Boot Camp Co. (BCC) is about to close its December 31, 2020 financial year-end. Following are the preliminary amounts or situations in the accounts described.

Required:

For each situation, provide the adjusting entry(ies) required, if any, to properly record the events and reflect the correct accounts. (Round to the nearest dollar.)

BCC has a perpetual inventory system and reported a preliminary cost of goods sold of $245,950.All adjustments have been made to the physical count at year-end except for the items listed below. A final tour of the inventory storage areas and of purchase and other information revealed the following:

a.Inventories worth $11,000 in one location were omitted from the final inventory count. These had been included in the perpetual inventory records and ledger balance for inventory.

b.Inventories on consignment from a supplier worth $2,500 were included in the final inventory count.

c.Inventories en route to BCC at December 31, 2020, FOB shipping point, worth $7,500 plus GST of 5%, had not been identified. The related shipping charges were $200. An accrual had been properly recorded in the inventory accounts at year end to reflect this purchase.

d.Inventories worth $3,000 which had been included in the final inventory count, had been physically separated at December 31, 2020 for return to a supplier. The return had been recorded in the accounts at December 31, 2020.

e.At December 31, 2020, BCC had its own inventory on consignment with customers for sales value of $7,000 which was not identified in the physical count. These inventories had a 25% mark-up on cost and had been properly classified in the accounts.