### Calculate cost of inventory reported on the balance sheet

Assignment Help Financial Accounting
##### Reference no: EM13879249

For each of the following, calculate the cost of inventory reported on the balance sheet.

(a) The total merchandise on hand at the end of the year as determined by taking a physical inventory is \$55,000. Of the \$55,000, \$7,000 is held on consignment.

(b) The total merchandise inventory counted at the end of the year was \$65,000. Purchases for \$7,000 are in transit under FOB shipping point terms.

(c) The total merchandise inventory counted at the end of the year was \$60,000. Purchases for \$5,000 are in transit under FOB destination terms.

#### Operations under indirect method on statement of cash flows

Nordstrand Company's net income last year was \$36,000. Changes in selected balance sheet accounts for the year appear below: Based solely on this information, the net cash pro

#### Estimated total variable manufacturing costs

X Company manufactures a single product and estimates its total variable manufacturing costs each month. Each unit of product requires 1.4 pounds of direct material, and the p

#### Analyze the fine points of portfolio theory and determine

Analyze the fine points of portfolio theory and determine which single point is the most difficult for investors to understand, and then explain it in a way that your grandmot

#### What would be the future value-annual interest rate

What would be the future value of \$15,555 invested now if it earns interest at 14.5 percent for seven years? What would be the future value of \$19,378 invested now if the mone

#### Bright line reported the revenues and expenses

Cherry received a 1/3 profits and capital interest in Bright Line, LLC in exchange for legal services she provided. In addition to her share of partnership profits or losses,

#### Describe the influence that the law has on pricing decisions

Describe the influence that the law has on pricing decisions and how would you respond to the R&D manager's statement about Discounted Cash Flow methods? Do you agree or disag

#### Journal entries to record each of the three transactions

At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. Prepare the journal entries to record each of the three tran

#### Operate primarily from marketing orientation

There is a major difference between organizations that operate primarily from a production orientation (concept) vs. those that operate primarily from a marketing orientation