201Intermediate AccountingAssignmentThe Joliet Manufacturing Company reviewed its year-end inventory and found the following items. Indicate...
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Intermediate AccountingAssignmentThe Joliet Manufacturing Company reviewed its yearend inventory and found the following items. Indicate which items should be incluede in the inventory balance at December Give your reason for the treatment you suggest, A packing case containing a product costing $ was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked "Hold for shipping instructions." The customer order was dated December but the case was shipped and the customer billed on Juanary Included Excluded Reason Merchandise costing $ was received on December and the invoice was recorded. The invoice was in the hands of the purchasing agent; it was marked On consignment".Included Excluded Reason Merchandise recevied on Jan costing $ was entered in the purchase register on Jannuary The invoice showed the shipment was made FOB shipping point on December Since it was not on hand during the inventory count, it was not included.o Merchandise costing $ was received on January and the related purchase invoice on January. The invoice showed the shipment was made on December terms FOB Destination.Included Excluded Reason Merchandise costing $ was sold on an installment basis on December The customer took possession of the goods in that date. The merchandise was included in inventory because Joliet still holds legal title. Historical experience suggests that full payment on installment sales is recevied approximately of the time. Included Excluded ReasonIncluded Excluded Reason Goods costing $ were sold and delivered on December The goods were included in inventory because the sales was accompanied by a repurchase agreement requiring Joliet to buy back inventory in February Included Excluded Reason
Intermediate AccountingAssignmentThe Joliet Manufacturing Company reviewed its yearend inventory and found the following items. Indicate which items should be incluede in the inventory balance at December Give your reason for the treatment you suggest, A packing case containing a product costing $ was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked "Hold for shipping instructions." The customer order was dated December but the case was shipped and the customer billed on Juanary Included Excluded Reason Merchandise costing $ was received on December and the invoice was recorded. The invoice was in the hands of the purchasing agent; it was marked On consignment".Included Excluded Reason Merchandise recevied on Jan costing $ was entered in the purchase register on Jannuary The invoice showed the shipment was made FOB shipping point on December Since it was not on hand during the inventory count, it was not included.o Merchandise costing $ was received on January and the related purchase invoice on January. The invoice showed the shipment was made on December terms FOB Destination.Included Excluded Reason Merchandise costing $ was sold on an installment basis on December The customer took possession of the goods in that date. The merchandise was included in inventory because Joliet still holds legal title. Historical experience suggests that full payment on installment sales is recevied approximately of the time. Included Excluded ReasonIncluded Excluded Reason Goods costing $ were sold and delivered on December The goods were included in inventory because the sales was accompanied by a repurchase agreement requiring Joliet to buy back inventory in February Included Excluded Reason
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