Business, 14.04.2020 18:00 hurtadocrv

Vogts Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2017. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows. 1. TVs shipped to a customer January 2, 2018, costing $5,000 were included in inventory at December 31, 2017. The sale was recorded in 2018. 2. TVs costing $15,000 received December 30, 2017, were recorded as received on January 2, 2018. 3. TVs received during 2017 costing $4,600 were recorded twice in the inventory account. 4. TVs shipped to a customer December 28, 2017, f. o.b. shipping point, which cost $10,000, were not received by the customer until January, 2018. The TVs were included in the ending inventory. 5. TVs on hand that cost $6,100 were never recorded on the books. Compute the correct inventory at December 31, 2017.

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Answer from: rbines

The computation of the correct inventory at December 31, 2017, is as follows:

Stated inventory at December 31, 2017 = $38,500

Events:

1. Shipment to a customer on January 2, 2018 $0

2. Shipment received on December 30, 2017 = +$15,000

3. Double recording of inventory = -$4,600

4. Shipment (FOB Shipping point) on December 28, 2017 = -$10,000

5. Inventory not recorded = +$6,100

Correct inventory at December 31, 2017 = $45,100

Data Analysis:

Stated inventory = $38,500

Events:

1. Shipment to a customer on January 2, 2018 = $5,000 correct

2. Shipment received on December 30, 2017 = +$15,000 incorrect

3. Double recording of inventory = -$4,600 incorrect

4. Shipment (FOB Shipping point) on December 28, 2017 = -$10,000 incorrect

5. Inventory not recorded = +$6,100 incorrect

Thus, the correct amount of the Ending Inventory on December 31, 2017, is $45,000.

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Answer from: dlr1628

$45,000

Explanation:

The computation of correct inventory is shown below:-

Unadjusted Inventory value $38,500

Add: TVs received on Dec.30,2017 $15,000

Less: TVs received recorded twice $4,600

Less : TVs shipped to Customer

FOB shipping point $10,000

Add: TVs on hand not recorded $6,100

Correct Inventory at December 31,2017 $45,000

Therefore we are not considering Point no.1 as TVs were shipped in Jan.2,2018 and sale also recorded in 2018.

Answer from: Quest

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Answer from: Quest

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Vogts Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31,...

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