AutoSave . Off ACC 421 Inventory Sheet - Excel O Search Sign in X File Home Insert Page Layout Formulas Data Review View Help Share Comments Times New Roman ~ 10 ~ A" A ap Wrap Text General Insert Ex AYO Paste Merge & Center Conditional Format as Cell x Delete V v BIUVV Av $ ~ % 9 00 -20 Sort & Find & Ideas Formatting Table Styles Format Filter ~ Select v Clipboard Font Alignment Number Styles Cells Editing Ideas Q7 X V A B D E F G H M N O P Q R S T U V Description _ Selling Price Invoice Shipping Receiving Recording AR Dr(Cr) Sales Dr (CR) Inventory Dr {cr) COGS Dr(Cr) AP Dr(Cr) Shipping Point/Destination FOB Shipping Point - ownership of the inventory is passed when the invent Sales: FOB Destination - ownership of the inventory is passed when the inventory 5000 12/28/x 12/27/x1 12/28/x1 12/28/x1 ,200.00 $ (4,200.00) FOB Shipping Point merchandise is shipped in x1 shipping point, so title passed in x1 and it should be repo 8000 12/28/x1 12/29/x1 12/30/x1 12/28/x1 5,600.00 $ (5,600.00) FOB Shipping Point 5000 12/29/x] 10 00 1/3/x2 1/5/x2 12/29/x1 Consignment? 6000 12/31/x1 3/x 1/5/x2 12/31/x] $(6,000.00 $6,000.00 FOB Shipping Point 7000 12/31/x1 1/2/x2 1/3/x2 12/31/x] $(7,000.00) $7,000.00 FOB Shipping Point 10 9000 12/31/x] (2/31/x] D 1/3/x2 12/31/x] $(9,000.00) $9,000.00 $6,300.00 $(6,300.00) FOB Destination 11 4000 1/3/x2 1/4/x2 1/6/x /3/x2 FOB Shipping Point 12 5000 1/3/x2 12/31/x1 1/3/x2 1/3/x2 $5,000.00 $(5,000.00) $ 3,500.00 $ 3,500.00 FOB Shipping Point 13 6000 1/4/x2 1/5/x In/x2 1/4/x2 FOB Shipping Point 14 Purchases 5000 12/27/x] 12/27/x] 2/31/x] 12/27/x] FOB Shipping Point 16 7000 12/28/x] 12/31/x] D 1/3/x2 12/28/x] (7,000.00 $7,000.00 FOB Destination 17 8000 12/31/x] S 12/31/x] 1/3/x2 12/31/x] 18 7000 12/31/x1 1/3/x2 1/4/x2 12/31/x] FOB Shipping Point (7,000.00) $7,000.00 FOB Shipping Point 6000 1/3/x2 12/30/x1 12/31/x] 1/3/x2 6,000.00 $(6,000.00) FOB Shipping Point 900 1/3/x2 12/30/x1 1/3/x2 1/3/x2 $9,000.00 $(9,000.00) FOB Shipping Point 7000 1/4/x2 12/31/x] D 1/3/x2 1/4/x2 FOB Destination 4000 12/30/x] 12/31/x] 1/3/x2 1/4/x2 $4,000.00 $(4,000.00) FOB Shipping Point FOB Shipping Point To audit a company's sales and purchases cutoffs at the close of the fiscal year ended December 31, X1, you have compiled the data listed on the following schedule. All sales and purchases of significant amount from December 26, X1 to January 4, X2, inclusive, are included. The company realized a gross profit of 30% on each sale, and all sales and purchases were recorded as of the invoice dates. Items marked "D" were FOB destination; all other items were FOB shipping point. The physical inventory taken by the company included only those items actually on hand as of the close of business December 31, X1. All items on hand were included except a special machine see "A" on the cutoff schedule). This special machine was made to order by the company's supplier for one of the company's customers and was in the shipping room ready for shipment. It was excluded from the physical inventory. The company maintains a perpetual inventory system. The inventory count and the subsidiary records have been adjusted to the physical inventory. Complete the above schedule showing for each item the required adjustment, if any. Table 1 + Ready - - + 70% Type here to search O 7:29 PM 11/15/2020