Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The WY Company has undertaken a physical count of inventory on hand on December 31, 2019. The cost of the inventory on hand is $445,993.

The WY Company has undertaken a physical count of inventory on hand on December 31, 2019. The cost of the inventory on hand is $445,993. Additional information follows: 1. WY Company received goods costing $32,000 on January 2, 2020. The goods were shipped f.o.b. shipping point, and left the seller's business on December 30, 2019. 2. WY Company sold goods costing $20,000 on December 29, 2019. The goods were picked up by the common carrier on December 29 and shipped f.o.b. destination. The goods arrived on January 2, 2020. The retail price of the goods was $30,000. 3. WY Company was the consignee for some goods from Walmart. The goods cost Walmart $100,000 and had a retail price of $300,000. These goods were included in WY's physical count on December 31, 2019 at the retail price. 4. WY Company had some goods on consignment at Walmart. The goods cost $50,000 and had a retail price of $100,000. These goods were not included in WY's physical count at December 31, 2019 because the goods were not on the company's premises. Required: Compute the correct amount of inventory for WY Company at December 31, 2019: $ Use "-"sign for negative amount, as needed. Use commas and decimal, as neededimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1 Chapters 1 To 12

Authors: J. David Spiceland, James F. Sepe, Lawrence A. Tomassini, Mark W. Nelson

5th Edition

0073324655, 9780073324654

More Books

Students also viewed these Accounting questions