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I don't know what i did wrong please help thank you Show Attempt History Current Attempt in Progress x Your answer is incorrect. Windsor Camera
I don't know what i did wrong please help thank you
Show Attempt History Current Attempt in Progress x Your answer is incorrect. Windsor Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Units Cost per Unit 5 $170 154 $159 159 7 Cameras Minolta Canon Light Meters Vivitar Kodak 11 115 120 106 123 11 What amount should be reported on Windsor Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4544 Your answer is partially correct. Farley Bains, an auditor with Nolls CPAs, is performing a review of Bridgeport Corp's Inventory account. Bridgeport did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year- end was $777,110. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis eg.-45 or parentheses e.g. (45).) $ 777110 Ending inventory-as reported 1. Included in the company's count were goods with a cost of $233,340 that the company is holding on consignment. The goods belong to Nader Corporation. 233,340 2. 36640 The physical count did not include goods purchased by Bridgeport with a cost of $36,640 that were shipped FOB shipping point on December 28 and did not arrive at Bridgeport's warehouse until January 3. 3. 16740 Included in the Inventory account was $16,740 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4 30130 The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $37,500 and a cost of $30,130. The goods were not included in the count because they were sitting on the dock. 5. 52900 Included in the count was $52,900 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Bridgeport's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." $ 540900 Correct inventoryStep by Step Solution
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