Question
Windsor, Inc. is trying to determine the value of its ending inventory as of February 28, 2022, the companys year-end. The accountant counted everything that
Windsor, Inc. is trying to determine the value of its ending inventory as of February 28, 2022, the companys year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $ 48,000. However, she didnt know how to treat the following transactions so she didnt record them. (a1) For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (If item is not included in the ending inventory, then enter 0 for the amounts.)
(a) | On February 26, Windsor shipped to a customer goods costing $ 890. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. | select an option IncludedNot Included | $ enter a dollar amount | |||
---|---|---|---|---|---|---|
(b) | On February 26, Martine Inc. shipped goods to Windsor FOB destination. The invoice price was $ 345 plus $ 20 for freight. The receiving report indicates that the goods were received by Windsor on March 2. | Included or Not Included | $ enter a dollar amount | |||
(c) | Windsor had $ 395 of inventory at a customers warehouse on approval. The customer was going to let Windsor know whether it wanted the merchandise by the end of the week, March 4. | Included or Not Included | $ enter a dollar amount | |||
(d) | Windsor also had $ 295 of inventory at a Belle craft shop, on consignment from Windsor. | Included or Not Included | $ enter a dollar amount | |||
(e) | On February 26, Windsor ordered goods costing $ 720. The goods were shipped FOB shipping point on February 27. Windsor received the goods on March 1. | Included or Not Included | $ enter a dollar amount | |||
(f) | On February 28, Windsor packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $ 380 plus $ 30 for freight; the cost of the items was $ 305. The receiving report indicates that the goods were received by the customer on March 2. | Included or Not Included | $ enter a dollar amount | |||
(g) | Windsor had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $ 515 and, originally, Windsor expected to sell these items for $ 660. | Included or Not Included | $ enter a dollar amount |
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