a periodic method of recording inventory. A physical count reveals $350,000 of inventory on hand at December 31, 2020. The inventory journal entry has not been recorded. After the count, a few items were discovered which have not been accounted for as follows:
Late in the day on December 31, goods costing $40,000 were sold for $50,000. These goods had been counted earlier in the day. The cheque from the customer was received on the date of sale and the cheque cleared the bank on January 3, 2021.
Included in inventory was $14,500 of merchandise that was shipped to A Inc., f.o.b. shipping on December 31. The invoice was prepared and recorded as a sale for $17,400 on December 31. The merchandise was received by A Inc. on Jan 6, 2021.
Goods costing $22,300 were shipped from a supplier on terms f.o.b. destination on December 30, 2020 and were delivered on January 7, 2021. The invoice was recorded as a payable on January 7, 2021.
Goods costing $74,600 were shipped from a supplier on terms FOB shipping on December 30, 2020 and were delivered on January 4, 2021. The invoice arrived and was recorded as a payable on account on December 31.
Included in inventory was $12,500 of inventory held by X Co. on consignment from Y Industries.
The company's unadjusted trial balance as at December 31, 2020 showed a balance of $330,900 in the Merchandise Inventory account and a balance of $950,800 in the Purchases of Merchandise account.
What is the journal entry to adjust the company's inventory account and any other adjusting journal entries as at December 31, 2020.
What is the calculation of the adjusted inventory account.
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