Question: During the taking of its physical inventory on December 31 128019
During the taking of its physical inventory on December 31, 2008, Poindexter Company incorrectly counted its inventory as $769,000 instead of the correct amount of $740,000. Indicate the effect of the misstatement on Poindexter's December 31, 2008, balance sheet and income statement for the year ended December 31, 2008.
Answer to relevant QuestionsBased upon the following data, estimate the cost of ending merchandise inventory:Sales (net) ............... $1,500,000Estimated gross profit rate .......... 35%Beginning merchandise inventory ........ $ ...Beginning inventory, purchases, and sales data for cell phones for July are as follows:Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale ...During 2008, the accountant discovered that the physical inventory at the end of 2007 had been understated by $8,175. Instead of correcting the error, however, the accountant assumed that an $8,175 overstatement of the ...Selected data on merchandise inventory, purchases, and sales for Hacienda Co. and San Lucas Co. are as follows:Instructions1. Determine the estimated cost of the merchandise inventory of Hacienda Co. on June 30 by the ...Dell Inc. and Hewlett-Packard Development Company, L.P. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows a build-to-order strategy, ...
Post your question