In 2013, Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel.
Question:
In 2013, Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel. Sterling delivered 80,000 bushels at a price of $2.15 per bushel in 2013.
Delivery costs were $0.02 per bushel. Sterling recognizes revenue at the time of delivery.
Required:
1. Prepare summary journal entries for 2013.
2. At what value is the inventory of the company carried after the delivery of the 80,000 bushels? Why?
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1 2013 Inventory 2 x 100000 200000 Cash etc 200000 Inventory 002 x 80000 1600 Cash ...View the full answer
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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