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Category > Accounting Posted 03 Aug 2017 My Price 8.00

Kauer Company

Passage of Title

The management of Kauer Company has engaged you to assist in the preparation of yearend (December 31) financial statements. You are told that on November 30, the correct inventory level was 150,000 units. During the month of December, sales totaled 50,000 units including 25,000 units shipped on consignment to Towsey Company. A letter received from Towsey indicates that as of December 31, it had sold 20,000 units and was still trying to sell the remainder. A review of the December purchase orders to various suppliers shows the following:

Purchase Order Date

Invoice Date

Number of Units

Date Shipped

Date Received

Terms

12/2/07

1/3/08

10,000

1/2/08

1/3/08

FOB shipping point

12/11/07

1/3/08

8,000

12/22/07

12/24/07

FOB destination

12/13/07

1/2/08

13,000

12/28/07

1/2/08

FOB shipping point

12/23/07

12/26/07

12,000

1/2/08

1/3/08

FOB shipping point

12/28/07

1/10/08

10,000

12/31/07

1/5/08

FOB destination

12/31/07

1/10/08

15,000

1/3/08

1/6/08

FOB destination

Kauer Company uses the “passing of legal title” for inventory recognition. Compute the number of units that should be included in the year-end inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 08:08 PM My Price 8.00

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