Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the current ending inventory value for wilfred co.

The current ending inventory value for Wilfred Co. is at $297,000. Decide whether the listed...

80.2K

Verified Solution

Question

Accounting

The current ending inventory value for Wilfred Co. is at $297,000. Decide whether the listed transactions 1-5 were handled properly by Wilfred or whether each needs to be added or subtracted to the ending value and what value should be used.

1. Good sold and shipped 12/28 FOB shipping point were excluded. [ Select ] ["Excluded is correct.", "Should be included $38000.", "Should be included $12000."]

2. Goods purchased 12/27 FOB destination and in transit at year-end were excluded. [ Select ] ["Excluded is correct.", "Should be included $95000", "Should be included $45000"]

3. Goods purchased 12/26 FOB shipping point and in transit at year-end were excluded. [ Select ] ["Excluded was correct.", "Should be included $22000", "Should be included $11000"]

4. Goods sold 12/30 FOB destination and in transit at year-end were excluded. [ Select ] ["Excluded is correct", "Should be included $35000", "Should be included $30000"]

5. Goods purchased FOB destination and in transit at year-end were included. [ Select ] ["Included is correct", "Should be excluded subtract 44000", "Should be excluded add $44000"]

6. The updated inventory value for Wilfred Co. should be [ Select ] ["$297,000", "$310,000", "$354,000"]

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