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Current Attempt in Progress Coronado Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 3
Current Attempt in Progress Coronado Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December Inventory at December based on physical count of goods in Coronado's plant, at cost on December Accounts payable at December Net sales sales less sales returns Additional information is as follows. Included in the physical count were tools billed to a customer fob shipping point on December These tools had a cost of $ and were billed at $ The shipment was on Coronado's loading dock waiting to be picked up by the common carrier. Goods were in transit from a vendor to Coronado on December The invoice cost was $ and the goods were shipped fob shipping point on December Work in process inventory costing $ was sent to an outside processor for plating on December Tools returned by customers and held pending inspection in the returned goods area on December were not included in the physical count. On January the tools costing $ were inspected and returned to inventory. Credit memos totaling $ were issued to the customers on the same date. Tools shipped to a customer fob destination on December were in transit at December and had a cost of $ Upon notification of receipt by the customer on January Coronado issued a sales invoice for $ Goods, with an invoice cost of $ received from a vendor at : pm on December were recorded on a receiving report dated January The goods were not included in the physical count, but the invoice was included in accounts payable at December Goods received from a vendor on December were included in the physical count. However, the related $ vendor invoice was not included in accounts payable at December because the accounts payable copy of the receiving report was lost.
Current Attempt in Progress
Coronado Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended
December
Inventory at December based on physical count of goods in Coronado's plant, at cost on December
Accounts payable at December
Net sales sales less sales returns
Additional information is as follows.
Included in the physical count were tools billed to a customer fob shipping point on December These tools had a
cost of $ and were billed at $ The shipment was on Coronado's loading dock waiting to be picked up by the
common carrier.
Goods were in transit from a vendor to Coronado on December The invoice cost was $ and the goods were
shipped fob shipping point on December
Work in process inventory costing $ was sent to an outside processor for plating on December
Tools returned by customers and held pending inspection in the returned goods area on December were not
included in the physical count. On January the tools costing $ were inspected and returned to inventory.
Credit memos totaling $ were issued to the customers on the same date.
Tools shipped to a customer fob destination on December were in transit at December and had a cost of
$ Upon notification of receipt by the customer on January Coronado issued a sales invoice for $
Goods, with an invoice cost of $ received from a vendor at : pm on December were recorded on a
receiving report dated January The goods were not included in the physical count, but the invoice was included in
accounts payable at December
Goods received from a vendor on December were included in the physical count. However, the related
$ vendor invoice was not included in accounts payable at December because the accounts payable copy of
the receiving report was lost.
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