CourseLover

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    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 07 Dec 2017 My Price 10.00

Compute the correct amount for inventory

You are the Accountant at Tech World which sells computers. Your perpetual inventory was stated as $28,500 on the books at December 31, 2016. At the close of the year, a new approach for compiling inventory was introduced and apparently, the new accounts clerk under your supervision did not do a satisfactory inventory cut-off for the preparation of the financial statements for 2016. You are now reviewing the following events that occurred.

 

i. Computers shipped to a customer January 2, 2017, costing $5,000 were included in inventory at December 31, 2016. The sale was recorded in 2017.

ii. Computers costing $12,000 received December 30, 2016, were recorded as received on January 2, 2017.

iii. Computers received during 2016 costing $4,600 were recorded twice in the inventory account.

iv. Computers shipped to a customer in Trinidad December 28, 2016, FOB shipping point, which cost $10,000, were not received by the customer until January 4, 2017. These computers were included in the ending inventory of 2016.

v.  Computers on hand that cost $6,100 were never recorded on the books.

 

Required:

Compute the correct amount for inventory at December 31, 2016.     

Answers

CourseLover
(12)
Status NEW Posted 07 Dec 2017 06:12 AM My Price 10.00

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