Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 02 Jan 2018 My Price 7.00

Marlman Company

Valuation of Inventory The inventory on hand at the end of 2010 for the Reddall Company is valued at a cost of $87,450. The following items were not included in this inventory:

1. Purchased goods in transit, under terms FOB shipping point, invoice price $3,700, freight costs $170.

2. Goods out on consignment to Marlman Company, sales price $2,800, shipping costs of $210.

3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,700, which included $251 freight charges to deliver the goods. Goods are in transit.

4. Goods held on consignment by the Reddall Company at a sales price of $2,700, which included sales commission of 20% of sales price.

5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.

Required

Determine the cost of the ending inventory that Reddall should report on its December 31, 2010 balance sheet, assuming that its selling price is 140% of the cost of the inventory

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Jan 2018 10:01 PM My Price 7.00

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