ACC_504_final_1.docx

Feb 3rd, 2012
Studypool Tutor
Price: $10 USD

Tutor description

ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx ACC_504_final_1.docx

Word Count: 713
Showing Page: 1/6
P6-1AKirk Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company's year-end. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation of $48,000. However, she didn't know how to treat the following transactions so she didn't record them.Determine items and amounts to be recorded in inventory.(SO 1), AN(a)On February 26, Kirk shipped to a customer goods costing $800. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. Should not be included in inventory, the legal right is of buyer.(b)On February 26, Seller Inc. shipped goods to Kirk FOB destination. The invoice price was $350 plus $25 for freight. The receiving report indicates that the goods were received by Kirk on March 2. Should not be included in inventory as legal right is with seller(c)Kirk had $500 of inventory at a customer's warehouse "on approval." The customer was going to let Kirk know whether it wanted the merchandise by the end of the week, March 4. Should be included in the inventor as the goods have not been shipped(d)Kirk also had $400 of inventory at a Balena craft shop, on consignment from Kirk. Should be included in inventory as the legal right is with consignor.(e)On February 26, Kirk ordered goods costing $750. The goods were shipped FOB shipping point on February 27. Kirk received the goods on March

Review from student

Studypool Student
" all I can say is wow very fast work, great work thanks "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors