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Can I get help solving P6-1A? B AND CHALLENGE EXERCISES r Exercises: Set B and Challenge Exercises P6-1A Austin Limited is trying to determine the
Can I get help solving P6-1A?
B AND CHALLENGE EXERCISES r Exercises: Set B and Challenge Exercises P6-1A Austin Limited is trying to determine the value of its ending inventory as of February 28, 2019, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not (a) On February 26, Austin shipped goods costing $800 to a customer and charged the customer $1,000. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. (b) On February 26, Louis Inc. shipped goods to Austin under terms FOB shipping point. The invoice price was $450 plus $30 for freight. The receiving report indicates that the (c) Austin had $650 of inventory isolated in the warehouse. The inventory is designated (d) Also included in Austin's warehouse is $700 of inventory that Ryhn Producers shipped (e) On February 26, Austin issued a purchase order to acquire goods costing $900. The goods were received by Austin on March 2 for a customer who has requested that the goods be shipped on March 10 to Austin on consignment oods were shipped with terms FOB destination on February 27. Austin received the goods on March 2 On February 26, Austin shipped goods to a customer under terms FOB destination. eiving report indi The invoice price was $350; the cost of the items was $200. The rec s that the goods were received by the customer on March 2. Austin had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $400, and Austin had expected to sell t Instructions in ending inventory, and if so, at what amount. For each item that is not i hese items for $600 For each of the preceding transactions, specify whether the item in question sh inventory, indicate who owns it and in what account, if any, it should have been P6-2A Express Distribution markets CDs of the performing artist Fishe, A ould be included included in ending of October, Express had in beginning inventory 2,000 of Fishe's CDs with During October, Express made the following purchases of Fishe's CD a unit cost of $7. Oct. 3 2,500 @$8 Oct. 9 3,500 @ $9 Oct. 19 3,000 $10 Oct. 25 4,000 @ $11Step by Step Solution
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