Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 36 views

    Tugas Lab 6 - Merchandising Inventory

    Uploaded by

    Randomly Store
    Josedin Corporation is considering lending to Ong Corporation. Ong's inventory is reported as $543,000 but discussions reveal several items were not included in the physical count that should impact the correct inventory amount. Items excluded from the count include goods shipped to customers but not delivered totaling $125,000, goods received from suppliers after year-end totaling $91,000, and goods shipped to Ong after year-end totaling $63,000. The correct inventory amount after considering these omitted items is $543,000 + $125,000 + $91,000 - $63,000 = $696,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Tugas Lab 6 - Merchandising Inventory

    Uploaded by

    Randomly Store
    36 views2 pages
    Josedin Corporation is considering lending to Ong Corporation. Ong's inventory is reported as $543,000 but discussions reveal several items were not included in the physical count that should impact the correct inventory amount. Items excluded from the count include goods shipped to customers but not delivered totaling $125,000, goods received from suppliers after year-end totaling $91,000, and goods shipped to Ong after year-end totaling $63,000. The correct inventory amount after considering these omitted items is $543,000 + $125,000 + $91,000 - $63,000 = $696,000.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Josedin Corporation is considering lending to Ong Corporation. Ong's inventory is reported as $543,000 but discussions reveal several items were not included in the physical count that should impact the correct inventory amount. Items excluded from the count include goods shipped to customers but not delivered totaling $125,000, goods received from suppliers after year-end totaling $91,000, and goods shipped to Ong after year-end totaling $63,000. The correct inventory amount after considering these omitted items is $543,000 + $125,000 + $91,000 - $63,000 = $696,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    36 views2 pages

    Tugas Lab 6 - Merchandising Inventory

    Uploaded by

    Randomly Store
    Josedin Corporation is considering lending to Ong Corporation. Ong's inventory is reported as $543,000 but discussions reveal several items were not included in the physical count that should impact the correct inventory amount. Items excluded from the count include goods shipped to customers but not delivered totaling $125,000, goods received from suppliers after year-end totaling $91,000, and goods shipped to Ong after year-end totaling $63,000. The correct inventory amount after considering these omitted items is $543,000 + $125,000 + $91,000 - $63,000 = $696,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    TUGAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2016

    TUGAS 6
    MERCHANDISING INVENTORY

    I. Determining the Correct Inventory Amount

    Josedin Corporation is considering giving Ong Corporation a loan. Before doing so,
    management decides that further discussions with Ong’s accountant may be desirable. One
    area of particular concern is the inventory account, which has a year-end balance of
    $543,000. Discussions with the accountant reveal the following.

    a. Ong sold goods costing $74,000 to KKH Company, FOB shipping point, on December
    29, 2019. The goods are not expected to arrive at KKH until January 15, 2020. The goods
    were not included in the physical inventory because they were not in the warehouse.
    b. The physical count of the inventory did not include goods costing $132,000 that were
    shipped to Ong FOB destination on December 27, 2019 and were still in transit at year-
    end.
    c. Ong received goods costing $28,000 on January 3, 2020. The goods were shipped FOB
    shipping point on December 27, 2019 by Riffle Paper Co. The goods were not included
    in the physical count.
    d. Ong sold goods costing $51,000 to Jackson Co., FOB destination, on December 30,
    2019. The goods were received at Jackson on January 6, 2020. They were not included in
    Ong’s physical inventory.
    e. Ong received goods costing $63,000 on January 3, 2020 that were shipped FOB
    destination on December 28, 2019. The shipment was a rush order that was supposed to
    arrive December 31, 2019. This purchase was included in the ending inventory of
    $543,000.

    Instructions :
    Determine the correct inventory amount on December 31, 2019.

    II. Financial Statement Effect of Inventory Cost Flow Assumptions

    HESTY – ANA – SANDRA – SHINDI FATA 2017


    TUGAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2016

    The management of Peach Entertainment is considering the effects of inventory costing


    methods on its financial statements and its income tax expense. Assuming that the price the
    company pays for inventory is increasing, which of the three method will: (state the reason)
    a. Provide the highest net income?
    b. Provide the highest ending inventory
    c. Result in lowest income tax expense?
    d. Result in most stable earnings over a number of years?

    III. Calculate Ending Inventory, COGS, and Gross Profit

    Date Explanation Unit Price/cost per unit (Rp)


    3-Mar Beginning inventory 46 50,000
    7-Mar Purchase 138 52,000
    10-Mar Sales 117 80,000
    13-Mar Sales Return 19 80,000
    15-Mar Purchase 63 57,000
    15-Mar Purchase Return 13 57,000
    24-Mar Sales 70 84,000
    27-Mar Purchase 38 58,000

    Instructions
    a. For each of the following cost flow assumptions: 1. FIFO 2. Average-costing, calculate
    cost of goods sold, ending inventory and gross profit using the periodic and perpetual
    method.
    b. Compare results for the two cost flow assumptions and give conclusion.

    HESTY – ANA – SANDRA – SHINDI FATA 2017

    You might also like