I needs help ) PHYSICAL. INVENTORY COUNTS should bo FoR sHpping on January 2, 20
ID: 2564036 • Letter: I
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I needs help
) PHYSICAL. INVENTORY COUNTS should bo FoR sHpping on January 2, 2017. They On Drvenber 29, 201 &, Org Dirty Preay Thiags Inc. ( t Decermer 31 shipment to Paxon's Kidngy Shap,. rexou had oederel dhe aoods on Deczreber 33 asd had enclosed pergent of the $1 000 selling price as a deam paymest with the arder 6. Goods cosling 3400 were is Organ Donor's warehosse at Lxcomber 31. 20ls bat were not ineluded 2017, becaase of as Organ Donor shipped these goods un g imventary. These goods had bom ordered by Soylent Green Compeny on December 22 und D Donor had billed Soylens Green 5600, however, dae goods were aos shipped urtil JaTSETY . 7. Orgin Dosoe's December 31, 201 6, inestory ooune insluded goeds tdiat had ocat Organ Dunor $1,300. on Jan 2, 2017. These goods cost Organ Dunoe $625, they were set aside and excisded ftrom the r on the hipping to Gniuy Matter Ing. on December 20, 2016. s. On Dec. 31, 2016, Frank N Stein Grenesios Co. paid for goods and anked hat Orpan Donur make delivery physical count your own paper, set up a table similar to the ane presensed below: inary Physical Inventory S 100,000 Cbeck Figure 102275 This ove, what if the contract stated that the F.N.Stein Co. would pick up the goods on Jan 2, 2017? gre102275 This valuation woald be reponted on the 1231/16 Balance SheetExplanation / Answer
Comments Sl.No. 100000.00 Inventory as per physical count. 1 2000 Since the goods are dispatched by the supplier on December 31, on FOB shipping terms, this item needs to be added to the inventory. 2 750 Since the goods are dispatched by the supplier on December 29, on FOB shipping terms, this item needs to be added to the inventory. 3 0 Need not be included as the goods are shipped on FOB destination term by the supplier and the goods received on January 2, 2017. 4 -1500 The goods received on consignment , will be included in the inventory of consignor. To be removed from the inventory. 5 0 Since the goods have not been shipped, they have to be included in the inventory. The advance paid by the customer is immaterial. 6 0 These goods need not be included as the customer has been billed and the error is on the shipping dock. 7 0 These goods are to be included as the goods sent on consignment are the property of the consignor until the goods are sold by the consignee. 8 625 These goods are to be included in the inventory , as the shipping is to be done on January 2, 2017. Total 101875.00 Final inventory amount