Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you answer part A,B and C Sanderson Company's inventory of $1.1 million at December 31,2023 , was based on a physical count of goods

can you answer part A,B and C
image text in transcribed
image text in transcribed
image text in transcribed
Sanderson Company's inventory of $1.1 million at December 31,2023 , was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items: a. Goods shipped fo.b. shipping point on December 24,2023 , from a vendor at an invoice cost of $69,000 to 5 anderson, received on January 4,2024 b. Goods worth $29,000 and included in the physical count, billed to Makee Corp, fo.b. shipping point, on December 31 , 2023. The carrier picked up these goods on January 3,2024. c. Goods shipped f.o.b. destination received by Sanderson on January 5, 2024. The invoiced amount was $77,000. d. Goods shipped fob. destinaion and received by Sanderson on December 25,2023 , that are on consignment. The value of the goods is $83,500 and they have not been included in the physical inventory count. What should Sanderson report as its inventory amount on its 2023 SFP? Inventory Howe Corp. had 1,500 units on hand of part 54169 on May 1.2023, with a cost of $21 per unit. Howe uses a periodic inventory system. Purchases of part 54169 during May were as follows: A physical count on May 31, 2023, sbows 2,000 units of part 54169 on hand. Using the FIFO method, what is the inventory cost of part 54169 at May 31, 2023? Using the weighted average cost formula, what is the inventory cost? (Round weighted overoge cost per unit to 2 decimal places, eg. 52.75) FIFO method, inventory cost of part 54169 5 Weighted Average cost method, inventory cost $ Grossman Ltd.. a retail store chain, had the following information in its general ledger for the year 2023: Assume that Grossman is a private company reporting under ASPE. What is Grossman's imventoriable cost for 2023? Inventoriable cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Strawser

2nd Edition

0073128244, 9780073128245

More Books

Students also viewed these Accounting questions