ACT3391HomeworkFall2009Solutions24,25,26

ACT3391HomeworkFall2009Solutions24,25,26 - HOMEWORK - Fall...

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HOMEWORK - Fall 2009 24. (2 points) On 12-31-08, you performed a physical count of inventory Big Al maintains in its warehouse. Your count indicates a total cost of $3,300,000. You discover the following items were excluded from the $3,300,000. Merchandise costing $350,000 that Big Al has out on a consignment basis as of 12-31-08. Should include Merchandise costing $200,000 that was shipped to a customer by Big Al on 12-29-08 f.o.b. destination. The customer received the merchandise on 01-04-09. Should include Merchandise costing $175,000 shipped by a vendor f.o.b. shipping point on 12-25-08 and received by Big Al on 01-07-09. Should include Merchandise costing $75,000 that Big Al is holding on a consignment basis for Ruthie Company as of 12-31-08. Proper to exclude Amount that should appear as inventory on balance sheet: $3,300,000 + $350,000 + $200,000 + $175,000 = $4,025,000 25. (4 points) The following facts pertain to the cost of one product carried in the merchandise inventory of H Store: Inventory on hand, January 1 800 units @ $50.00 $40,000 Purchases, January 12 600 units @ $52.00 $31,200 Purchases, January 19 500 units @ $54.00 $27,000 Purchases, January 22 300 units @ $56.00 $16,800 Purchases, January 23 200 units @ $58.00 $11,600 Purchases, January 26
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This note was uploaded on 03/03/2011 for the course ACCT 3391 taught by Professor Turpin during the Spring '10 term at Troy.

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ACT3391HomeworkFall2009Solutions24,25,26 - HOMEWORK - Fall...

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