According to the January 31, 2024, physical imventory count, Biossom Company has $20000 in inventory on hand at year end. in addition, at year end the company has $1100 of merchandise in transit purchased from a supplier and shipped FOB shipping point. Included in the physical imentory count was $800 of goods held on consignment for a local manufacturer. How much imventory shoold be reported on the company's January 31, 2024, balance sheet? Current Attempt in Progress A company just starting in business purchased three merchandise inventory items at the following prices: first purchase, $108; second purchase. $114; third purchase. $121. If the company then sold two units for a total of $402 and used the weighted average method of cost determination, the gross profit for the period would be When comparing the weighted average and FIFO inventory cost formulas during a period when prices are decreasing, which of the following statements is correct? FIFO will result in a higher profit reported in the income statement. FIFO will result in a lower owner's equity. Weighted average will result in a higher cash flow. Weighted average will result in a lower ending inventory. Your answer is incorrect. During its December 31, 2024, year-end inventory count, Coronado Ltd. double counted items in transit to which it had iegal titie. As a result of this error, ending irventory was overstated by $29600. As a result of this error, the 2024 cost of goods sold will be overstated by $29600 correct. greater when weighted average cost is used understated by $29600. Vaughn Sheep Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories After Vaughn Sheep Compary values its inventory at the lower of cost and net realizable value; the value of the inventory reported on the balance sheet would be $220700 $219500 $226600. $225400 A company began the year with 100 units of imventory that bad cost $8 each. During the year, the company purchased an additional 900 unitr costing $9 each. A physical count at year end determined there were 400 units of iventory still on hand Using the weichted average cost formula, the cost of goods sold was $5,100$5,360$5,400$5,340 On May 10, a $480 cash collection on account from a customer is journalized and posted as a debit fo Cash $400 and as a credit to Service Revenue $480. Which of the following journal entries is the correcting journal entry? On August 22.Smith's Things purchased supplies on account that cost $1000. The transiktion wis journalited arid posted as a debit to Equipment for $100 and as a credit to Accounts Payable for $100. Which of the following jourmal entries is the correctins journal entry? JKJ Company prepared a manual trial balance and discovered that the debits equalled $450,000 and the credits equalled 5540000 . What is the likely error? JKJ made an error in an entry by debiting Inventory $60,000 and crediting Cash $150000 JKJ forgot to record an increase in accounts payable of $90,000. JKJ did not post an entry to record cash paid for rent for $90,000, JKJ posted an entry twice to record imventory received in the amount of $90,000. eTextbook and Media Attempts: 0 of 2 used What would the T account balance be if amounts of $360,$280, and $128 were entered on the lett side of the account? $208 credit balance. $768 credit balance. $768 debit balance. $208 debit balance. ABC Company purchases 300 desks on January 5 for $4,500 with the terms 2/10,n/30.ABC payn the amcunt owint on lanuary 10 When the payment is made, the entry will include a debit to Accounts Payable for $4.500. debit to inventory for $90. credit to Cash for $4,500. credit to Accounts Payable for $4,500. Sunland company uses the perpetual inventory method and the beginning inventory is overstated by $5600 because the ending ifventory in the previous period was overstated by $5600. The amounts reflected in the current end-of-period batance sheet are Assets Ownet's Equity overstated overstated overstated correct understated understated correct correct On November 1, Blue purchased merchandise for a total of $45600 from Ames Supplies. The terms were 3/10, n/30, FOB destination. On November 10, Blue paid Ames Supplies. Assuming Blue uses a perpetual inventory system, which of the following journal entries would Blue record for the payment? Question 19 of 20 Purchases 1368 Cash 44232 Accounts Payable 45600 1368 Merchandise Inventory Cash 44232 Accounts Payable 45600 Cost of Goods Sold 1368 44232 eTextbook and Media