Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31, 2020. Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $84000. It is
On December 31, 2020. Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $84000. It is now January 812021, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. Jen & Mink Clothing Inventory Listing December 31, 2020 Inventory Number Inventory Description Quantity (units) Unit Cost (5) Total Value (5) 7649 Blue Jackets 117 37 4,329 10824 Black pants 334 32 10,688 Total Inventory $84, eee 1 2 The following situations have been brought to your attention a. On January 3, 2021, J&M received a shipment of 117 blue jackets, for $4,329 (Item #7649). The inventory was purchased December 23, 2020, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing b. On December 29, 2020.J&M sold scarves (Item #5566) to a customer with a sale price of $870 and cost of $585, FOB shipping The order was shipped on December 30, 2020.J&M has not included this inventory c. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2020 for $3,470, FOB shipping The shipment arrived January 5, 2021, and the appropriate party paid for the shipping charges of $490 Additional costs were $305 for import duties and $94 for insurance during shipment J&M has not included this inventory d. At year-end. J&M is holding $10,688 of black pants (Item #10824) on consignment for designer Duke Co. This inventory was included in J&M's inventory count and inventory listing e.On December 31, 2020, J&M shipped white shirts (Item #429), FOB destination costing $1,255 to a customer. The customer was charged $1,400 and the customer received the goods on January 3, 2021 J&M has not included this inventory On December 31, 2020. Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $84000. It is now January 812021, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. Jen & Mink Clothing Inventory Listing December 31, 2020 Inventory Number Inventory Description Quantity (units) Unit Cost (5) Total Value (5) 7649 Blue Jackets 117 37 4,329 10824 Black pants 334 32 10,688 Total Inventory $84, eee 1 2 The following situations have been brought to your attention a. On January 3, 2021, J&M received a shipment of 117 blue jackets, for $4,329 (Item #7649). The inventory was purchased December 23, 2020, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing b. On December 29, 2020.J&M sold scarves (Item #5566) to a customer with a sale price of $870 and cost of $585, FOB shipping The order was shipped on December 30, 2020.J&M has not included this inventory c. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2020 for $3,470, FOB shipping The shipment arrived January 5, 2021, and the appropriate party paid for the shipping charges of $490 Additional costs were $305 for import duties and $94 for insurance during shipment J&M has not included this inventory d. At year-end. J&M is holding $10,688 of black pants (Item #10824) on consignment for designer Duke Co. This inventory was included in J&M's inventory count and inventory listing e.On December 31, 2020, J&M shipped white shirts (Item #429), FOB destination costing $1,255 to a customer. The customer was charged $1,400 and the customer received the goods on January 3, 2021 J&M has not included this inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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