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Could i have some assistance on this problem as soon as possible? Exercise 6-1 The State Bank and Trust is considering giving Sun and Company
Could i have some assistance on this problem as soon as possible?
Exercise 6-1 The State Bank and Trust is considering giving Sun and Company loan for doing so, management decides that further discussions with Sunland's accountant may be desirable. One area of particular concern is the inventory account, which has a year and balance of 534000. Discussions with the accountant reveal the following 1. Sunland sold goods costing 538,800 to Sorel Company FOB shipping point on December 28. The goods are not expected to arrive at Sorciuntil January 12. The goods were not induded in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing 995,600 that were shipped to Sunland Fos destination on December 27 and were still in transit at year-end. 3. Sunland received goods costing $30,300 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count. 4. Sunland sold goods costing $41,500 to Natal Co, FOB destination, on December 30. The goods were received at Natal on January 8. They were not included in Sunland's physical inventory 5. Sunland received goods costing 144,200 on January 2 that were whipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $344,000 Determine the correct inventory amount on December 31 Correct Inventory Step by Step Solution
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