Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Attempt in Progress Craig Company asks you to review its December 3 1 , 2 0 2 0 , inventory values and prepare the
Current Attempt in Progress Craig Company asks you to review its December inventory values and prepare the necessary adjustments to the books. The following information is given to you. Craig uses the periodic method of recording inventory. A physical count reveals $ of inventory on hand at December Not included in the physical count of inventory is $ of merchandise purchased on December from Browser. This merchandise was shipped fob shipping point on December and arrived in January. The invoice arrived and was recorded on December Included in inventory is merchandise sold to Champy on December fob destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $ on December The merchandise cost $ and Champy received it on January Included in inventory was merchandise received from Dudley on December with an invoice price of $ The merchandise was shipped fob destination. The invoice, which has not yet arrived, has not been recorded. Not included in inventory is $ of merchandise purchased from Glowser Industries. This merchandise was received on December after the inventory had been counted. The invoice was received and recorded on December Included in inventory was $ of inventory held by Craig on consignment from Jackel Industries. Included in inventory is merchandise sold to Kemp fob shipping point. This merchandise was shipped on December after it was counted. The invoice was prepared and recorded as a sale for $ on December The cost of this merchandise was $ and Kemp received the merchandise on January Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $ which had been sold to a customer for $ No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Craig will honor the return. a Your answer is incorrect. Determine the proper inventory balance for Craig Company at December Inventory balance as on December
Current Attempt in Progress
Craig Company asks you to review its December inventory values and prepare the necessary adjustments to the books. The
following information is given to you.
Craig uses the periodic method of recording inventory. A physical count reveals $ of inventory on hand at December
Not included in the physical count of inventory is $ of merchandise purchased on December from Browser. This
merchandise was shipped fob shipping point on December and arrived in January. The invoice arrived and was recorded
on December
Included in inventory is merchandise sold to Champy on December fob destination. This merchandise was shipped after
it was counted. The invoice was prepared and recorded as a sale on account for $ on December The merchandise
cost $ and Champy received it on January
Included in inventory was merchandise received from Dudley on December with an invoice price of $ The
merchandise was shipped fob destination. The invoice, which has not yet arrived, has not been recorded.
Not included in inventory is $ of merchandise purchased from Glowser Industries. This merchandise was received on
December after the inventory had been counted. The invoice was received and recorded on December
Included in inventory was $ of inventory held by Craig on consignment from Jackel Industries.
Included in inventory is merchandise sold to Kemp fob shipping point. This merchandise was shipped on December after
it was counted. The invoice was prepared and recorded as a sale for $ on December The cost of this merchandise
was $ and Kemp received the merchandise on January
Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing
$ which had been sold to a customer for $ No entry had been made to the books to reflect the return, but none of
the returned merchandise seemed damaged; Craig will honor the return.
a
Your answer is incorrect.
Determine the proper inventory balance for Craig Company at December
Inventory balance as on December
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started