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BACK Question 4 Marigold Corporation asks you to review is December 31, 2020 inventory values and prepare the sustents that are needed to the books. The following information is given to your 1. Marigold uses the periodic method of recording inventory. A physical count reveals $234,600 of inventory on hand at December 31, 2020, although the books have not yet been adjusted to reflect the ending inventory 2. Not included in the physical count of inventory is $10,400 of merchandise purchased on December 15 from Shams. This merchandise was shipped ... shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31 3. Induded in inventory is merchandise sold to Sage on December 30, a destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $12,500 on December 31. The merchandise cost 17,710, and Sage received it on January 3. 4. Included in the count of inventory was merchandise received from Dutton on December 31 with an invoice price of $15.700. The merchandise was shipped to destination. The invoice, which has not yet arrived, has not been recorded. S. Not included in inventory is $8,900 of merchandise purchased from Growler Industries. This merchandise was received on December 31, after the inventary had been counted. The invoice was received and recorded on 30. fuded in inventory was was $10,600 of Inventory held by Marigold on consignment from acre Industries 7. Included in inventory was merchandise sold to kemp, f... shipping point. This merchandise was spoed after it was counted on December 31. The invoice was prepared and recorded as a 8. Excluded from inventory was a carton labelled "Please accept for credit. This carton contained merchandise costing $2,100, which had been sold to customer for 53,100. No entry had been made to the books to record the return, but none of the returned merchandise seemed damaged. 9. Marigold sold $12.400 of inventory to Simply Corp. for $21,000 on wount on December 15, 2020. These arms were shipped to be shipping on the terms of sale indicate that Smply Corn will be permitted to return an unlimited amount until May 15, 2021. Marigold has never provided unlimited returns in the past and is not able to estimate the amount of any potential returns that Simply may make Marigold Corporation asks you to review its December 31, 2020 inventory values and prepare the adjustments that are needed to the books. The following information is given to yout 1. Marigold uses the periodic method of recording inventory. A physical count reveals $234.600 of inventory on hand at December 31, 2020, although the books have not yet been adjusted to reflect the ending Inventory 2. Not included in the physical count of inventory is $10,400 of merchandise purchased on December 15 from Shamsl. This merchandise was shipped fob shoping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31 3. Included in inventory is merchandise sold to Sage on December 30, f... destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a account for $12,500 on December 31. The merchandise cost $7,710, and Sage received it on January 3 4. Included in the count of inventory was merchandise received from Dutton on December 31 with an invoice price of $15.700. The merchandise was shipped to.b. Gestination. The voice which has not yet arrived, has not been recorded 5. Not included in inventory is $8,900 of merchandise purchased from Growler Industries. This merchandise was received on December 31, after the wiventary had been counted. The invoice was received and recorded on December 30. 6. Included in inventory was $10,600 of inventory held by Mangold on consignment from Jacket Industries 7. Included in inventory was merchandise sold to Kemo, ... Shipping point. This merchandise was shipped after it was counted on December 31. The invoice was prepared and recorded as for $18.800 on December 31. The cost of this merchandise was $11,700, and Kemp received the merchandise on January 8. Excluded from inventory was a carton labelled "Please accept for credit. This carton contained merchandise costing $2,100, which had been sold to a customer for $3,100. No entry nad been made to the books to record the return, but none of the returned merchandise seemed damaged. 9. Marigold sold $12,400 of inventory to Simply Corp for $21,000 on account on December 15, 2020. These tems were shipped ... shipping point. The terms of sale indicate that Simply Corp will be permitted to return an unlimited amount until May 15, 2001. Marigold has never provided unlimited return in the past and is not able to estimate the amount of any potentials that Simply may make (a) Determine the proper inventory balance Mon at December 31, 2020 Co $ Inventory December 31, 2020 (unadjusted) Transaction 2 Transaction Transaction 4 Transaction 5 Transaction Transaction Transactions Transaction Inventory December 2013 ajusted * BLACK NEXT Question 4 Marigold Corporation asks you to review its December 31, 2020 inventory values and prepare the adjustments that are needed to the books. The following information is given to you: 1. Marigold uses the periodic method of recording inventory. A physical count reveals $234,600 of inventory on hand at December 31, 2020, although the books have not yet been adjusted to reflect the ending inventory 2. Not included in the physical count of inventory is $10,400 of merchandit purchased on December 15 from Shamst. This merchandise was shipped fob shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31 3. Included in Inventory is merchandise sold to Sage on December 30, f... destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on 4. Included in the count of inventory was marchandise recived from Dutton on December 31 with an invie price of $15.700. The merchandise was shipped f... destination. The Invoice, which has not yet arrived, has not been recorded S. Not induded in inventory is $8.900 of merchandise purchased from Growler Industries. This merchandise was received on December 31, after the inventory had been counted. The invoice was received and recorded on December 30, 6. Included in inventory was $10,000 of inventory held by Marigold on consignment from local Industries 7. Included in inventory was merchandise sold to kemoto.. shpoing point. This marchandise was whipped after it was counted on December 31. The invoice was prepared and recorded as a for $18.600 on December 31. The cost of this merchandise was $11.700, and Kamp received the merchandise on January 5. . Excluded from inventory was a carton labelledecept for credit. This carton con merchandise costing $2,100, which had been sold to a customer for $3,100. No entry had been made to the books to record the return, but none of the returned merchandise seemed damaged 3. Mangold sold 612.400 of inventory to Simply Comp. for $21,000 on account on December 15, 2030. These items were shipped ... ping point. The terms of sale indicate that Simply Corp. will be permitted to return an unlimited amount to May 15, 2021. Marigold has never provided unireturns in the past and is not able to estimate the amount of any potential returns that Simply may make (a) Determine the proper inventory balance for Marigold Corporation at December 31, 2020. Inventory December 31, 2020 (unadjusted) $ Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8 Transaction 9 Inventory December 31, 2020 (adjusted) $
