Based on the above information calculate the amount that

Assignment Help Accounting Basics
Reference no: EM13482890

E8-2 (Inventoriable Costs) In your audit of Jose Oliva Company, you find that a physical inventory on
December 31, 2014, showed merchandise with a cost of $441,000 was on hand at that date.
You also discover the following items were all excluded from the $441,000
1. Merchandise of $61,000 which is held by Oliva on consignment. The consignor is
the Max Suzuki Company.
2. Merchandise costing $38,000 which was shipped by Oliva f.o.b. destination to a
customer on December 31, 2014. The customer was expected to receive the merchandise on
January 6, 2015.
3. Merchandise costing $46,000 which was shipped by Oliva f.o.b. shipping point to a
customer on December 29, 2014. The customer was scheduled to receive the merchandise on
January 2, 2015.
4. Merchandise costing $83,000 shipped by a vendor f.o.b. destination on
December 30, 2014, and received by Oliva on January 4, 2015.
5. Merchandise costing $51,000 shipped by a vendor f.o.b. seller on December 31, 2014
and received by Garza on January 5, 2015.

Instructions:
Based on the above information, calculate the amount that should appear on Oliva's balance sheet at December 31, 2014, for inventory.

Reference no: EM13482890

Questions Cloud

Indicate whether each of the following items is most : indicate whether each of the following items is most closely associated with the management discussion and analysis
An investment provides a 2 return semi-annually its : 1. an investment provides a 2 return semi-annually its effective annual rate is2. 4. 4.02. 4.04. 4.53.2. a year ago you
Forest outfitters is a retailer that is preparing its : forest outfitters is a retailer that is preparing its budget for the upcoming fiscal year. management has prepared the
Classify each item as an asset liability common stock : classify each item as an asset liability common stock revenue or expense.a issuance of ownership sharesb land
Based on the above information calculate the amount that : e8-2 inventoriable costs in your audit of jose oliva company you find that a physical inventory ondecember 31 2014
Identify each of the following organizational : identify each of the following organizational characteristics with the organizational form or forms with which it is
Now assume that the company can increase the capacity by : arney toy company manufactures large and small stuffed animals. it has a long-term contract with a large chain of
Chess company uses lifo for inventory costing and reports : chess company uses lifo for inventory costing and reports the following financial data. it also recomputed inventory
Baucom company accepted credit cards in payment for 6850 of : baucom company accepted credit cards in payment for 6850 of merchandise sold during march 2012. the credit card company

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why are budgets useful in the planning process a common

1. why are budgets useful in the planning process2. a common starting point in the budgeting process is3.

  Compare company ratio results to industry averages

The chosen company is Apple Inc. The purpose of the comprehensive project is to use resources available to obtain industry averages for commonly used ratios. Additionally you will compare company ratio results to industry averages

  What was the auditors responsibility

What was the auditor's responsibility with respect to the company's financial statements? What was the responsibility of management?

  What are several possible explanations for the markdown

What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?

  Recording sales tax journal entries

Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.

  Below are transactions related to impala company a the city

below are transactions related to impala company. a the city of pebble beach gives the company 5 acres of land as a

  Company legal and financial responsibility

The extent of the company legal and financial responsibility for this accident, if any, can't be determined at this time.

  Inventory of materials

One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. At the beginning of Month 1, 3,200 lb. of materials were on hand. Purchases o..

  Fasb and asc guidelines

In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?

  Coffee bean inc cbi is a processor and distributor of a

coffee bean inc. cbi is a processor and distributor of a variety of blends of coffee. the company buys coffee beans

  Differentiate variable and fixed costs in use of machine

To differentiate the variable and fixed costs in the use of this machine for future planning, use the high-low method to determinethe variable cost per copy and compute the flat fee.

  Complete the inventory audit section

Complete the Inventory audit section: Write the inventory memo based upon yours and Bradley's observation. AtiyaTie in Bradley's test counts on the client's count sheets to Apollo's Inventory Warehouse Report.

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!

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