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Category > Management Posted 04 Dec 2017 My Price 8.00

Steele Company

The accountant for Steele Company reported the following accounting treatments for several purchase transactions (FOB shipping point) that took place near December 31, 2003, the company s year-end:

Date Inventory

Was Shipped

Was the Purchase

Recorded in the

Books on or before

Was the Inventory

Counted and Included

in Inventory Balance

December 31, 2003?

Amount

December 31, 2003?

2003:00:00

      

41,999

Yes

$1,100

Yes

42,002

Yes

800

No

31-Dec

No

1,800

Yes

2004

      

January 1

No

300

Yes

January 1

Yes

3,000

No

January 1

No

600

No

1. If Steele Company s records reported purchases and ending inventory balances of $80,800 and $29,800, respectively, for 2003, what would the proper amounts in these accounts have been?

2. What would be the correct amount of cost of goods sold for 2003, if the beginning inventory balance on January 1, 2003, was $20,200?

3. By how much would cost of goods sold be over- or understated if the corrections in question (1) were not made?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Dec 2017 09:12 PM My Price 8.00

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