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- Tommy City acquired $17300 of supplies inventory on November 1, 2019, having held no supplies inventory previously. On December 31, 2019, the end of Tommy City's fiscal year, a physical count shows $6700 worth of supplies inventories still on hand. Based on the preceding information, what amount would be reported as Supplies Inventory at December, 31 2019 if Tommy City used the consumption method of accounting for supplies inventories? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:The December 31, 2024, year-end inventory balance of the Almond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $31,000 is included in the preliminary inventory balance. At year-end, Almond held $15,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. On December 29, inventory costing $6,100 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2025. The inventory is not included in the preliminary inventory balance. At year-end, Almond had inventory costing $16,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Deteretermine the correct inventory amount to be reported in Almond’s 2024 balance sheet.The December 31, 2024, year-end inventory balance of the Almond Corporation is $236,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $43,000 is included in the preliminary inventory balance. At year-end, Almond held $27,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. On December 29, inventory costing $7,300 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2025. The inventory is not included in the preliminary inventory balance. At year-end, Almond had inventory costing $28,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond’s 2024 balance…
- Goshen City acquires $36,000 of inventory on November 1, 20X5, having held no inventory previously. On December 31, 20X5, the end of Goshen City's fiscal year, a physical count shows $7,000 still in stock. During 20X6, $5,000 of this inventory is used, resulting in a $2,000 remaining balance of supplies on December 31, 20X6 Based on the preceding information, which of the following would be the correct account balances for 20X6 if Goshen City used the purchase method of accounting for inventories? Inventory of Supplies $ 2,000 $ 7,000 $ 2,000 $ 2,000 A. B. C. D. Expenditures $0 $0 $5,000 $ 7,000 Multiple Choice O Option A Option B Option CThe December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $37,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $21,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,700 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $22,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024…The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have beenasked to review the following transactions to determine if they have been correctly recorded.1. Goods shipped to Raymond f.o.b. destination on December 26, 2018, were received on January 2, 2019. Theinvoice cost of $30,000 is included in the preliminary inventory balance.2. At year-end, Raymond held $14,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.3. On December 29, merchandise costing $6,000 was shipped to a customer f.o.b. shipping point and arrivedat the customer’s location on January 3, 2019. The merchandise is not included in the preliminary inventorybalance.4. At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation. Themerchandise is not included in the preliminary inventory balance.Required:Determine the correct inventory amount to be reported in Raymond’s…
- Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January 5, 2021) by end of year 2020. As the company’s auditor, you have noted of the following transactions: • Goods shipped to Jungkook F.O.B. destination on December 28, 2019 were received on January 5, 2021. Based on the provided invoice, this costs P300,000 and is physically counted as part of the initial inventory balance. • There are also goods amounting to P250,000 which you have learned later on, has been held on consignment from a major consignor of Jungkook Corp. This is as well physically counted as part of the initial inventory balance. • Merchandise with cost of P100,000 was already in-transit to a customer, F.O.B shipping point on December 30, 2020. It arrived on January 4, 2021. Since it has already been shipped before the physical count on January 5, the merchandise is not included in the initial inventory balance. • You also have noted that P150,000 worth of merchandise has not…Sarasota Enterprises Ltd.'s records reported an inventory cost of $ 56, 500 and a net realizable value of $ 52, 100 at December 31, 2021 At December 31, 2022, the records indicated a cost of $ 70, 700 and a net realizable value of $ 60,500. All opening inventory had been sold during the year. (a) Your answer is correct. Assuming that Sarasota Enterprises uses a perpetual inventory system, prepare the December 31, 2022 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Assume that at December 31, 2023, the records show inventory with a cost of $ 60, 900 and a net realizable value of $ 62,800. Prepare the December 31, 2023 entry that is needed under the direct method and the indirect method. (Credit account titles are…A home office bills its branch at 120% of cost. During 2022, inventory costing the home office P320,000 was transferred to the branch. At year end, the home office adjusted its Allowance for Overvaluation account by debiting P72,800. The branch’s year-end balance sheet shows P19,200 of inventory acquired from the home office. How much is the beginning inventory of the branch at cost?*.. a. P 72,000 b. P 64,000 c. P 60,000 d. P 12,000 Please answer it asap thank you
- Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock.Based on the preceding information, what would be the correct Expenditures amount for 20X7 if Gotham City used the consumption method of accounting? 8000 17,000 25,000 Can not be determineCorporation is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory is valued at 6,000,000. • Goods costing P250,000 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 2020 FOB Shipping point. • Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recoded in 2020. • A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021. • An invoice for goods costing P550,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were not included in the…Excerpts from the annual report of Lands’ End follow ($ in thousands): Note 1: If the first-in, first-out (FIFO) method of accounting for inventory had been used, inventory would have been approximately $26.9 million and $25.1 million higher than reported at Year 9 and Year 8, respectively. Please see attached and solve What would. Ending. Inventory have been at Year9 and Year8 had FIFO been used? What would net income for the year ended Year 9 have been had FIFO been used? Discuss the usefulness of LIFO to FIFO. Restatements for. Analysis purposes.