### Compute the correct final balance of inventory

Assignment Help Accounting Basics
##### Reference no: EM132049480

Question - On December 31, Russell Company had an ending inventory of \$93,000 based primarily on a physical count at its warehouse.

In computing the final balance of Inventory, the following information was available:

(a) Inventory items with a cost of \$2,680 were included in ending inventory. These goods were on consignment from Washington Company and had not yet been sold on December 31.

(b) Inventory items with a cost of \$3,730 were excluded from ending inventory. These goods were in transit from Evans Company to Russell Company and were purchased FOB shipping point.

(c) Inventory items with a cost of \$3,030 were included in ending inventory. These goods were in transit from Russell Company to Flores Company and were sold FOB destination.

Required: Using the information given above, compute the correct final balance of Inventory.

#### Questions Cloud

 What is the total manufacturing cost per chip for june : Accounting records indicate that 475,000 chips were started in June, What is the total manufacturing cost per chip for June How much money you will have : Question 1: Determine how much money you will have if \$500 is invested for six years at 4% per year, compounded semi-annually. Dollar return earned from bond coupon interest : Compute the total dollar return earned from a bond's coupon interest and the reinvestment of coupons from issue date to end of period 3. How much did he have on deposit in each? bank : If Scott earned \$ 540.00 in interest during a single? year, how much did he have on deposit in each? bank? Compute the correct final balance of inventory : Inventory items with a cost of \$3,730 were excluded from ending inventory. Using the information given above, compute the correct final balance of Inventory Symmetrically distributed around the? mean : Between what two values of Z? (symmetrically distributed around the? mean) will 97.86?% of all possible Z values be? contained? The two values of Z Discuss three basic principles of break codes or systems : Code breaking is the art of accessing information that someone else does not want you to have. This definition sounds simple, doesn't it? What is the individual and overall effect of the elements : What is the individual and overall effect of the elements of music in your chosen song or musical work? In other words, what is the piece's overall mood? Compute the correct final balance of inventory : On December 31, Clark Company had an ending inventory of \$96,400, Using the information given above, compute the correct final balance of Inventory

### Write a Review

#### Equivalent units for conversion costs

Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.

#### Prepare a bank reconciliation at 31 january 2015

Perform a variety of activities and transactions -Prepare a bank reconciliation at 31 January 2015 - How to access MYOB software for information

#### Calculate payback and accounting rate of return

Calculate payback, accounting rate of return, net present value, and internal rate of return for both server investments

#### On january 1 2012 the ledger of montoya company contains

on january 1 2012 the ledger of montoya company contains the following liability accounts. accounts payable 53450 sales

#### Vera produced and sold 19250 handbags each handbag has a

last year vera corporation budgeted for production and sales of 20000 cloth handbags. vera produced and sold 19250

#### What journal entry would need to be recorded at year end

Denson Company has been sued by Merck Company for breach of contracts. What journal entry, if any, would need to be recorded at year-end

#### Variable costs as a percentage of sales

Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are \$600,000, and fixed costs are \$110,000. How much will operating income change if sales increase by \$40,000?

#### Frank company manufactures a single product that has a

frank company manufactures a single product that has a selling price of 20.00 per unit. fixed costs total 45000 per

#### Explain which areas of humanities should be emphasized why

How can an individual sustain and grow a healthy and useful culture in the areas of music, literature, art, theater, education, or religion? Which area(s) of the humanities should be emphasized? Why?

#### Prepare a consolidated income statement for 20x6 including

selected information from the separate and consolidated balance sheets and income statements of palo alto inc. and its

#### Wilder manufacturing manufactures two models of its banjo

wilder manufacturing manufactures two models of its banjo the basic and the luxury. the basic model requires 10000

#### What is responsibility accounting is it used at your

what is responsibility accounting? is it used at your current or former place of employment and if not would it work?