Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in sheridan's warehouse on february 29 is $410 of

In Sheridan's warehouse on February 29 is $410 of inventory that Craft Producers shipped...

70.2K

Verified Solution

Question

Accounting

In Sheridan's warehouse on February 29 is $410 of inventory that
Craft Producers shipped to Sheridan on consignment.
On February 27, Sheridan shipped goods costing $940 to a
customer and charged the customer $1,280. The goods were
shipped FOB destination and the receiving report indicates that
the customer received the goods on March 3.
On February 26, Teulon Company shipped goods to Sheridan,
FOB shipping point. The invoice price was $370 plus $35 for
freight. The receiving report indicates that the goods were
received by Sheridan on March 2.
Sheridan had $610 of inventory put aside in the warehouse. The
inventory is for a customer who has asked that the goods be
shipped on March 10.
On February 26, Sheridan issued a purchase order to acquire
goods costing $735. The goods were shipped FOB destination.
The receiving report indicates that Sheridan received the goods
on March 2.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students