Inventories

Houghton Limited is trying to determine the value of its ending inventory as of February 28, 109, the company's year-end. The following transactions occurred and the accountant asked your help in determining whether they should be recorded or not.
  1. On February 26, Houghton shipped goods costing $800 to a customer and charged the customer $1,000. the goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2.
  2. On February 26, Crain Inc. shipped goods to Houghton under terms FOB shipping point. The invoice price was $450 plus $30 for freight. The receiving report indicates taht the goods were received by Houghton on March 2.
  3. Houghton had $720 of inventory isolated in the warehouse. The inventory is designated for a customer who as requested that the goods be shipped on March 10.
  4. Also included in Houghton's warehouse is $700 of inventory that Korenic Producers shipped to Houghton on consignment.
  5. On February 26, Houghton issued a purchase order to acquire goods costing $900. The goods were shipped with terms FOB destination on February 27. Houghton received the goods on March 2.
  6. On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice price was $390; the cost of the items was $240. The receiving report indicates that the goods were received by the customer on March 2.

Instructions

For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs.

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-19 at a cost of $20 per unit. During the year, the following purchases were made.

The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2019 if either th FIFO or the LIFO method had been used. For 2019, the accounting records show these data.

You are provided with the following information for Koetteritz Inc. for the month ended june 30, 2019. Koetteritz uses the periodic method for inventory.

You are provided with the following information for Gobler Inc. Gobler Ince. uses the periodic method of accounting for its inventory transactions

The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following data.

Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. you are provided with the following information for Dempsey Inc. for the month of January 2019.

Wittmann Co. began operations on July 1. It uses a perpetual inventory system During July, the company had the following purchases and sales.

Bao Company lost all of its inventory in a fire on December 26, 2019. The accounting records showed trhe following gross profit data for November and December.

Problems: Inventories

Problem-1: Inventories

Houghton Limited is trying to determine the value of its ending inventory as of February 28, 109, the company's year-end. The following transactions occurred and the accountant asked your help...

Problem-2: Inventories

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During...

Problem-3: Inventories

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-19 at a cost of $20 per unit. During the year, the following purchases were made.

Problem-4: Inventories

The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of...

Problem-5: Inventories

You are provided with the following information for Koetteritz Inc. for the month ended june 30, 2019. Koetteritz uses the periodic method for inventory.

Problem-6: Inventories

You are provided with the following information for Gobler Inc. Gobler Ince. uses the periodic method of accounting for its inventory transactions

Problem-7: Inventories

The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following...

Problem-8: Inventories

Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory, the inventory...

Problem-9: Inventories

Wittmann Co. began operations on July 1. It uses a perpetual inventory system During July, the company had the following purchases and sales.

Problem-10: Inventories

Bao Company lost all of its inventory in a fire on December 26, 2019. The accounting records showed trhe following gross profit data for November and December.

Problem-11: Inventories

Rayre Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments of October 31, 2019.

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