User Account

All Pages

What is the value in the inventory account at period

Assignment Help Financial Accounting
Reference no: EM132963003

On June 3 Brown Inc. ships inventory to Magenta Ltd for $8,830, FOB shipping point, 2/10, n/45. Shipping costs of $310 are paid in cash to the freight company by the approatite party. On June 9 Magenta Ltd returned $1,600 of the product because it is the wrong model. Magenta Ltd oats the outstanding invoice on June 13. Both companies use the perpetual inventory system

Problem 1: What is the value in the Inventory account at period for Magenta Ltd, if opening inventory was zero and no inventory was sold during the period?

Option 1: $7,395.40
Option 2: $7,085.40
Option 3: $8,963.40
Option 4: $7,540.00
Option 5: $7,389.20

Reference no: EM132963003

Questions Cloud

What factors in the economic environment : How does this strategy relate to the discussion of bundling presented(ME)? What are additional factors presented in this case that should be considered?
Calculating the final cost of the material completed : Complete the Process Cost Schedule, calculating the final cost of the material completed transferred to the Packaging Department.
Prepare the acquisition analysis at july for pacific ltd : Prepare the acquisition analysis at 1 July 2017. On 1 July 2017, Pacific Ltd acquired all the shares of Ascot Ltd for $5,000,000. The equity of Ascot Ltd.
Describe the health maintenance organization act 1973 : Describe The health maintenance organization act 1973, California Medicaid Reform 1982, Health Security Act 1993, The patient protection and affordable care act
What is the value in the inventory account at period : What is the value in the Inventory account at period for Magenta Ltd, if opening inventory was zero and no inventory was sold during the period?
Common characteristics of successful healthcare teams : Healthcare providers typically work in teams. Effective healthcare managers strive to promote teamwork. Teamwork is critical for customer satisfaction, quality
Prepare a final statement of partnership liquidation : Prepare a final statement of partnership liquidation. Alex and Bess have been in partnership for many years. The partners, who share profits on a 60:40
Develop a positive self-concept : "A good career match lets us develop a positive self-concept and do work that we think is important" (DeCenzo, Robbins, & Verhulst, 2016, p.202). People cha
Do employers have too many workplace protections in place : Do employers (or employees) have too many workplace protections in place? Employees say employers have the power and money to do what they want and protection i

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd