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

  How much should deposit today in a bank

How much should you deposit today in a bank to have 126,209.49 after 10 years and the bank compounds the interest at 8.8%?

  Calculate the new breakeven point in monthly sales dollars

MSM company sells clothing for young adults. The firm has normal monthly fixed costs Calculate the new breakeven point in monthly sales dollars

  What should wright report as taxable income

What should Wright report as its taxable income for 2019? Wright Corporation reported $100,000 of book income before income taxes for the year

  Which tv show theme song single did john gilmore play on

Which 1960s TV show theme song/ hit single did John Gilmore play on? Which statement is correct? Activity-based cost systems are less costly than traditional.

  How transactions qualify as business expense deductions

To begin your discussion, explain how transactions qualify as business expense deductions and provide examples. Based upon your knowledge of deductible business expenses and through research, address the following scenario as Mr. Gerbeuses tax adviso..

  Two-state option pricing model

Ken is able to borrow and lend at the risk-free EAR of 2.5 percent. How much does the synthetic call option cost?

  Which firm of independent auditors must establish

Which firm of independent auditors must establish and follow explicit quality control policies and procedures because these standards

  Preparing shareholders equity section of the balance sheet

Need help recording the issuance of both shares as well as preparing the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021

  Compute the eva of the division with and without investment

Without any new investments, the division will have average operating assets of $3 million. Compute the EVA of the division with and without investment

  Calculate the proceeds from assumed exercise of options

The fair market value of Teal's common shares was $9.00 per share throughout fiscal 2021. Calculate the proceeds from assumed exercise of options

  What is initial selling price needed to obtain target profit

Sam Company has predicted cost, What is the initial selling price needed to obtain a target profit of $25,000 using the variable cost markup method?

  Provide the journal entry for the revaluation of land

Patton and Dalton share net income equally. Dalton had a capital balance of $35,000 prior to these transactions. Provide the journal entry for the revaluation

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