BE 8.01 – Amount of ending inventory
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Find the amount of ending inventory.
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Find the amount of ending inventory.
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Given inventory, purchase of merchandise, cost of merchandise, and selling price of merchandise they ask you to prepare journal entries for the transactions.
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They give you information about the shipping of goods and ask you to determine what should be included in the year-end inventory.
Prepare the necessary journal entries assuming they use the net method.
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Given units purchased and cost of each along with discount terms they ask you to prepare journal entries for the purchase and the payment.
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This is the easier of two versions. The only info given is sales commission %, inventory shipped, amount sold at cost and retail. Asks what amount of inventory the company reports at year-end?
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Five scenarios given about shipping, f. o. b., and including in inventory
Prepare the necessary journal entries to record the transactions.
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Given the amount that merchandise was purchased for, the freight charges, the cost of merchandise returned, cost of the merchandise, and how much it was sold for… prepare a journal entry for the transactions.
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Given a list of debits and credits along with ending inventory… find the costs of goods sold.
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