Compute the correct final balance of inventory

Assignment Help Accounting Basics
Reference no: EM132461235

On December 31, Roberts 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:

Point (a) Inventory items with a cost of $3,960 were included in ending inventory. These goods were on consignment to White Company. They had not yet been sold.

Point (b) Inventory items with a cost of $2,670 were excluded from ending inventory. These goods were in transit from Roberts Company to Lewis Company and were sold FOB shipping point.

Point (c) Inventory items with a cost of $3,840 were included in ending inventory. These goods were in transit from Coleman Company to Roberts Company and were purchased FOB destination.

Required:

Problem 1: Using the information given above, compute the correct final balance of Inventory.

Reference no: EM132461235

Questions Cloud

Describe the fed current policy : Describe the Fed's current policy - is it expanding or contracting the money supply, and why? Do you think that this policy could increase or reduce inflation?
Explain how you plan to address each weakness : A self-assessment is an opportunity for you to review what you have learned in the program, evaluate your clinical skills, and develop goals before exiting.
What is the fed current policy : After checking the current news on monetary policy, what is the Fed's current policy
Assignment on game theory : Siskel and Ebert would both like to see Casablanca. Players simultaneously chose theater to see the movie Uptown or Downtown. Each movie ticket costs $10
Compute the correct final balance of inventory : Compute the correct final balance of Inventory,On December 31, Roberts Company had an ending inventory of $93,000 based primarily on a physical count
What is the companys quick ratio : Determine What is the company's Quick Ratio?As of December 31, the Stanford company has the following information.evaluate in detail
Explain the role of nurse practitioners in clinical settings : From your perspective, explain the role of nurse practitioners in clinical settings. Develop goals and objectives for the Practicum Experience in this course.
CST4060 Visual Analytics Workflow Design Assignment : CST4060 Visual Analytics Workflow Design Assignment Help and Solution - Design a visual analytics workflow in KNIME to process, analyse and visualise the data.
Calculate annual depreciation on the machinery : Calculate annual depreciation on this machinery using double declining balance. Be careful not to exceed the salvage value. If the salvage value is zero

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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