Ultimate Company uses a periodic inventory system and has a December 31 year-end. Its records show...

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Ultimate Company uses a periodic inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,550 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Inventory count December 31 - $40,000 Accounts Payable invoices dated December for purchases ordered but in transit at year end - 12,100 Trade terms with suppliers - Net 30 days, FOB shipping point What value will show on Ultimate's year end balance sheet for inventory? Required 1: Assuming no other transaction happened, what value will show on Ultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $ Ultimate Company uses a periodic inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,550 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Inventory count December 31 - $40,000 Accounts Payable invoices dated December for purchases ordered but in transit at year end - 12,100 Trade terms with suppliers - Net 30 days, FOB shipping point What value will show on Ultimate's year end balance sheet for inventory? Required 1: Assuming no other transaction happened, what value will show on Ultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $

Answer rating: 100% (QA)

To determine the value that will show on Ultimate Companys yearend balance sheet for inventory we ne... View the full answer