xam Gerard Ltd. reported Inventory $690.500) and cuts The company has a periodic inventory system, and the story a. The inventory count took place on 31 December goods with a cost of $78,688 and retail price customer. These goods had been counted earlier the inventory count. The company did not record the the flew Year's break. b. Goods from a supplier, in transit on 31 December recorded as a purchase and account payable cost of $65,180, legally belonged to Gerard ile the year-end. C. Goods received from a supplier on 30 December inventory, but the invoice had not been records payable by the end of December. The invoice water d. On 4 January 20x7, a $6,600 bill for freight for the received. The freight was for goods bought from Gerard warehouse. None of these goods has been e. The inventory count was subsequently determinetto consignment from a supplier; the goods base to be to Gerard's customers. f. Gerard had goods with a recorded cost of $4. purchase and account payable, and counted in damaged and Gerard entered into negotiation discount of $5,458 off the price. The reports January 20x7. g. Market value of remaining invertory after (a)-(f), at NRW, was determined to be $55, . to NRV, unchanged for the end of the last fiscal per Required: 1. Calculate the correct balances for invertory Ce se inventory $6989500 and accounts payable to second 925 stepe The company has a periodic inventory system and the bestanyeko genutematea They cabut late in the last decker til price of SM that all the day trest December, either coa udtales of Dec. ally wiped to write they were in trust weltwee were contattached be the record purchase The was for till for freight for the oth of December ther fort from all we ore of these poolsas bort he country determined to use the recorded out of $3, that are contentory, the destory test -1), determined to be 1885, S. De altre Che correct acestor mestayed and accounts pode ser th a recorded cont c 524th account payable, and counted in instante d and Gerard entered into etiations is the discount of $5,458 off the price. The gotiations January 2007 2. Market value of remaining inventory after tweets with (a)-(), at, was determined to be $585,354. The allocs reston to , unchanged for the end of the last fiscal period, Required: 1. Calculate the correct balances for inventory linery and accounts payable dente 16 Inventory Accounts Payable 2. Calculate the holding loss on inventory that will appear on the home dette Holding loss on vectory xam Gerard Ltd. reported Inventory $690.500) and cuts The company has a periodic inventory system, and the story a. The inventory count took place on 31 December goods with a cost of $78,688 and retail price customer. These goods had been counted earlier the inventory count. The company did not record the the flew Year's break. b. Goods from a supplier, in transit on 31 December recorded as a purchase and account payable cost of $65,180, legally belonged to Gerard ile the year-end. C. Goods received from a supplier on 30 December inventory, but the invoice had not been records payable by the end of December. The invoice water d. On 4 January 20x7, a $6,600 bill for freight for the received. The freight was for goods bought from Gerard warehouse. None of these goods has been e. The inventory count was subsequently determinetto consignment from a supplier; the goods base to be to Gerard's customers. f. Gerard had goods with a recorded cost of $4. purchase and account payable, and counted in damaged and Gerard entered into negotiation discount of $5,458 off the price. The reports January 20x7. g. Market value of remaining invertory after (a)-(f), at NRW, was determined to be $55, . to NRV, unchanged for the end of the last fiscal per Required: 1. Calculate the correct balances for invertory Ce se inventory $6989500 and accounts payable to second 925 stepe The company has a periodic inventory system and the bestanyeko genutematea They cabut late in the last decker til price of SM that all the day trest December, either coa udtales of Dec. ally wiped to write they were in trust weltwee were contattached be the record purchase The was for till for freight for the oth of December ther fort from all we ore of these poolsas bort he country determined to use the recorded out of $3, that are contentory, the destory test -1), determined to be 1885, S. De altre Che correct acestor mestayed and accounts pode ser th a recorded cont c 524th account payable, and counted in instante d and Gerard entered into etiations is the discount of $5,458 off the price. The gotiations January 2007 2. Market value of remaining inventory after tweets with (a)-(), at, was determined to be $585,354. The allocs reston to , unchanged for the end of the last fiscal period, Required: 1. Calculate the correct balances for inventory linery and accounts payable dente 16 Inventory Accounts Payable 2. Calculate the holding loss on inventory that will appear on the home dette Holding loss on vectory
