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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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ACT3391HomeworkFall2009Solutions24,25,26 - HOMEWORK Fall...

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