Reference no: EM132703380
Bree's Designs performed a count of the inventory in their warehouse on December 31st (i.e., year-end), and it totaled $250,000.
In addition:
- On December 26th, Bree's Designs shipped inventory of $37,500 to Ellen Co. The inventory was free on board destination. It arrived at Ellen Co.'s warehouse on January 3rd.
- On December 28th, Bree's Designs shipped inventory of $25,000 to Goodie Co. The inventory was free on board shipping point. It arrived at Goodie Co.'s warehouse on January 5th.
- As of December 31st, Bree's Designs had inventory of $7,500 on consignment at Nate's Foods warehouse.
- On January 3rd, Bree's Designs received inventory of $12,500 from Erkens Inc. The inventory was shipped from Erkens Inc. on December 26th, and it was free on board destination.
Also, unrelated to the above transactions:
- Bree's Designs determined that inventory related to Product C in the amount of $65,000 could be replaced at a cost of $40,000 (i.e., due to fall in customer demand).
- This inventory (for Product C) is included in the count on December 31st (i.e., part of the $250,000 is $65,000 for Product C).
Question A : What should be the ending balance of Bree's Designs inventory (i.e., at year-end, December 31) considering all the information above? Show each piece of your calculation, and be sure to calculate the total balance.
Question B : To avoid carry-through errors, assume your answer to Part A is $300,000 (that is, the correct amount of inventory to report on the balance sheet should be $300,000). If Bree's Designs did not make the necessary corrections to inventory (i.e., the balance remained at $250,000), what would be the misstatement? That is,what accounts would be misstated, by how much, and in what direction? Note: your answer will only include two accounts and only one general calculation is necessary to show.
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