Question

In: Accounting

In your audit of Chris Anderson Company, you find that a physical inventory on December 31,...

In your audit of Chris Anderson Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $439,750 was on hand at that date. You also discover the following items were all excluded from the $439,750.

1. Merchandise of $63,260 which is held by Anderson on consignment. The consignor is the Max Suzuki Company.
2. Merchandise costing $34,870 which was shipped by Anderson f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.
3. Merchandise costing $44,590 which was shipped by Anderson f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.
4. Merchandise costing $76,380 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Anderson on January 4, 2021.
5. Merchandise costing $54,450 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Anderson on January 5, 2021.


Based on the above information, calculate the amount that should appear on Anderson’s balance sheet at December 31, 2020, for inventory.

Inventory as on December 31, 2020 $enter a dollar amount of the Inventory as on December 31, 2017

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

In your audit of Newman Company, you find that a physical inventory on December 31, 2019,...
In your audit of Newman Company, you find that a physical inventory on December 31, 2019, showed merchandise with a cost of $399,450 was on hand at that date. You also discover the following items were all excluded from the $399,450. 1. Merchandise costing $52,310 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Newman on January 5, 2018. 2. Merchandise costing $75,730 shipped by a vendor f.o.b. destination on December 30, 2017, and received...
(CO G) In your audit of Garza Company, you find that a physical inventory on December...
(CO G) In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost $541,000 was on hand at that date. You also discover the following items were all excluded from the inventory count. Merchandise of $71,000, which is held by Garza on consignment. The consignee is the Bontemps Company. Merchandise costing $33,000, which was shipped by Garza f.o.b. shipping point to a customer on December 31, 2010. The customer was...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $465,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $65,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $27,500 was correctly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $461,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
You are performing an annual audit of a company with a December 31, 20X1 year-end. Your...
You are performing an annual audit of a company with a December 31, 20X1 year-end. Your firm is planning to complete the audit on March 1, 20X2 and release the report on March 31, 20X2. On March 15, 20X2, two material subsequent events occur: • A fire caused extensive damage to the company’s manufacturing plant in New Jersey. • A large customer went bankrupt. At December 31, 20X1, the Company had a receivable of $2,500,000 from this customer; at December...
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows:...
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description Inventory Quantity Unit Market Price B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Purchases Invoice Next-to-the-Last Purchases Invoice Description Quantity Purchased...
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow:...
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Item Inventory Quantity Market Value per Unit (Net Realizable Value) B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Purchases Invoice Next-to-the-Last...
A physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit...
A physical inventory of Liverpool Company taken at December 31 reveals the following.       Per Unit Item Units Cost Market Car audio equipment Speakers 350 $ 105 $ 113 Stereos 265 126 116 Amplifiers 331 101 110 Subwoofers 209 67 57 Security equipment Alarms 485 165 155 Locks 296 108 98 Cameras 217 327 337 Binocular equipment Tripods 190 89 99 Stabilizers 175 110 120 Required: 1. Calculate the lower of cost or market for the inventory applied separately to...
A physical inventory of Office Necessities Company taken at December 31 reveals the following. A B...
A physical inventory of Office Necessities Company taken at December 31 reveals the following. A B C D 1 Item Units Cost per Unit Market per Unit 2 3 Office furniture 4      Desks 536 $261 $305 5      Chairs 395 227 256 6      Mats 687 49 43 7      Bookshelves 421 93 82 8 Filing cabinets 9      Two-drawer 114 81 70 10      Four-drawer 298 135 122 11      Lateral 75 104 118 12 Office equipment 13...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT