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anwser asap pls show step by step thx Riverbed Limited is trying to determine the amount of its ending inventory as at February 28, the
anwser asap pls show step by step thx
Riverbed Limited is trying to determine the amount of its ending inventory as at February 28, the company's year end. The accountant counted everything in the warehouse in early March, which resulted in an ending inventory amount of $197.200. However, the accountant was not sure how to treat the following transactions, so she did not include them in the count. She has asked for your help In determining whether she should or should not include the following transactions in inventory: 1 2 19 3 4. 5. Feb 1 Riverbed shipped $7.720 of inventory on consignment to Banff Corporation. By February 28, Banff had sold half of this inventory for Riverbed. Riverbed was holding inventory that it sold to a customer on February 19 but that needed adjustments before the customer would take possession. The inventory cost $970 and the alterations, completed on February 21, cost $120. The customer plans to pick up the inventory on March 2 22 Riverbed shipped goods FOB shipping point to a customer. The inventory cost $1,510. The appropriate party paid the freight costs of $9. The receiving report indicates that the customer received the goods on March 2 23 Riverbed received $1,580 of Inventory on consignment from Craft Producers Ltd. By February 28, Riverbed had not sold any of this inventory 25 Riverbed purchased goods FOB shipping point from a supplier. The inventory cost $1,360. The appropriate party paid the freight costs of $9. The supplier shipped the goods on February 26 and Riverbed received the goods on March 3 Riverbed purchased goods FOB destination from a supplier. The inventory cost $1,520. The appropriate party paid the freight costs of $140. The supplier shipped the goods on February 27 and Riverbed received the goods on March 4 Riverbed shipped goods costing $1.940 FOB destination to a customer. The appropriate party paid the freight costs of $210. The receiving report indicates that the customer received the goods on March 7. Riverbed had $1,920 of inventory isolated in the warehouse. The company isolated the goods because a customer did not want them shipped until March 5. The customer does not own the goods and will pay for them in March 6 26 7. 27 B 28 For each of the situations, specify whether the accountant should include the item in ending inventory, and if so, at what amount For each tern that is not included in ending inventory, indicate who owns it and what account, if any, the accountant should record the item in, assuming that the company uses a perpetual inventory system. Include/Do not include Amount Ownership Account Riverbed shipped $1,720 of inventory on consignment to Banff Corporation By February 28. Bant had sold half of this inventory for Riverbed $ Riverbed was holding inventory that it sold to a customer on February 19 but that needed adjustments before the customer would take Dossession The Inventory cost $970 and the alteration completed customer would take possession The inventory cost 5970 and the alterations, completed on February 21. cost $120. The customer plans to pick up the inventory on March 2 Riverbed shipped goods FOB Shipping point to a customer The Inventory cost $1.510 The appropriate party paid the freight costs of $9 The receiving report indicates that the customer received the goods on March 2 Riverbed received $1.580 of inventory on consignment emate inventory Riverbed purchased goods FOB shipping point from a supplier. The inventory cost $1,360 The appropriate party pald the freight costs of $9. The supplier shipped the goods on February 26 and Riverbed received the goods on March 3 Riverbed purchased Boods FOB destination from a supplier. The Inventory cost $1,520 The appropriate party paid the freight couts of $140. The supplier shipped the goods on February 27 and Riverbed received the March 3 Riverbed purchased goods FOB destination from a supplier. The inventory cost $1520 The appropriate party paid the freight costs of $140. The supplier shipped the goodson February 27 and Riverbed received the soods on March 4 Riverbed shipped Boods costin $1.940 FOB destination to a customer The appropriate party paid the freight costs of $210. The receiving report indicates that the customer received the goods on March 2 Riverbed shipped goods costing $1.940 FOB destination to a customer The appropriate party paid the freight costs of $210. The receiving report indicates that the customer received the Boods on March 7 Riverted tad $1.920 01 inwentary holated in the Warehouse The company holated the oods because customer did not want them shipped until March 5. The customer does not own the goods and will pay for thomin March Step by Step Solution
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