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.
Your numbers will vary.
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.
Your numbers will vary.