Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December
Question:
Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December 20X3 (in thousands of dollars):
Required:
Determine the amount of ending inventory that should be reported on the company’s SFP.
Transcribed Image Text:
a. Physical count, 31 December 20X3 Cdn$60,000 b. Advance payment for inventory due before year-end but not yet received 5,000 c. HST (refundable) on inventory, not included in the above amounts 4,500 d. California sales tax (not refundable) paid on part of the inventory that is 1,500 included in physical count; this is the Canadian dollar equivalent e. Cost of items received from a supplier for testing, included in physical count; items are returnable after testing if they do not meet specifications 2,500 f. Import excise tax paid on inventory acquired from a supplier in China; this is the Canadian dollar equivalent 2,000 g. High-value inventory purchased and held in a bonded warehouse in California, not included in above count (Cdn$1.05 = US$1.00) US$11,000
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Related Book For
Intermediate Accounting Volume 1
ISBN: 9781260306743
7th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick
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