Question: Homestead Crafts a distributor of handmade gifts operates out of
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn’s house. At the end of the current period, Emma reports she has 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. She also has another 350 units in her van, ready to deliver per a customer order, terms FOB destination, and another 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company’s period- end inventory?
Answer to relevant QuestionsA car dealer acquires a used car for $ 14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include $ 250 for transportation-in, $ 900 for import duties, $ 300 for insurance during ...Laker Company reported the following January purchases and sales data for its only product.Required The Company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold ...Use the following information for Palmer Co. to compute inventory turnover for 2013 and 2012, and its days’ sales in inventory at December 31, 2013 and 2012. ( Round answers to one decimal.) Comment on Palmer’s ...Navajo Company’s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2012, is understated by $ ...Seneca Co. began year 2013 with 6,500 units of product in its January 1 inventory costing $ 35 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On ...
Post your question