Determining Merchandise to Be Included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp.
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Question:
Determining Merchandise to Be Included or Excluded from Ending Inventory
The unadjusted inventory balance of Ultim Corp. is $ on December based on a physical inventory count. The following items must be considered before the inventory valuation is finalized.
a On December the physical inventory excluded $ of merchandise inventory set aside for expected shipment to a customer.
b On December the physical inventory excluded $ of merchandise inventory out on consignment in a customers showroom.
c On December the physical inventory excluded $ of merchandise held on consignment.
d Intransit merchandise of $ was shipped fob destination to a customer and was excluded from the physical inventory count. The merchandise was turned over to a common carrier on December and is delivered to the customer on December
e Ultim Corp. ordered $ of merchandise on December The merchandise was shipped to Ultim Corp. fob shipping point on December and was expected to arrive January of next year. The merchandise was not included in the physical inventory count.
f A return to a vendor of merchandise for $ was in transit on December and was excluded from the physical inventory count. The merchandise was shipped fob shipping point on December
Required
Review items a through f and determine the adjusted inventory balance for yearend December
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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