CORRECTLY. Show your work in good form and clear explanation. On December 31, 2021, a physical count in Lincoln Company's warehouse showed goods with a costof $5,000,000. However, after further review, the following items were found to be missing from the count. 1. Goods sold to a customer, which are being held for the customer to call at the customer's convenience with a cost of $200,000. 2. A packing case containing a product costing $500,000 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked "hold for shipping instructions". The investigation revealed that the customer's order was dated December 28, 2021, but that the case was shipped and the customer billed on January 4, 2022. 3. 

A special machine costing $250,000, fabricated to order for a customer, was finished and specifically segregated at the back part of the shipping room on December 31,2021. The customer was billed on that date and the machine was excluded from inventory although it was shipped on January 2, 2022. What is the correct amount of inventory that should be reported on December 31, 2021? On December 31, 2021, a physical count in Montreal Company's warehouse showed goods with a total value of $5,000,000. However, after further study, the following items were found to be missing from the count. 1. $200,000 worth of goods delivered to a client that are being stored for the customer to call at his or her convenience. 2. As the physical inventory was taken, a packaging case holding a $500,000 commodity stood in the delivery room. Since it was labelled "keep for shipment orders," it was not included in the inventory. 

The customer's order was dated December 28, 2021, but the case was delivered and the customer was billed on January 4, 2022, according to the investigation. 3. On December 31, 2021, a special computer costing $250,000 was finished and strictly designated in the back section of the shipping room for a client. The client was charged on January 2, 2022, and the computer was exempt from inventory since it was shipped on that day. What is the right sum of inventory to record for the year ending December 31, 2021? N Company's inventory on hand as of December 31, 2021 was measured at $950,000. The following items were left out of the inventory total: Item 1: Purchased products in transit that were delivered FOB destination, with an invoice price of $30,000 that included a $1,500 freight fee. Item 2: Goods held on consignment by N Company at a purchase price of $28,000, plus a 20% sales commission. Item 3: Products delivered to O Company under the terms FOB destination were invoiced for $18,500, which included a $1,000 freight fee. The goods are on their way. The sale price of the entity is 140 percent of its cost. Item 4: In-transit purchases, words FOB delivery point, invoice price $50,000, freight rate $2,500 Item 5: 

Goods on consignment to P Company, with a purchase price of $35,000 and a $2,000 shipping fee. What was the inventory's adjusted cost on December 31, 2021? Amazon Company presented the following information about its inventory: ($) The warehouse's inventory was counted 4,000,000. Things included in the count include those that are clearly separated per selling contract100,000. Things included in the count include those that are clearly separated per selling contract50,000. Ordered items are in the receiving department, but the invoice has not been paid. 400,000 Ordered products, invoice issued, but no merchandise received. Seller is responsible for freight. 300,000 Items have been delivered today and an invoice has been mailed, FOB shipping point. 250,000 Items have been delivered today, an invoice has been mailed, and the shipment is FOB destination. 150,000 Currently used products for window view 200,000 Things for sale on the counter 800,000 Aman Company has declined to accept items in the receiving department due to damage. 180,000 Items listed in the count that are defective or unsellable 50,000 Shipment-related items 2,500,000 What is the proper inventory level? Bravo Company's inventory contained the following items: ($) Materials 1,400,000 Supplies purchased in advance200,000 Goods in process 650,000 Inventory insurance that hasn't run out60,000 Advertising catalogs and mailing cartons 150,000 Factory-made finished products 2,000,000 Finished products in entity-owned retail stores, with a gross margin of 50% on cost 750,000 Finished products in the possession of consignees, with a 40% net margin on revenue 400,000 Finished goods are on their way to the consumer and will be delivered at cost FOB destination. 250,000 Finished products are sent out at cost after clearance. 100,000 Finished products that aren't sellable, at expense 50,000 Office essentials 40,000 Materials in transit, FOB shipping point (excluding $30,000 rate). 330,000 At sales price, consignment items cost $150,000. 200,000 How much is the correct inventory? 

The following data comes from CostcoCompany's accounts at the end of the financial year. ($) 1. Expense of finished products in storeroom, plus $400,000 in overhead (or 20%) 2,000,000 2. In-transit finished products, plus a $20,000 freight fee, FOB shipping point 250,000 3. $100,000 in finished products owned by salesmen at retail price 140,000 4. In-process goods, at commodity and direct labor costs 720,000 5. Materials 1,000,000 6. Materials in transport to their final destination, FOB destination 50,000 7. Returned defective materials to manufacturers 100,000 8. Shipping materials 20,000 9. Gasoline and oil for final inspection 110,000 10.Lubricants for machines 60,000 How much is the correct inventory? In the current fiscal year, Disney Company incurred the following costs. How much did the purchases cost in total? ($) Procurement costs based on invoices from suppliers 5,000,000 Orders already removed from sellers' invoices are qualified for trade discounts. 500,000 Freight and insurance on imports400,000 Freight and insurance on imports1,000,000 Other import-related processing costs 100,000 Accounting Department Salaries 600,000 Agentspaying fee for arranging imports. 200,000 Sales commissions charged to sales agents 300,000 Expenses of after-sales service 250,000 E-bay Company incurred the following costs: Materials 700,000 Costs of finished product storage 180,000 Consumers' delivery 40,000 Purchase taxes that are not refundable 60,000 How much should the inventory be computed? A perpetual inventory method is used by F Company. The inventory account had a balance of $360,000 at the end of 2020, and $30,000 of the items used in the ending inventory were imported FOB Shipping point and did not arrive until 2021. In 2021, $3,000,000 was spent on purchases. According to the perpetual inventory records, the finishing inventory for 2021 was $420,000. At the end of 2021, a physical count of the items on hand revealed a total inventory of $380,000. Stock shortages are factored into the cost of merchandise delivered. How much could the cost of goods sold be listed as in the 2021 income statement? G sent 505 sweaters for consignment to H department store on December 1, 2021. The sweaters cost G $800 each, and they were priced to sell for $1,000. On consigned products, H takes a 10% fee. On December 31, 2021, there were just 5 sweaters left. 

What number does H report as payable for consigned products in its December 31, 2021 statement of financial position? 

Prepare journal entry. On October 1, 2021, Gie Company sold 40 freezers to Lace Company for $14,000 each, plus $16,000 in shipping costs, for a total of $20,000. Lace announced the selling of ten freezers on December 30, 2021, and remitted $170,000. The payment was made net of the agreed-upon 15% commission. For 2021, how much does Gie account as consignment sales revenue