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In: Accounting
Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December 20X3 (in thousands of dollars):
Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December 20X3 (in thousands of dollars):
Required:
Determine the amount of ending inventory that should be reported on the company’s SFP.
Solutions
Expert Solution
Items to be included in inventory:
|
Physical count |
$ 60,000 |
|
California sales tax |
1,500 |
|
Import excise tax |
2,000 |
|
Bonded inventory in U.S. dollars: US$11,000 × C$1.05 |
11,550 |
|
Total |
$75,050 |
Notes:
· Payments in advance (item b) are a receivable (or prepaid asset) until the goods are received.
· HST (item c) is not included as it decreases the amount of HST on sales that is due to the government.
· California sales tax (item d) is not recoverable and should be included as part of the cost of inventory.
The items being tested (item e) are already included in the physical count and should not be added in again.
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