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P6-1C Mareska Country Limited is trying to determine the value of its ending inventory as of February 28, 2014, the company's year-end. the following transactions occurred, and the accountant asked your help in determining weather they should be recorded or not. (a) On February 26, Mareska shipped goods costing $800 to a customer and charged the customer $1,000. The goods were shipped with terms FOB destination and the receiving report indicates that the customer received the goods on March 2. (b) On February 26, Seller Inc. shipped goods to Mareska under terms FOB shipping point. the invoice price was $350 plus $25 for freight. The receiving report indicates that the goods were received by Mareska on March 2. (c) Mareska had $500 of inventory isolated in the warehouse. the inventory is designed for a customer who has requested that the goods be shipped on March 10. (d) Also included in Mareska's warehouse is $400 of inventory that Craft producers shipped to Mareska on consignment. (e) On February 26, Mareska issued a purchase order to acquire goods costing $750. The goods were shipped with terms FOB destination on February 27. Mareska received the goods on March 2. (f) On february 26, Mareska shipped goods to a customer under terms FOB shipping point. The invoice price was $350 plus $25 for freight; the cost of the items was $300. The receiving report indicates that the goods were received by the customer on march 2. Intructions For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. EX. 192 Shanrock Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $ 400 1/20 Purchase 400 $6 2,400 7/25 Purchase 200 $7 1,400 10/20 Purchase 300 $8 2,400 A physical count of inventory on December 31, revealed that there were 400 units on hand. Instructions: Compute and label COGS and Ending Inventory for FIFO, LIFO and average cost.
Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow:
Make journal entries to record the receivable from the sales transaction and the forward contract on April 1. Make journal entries to record collection of the receivable and settlement of the forward contract on May 30
wayne shen established windy city placement service wcps to provide executive counseling and job placement services to
Calculate ending inventory and cost of goods sold for each of the following cost flow methods. Round your final answer for ending inventory and cost of goods sold to the nearest dollar. a. LIFOb. FIFOc. Weighted Average Cost
If the accounts receivable balance at December 31 was $350,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2012?
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
in this assignment you will compose a written mock memo. 8 to 10 pages in length apa format original work not
The use of accounting databases enables researchers to obtain data to help answer their questions more efficiently. Using the FASB Codification database and other sources such as the SEC Web site as guides, answer the following questions:
How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?
the final exam covers modules 01-10 and consists of a series of short answers to given questions or statements. in a
Paul and Ray agree that some of the inventory is obsolete. The inventory account is decreased before Janet is admitted. Janet invests $190,000 for a one-fourth interest.
In 1998, Delores made taxable gifts to her son of property with a FMV of $200,000. In the current year when Delores dies, the property is worth $800,000. The amount included in Delores's estate tax base because of the 1998 gift is:
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