In an annual audit of Riverbed Company Limited, you find that a physical inventory count on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In an annual audit of Riverbed Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $443,000. You also discover that the following items were excluded from the $443,000: 1. Merchandise of $61,600 is held by Riverbed on consignment from BonBon Corporation. 2. Merchandise costing $33,000 was shipped by Riverbed f.o.b. destination to XYZ Ltd. on December 31, 2023. This merchandise was accepted by XYZ on January 6, 2024. 3. 4. 5. 6. 7. Merchandise costing $45,900 was shipped f.o.b. shipping point to ABC Company on December 29, 2023. This merchandise was received by ABC on January 10, 2024. Merchandise costing $72.400 was shipped f.o.b. destination from Wholesaler Inc. to Riverbed on December 30, 2023. Riverbed received the items on January 3, 2024. Merchandise costing $50,500 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2023, and received at Riverbed's office on January 2.2024. Riverbed had excess inventory and incurred an additional $1,440 in storage costs due to delayed shipment in transaction (3) above. Riverbed incurred $2,190 for interest expense on inventory it purchased through delayed payment plans in fiscal 2023. (a) Based on the information provided above, calculate the amount of inventory that should appear on Riverbed's December 31, 2023 SFP Amount of inventory In an annual audit of Riverbed Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $443,000. You also discover that the following items were excluded from the $443,000: 1. Merchandise of $61,600 is held by Riverbed on consignment from BonBon Corporation. 2. Merchandise costing $33,000 was shipped by Riverbed f.o.b. destination to XYZ Ltd. on December 31, 2023. This merchandise was accepted by XYZ on January 6, 2024. 3. 4. 5. 6. 7. Merchandise costing $45,900 was shipped f.o.b. shipping point to ABC Company on December 29, 2023. This merchandise was received by ABC on January 10, 2024. Merchandise costing $72.400 was shipped f.o.b. destination from Wholesaler Inc. to Riverbed on December 30, 2023. Riverbed received the items on January 3, 2024. Merchandise costing $50,500 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2023, and received at Riverbed's office on January 2.2024. Riverbed had excess inventory and incurred an additional $1,440 in storage costs due to delayed shipment in transaction (3) above. Riverbed incurred $2,190 for interest expense on inventory it purchased through delayed payment plans in fiscal 2023. (a) Based on the information provided above, calculate the amount of inventory that should appear on Riverbed's December 31, 2023 SFP Amount of inventory
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Racing Investment Fund 2000 LLC was created in August 2000 to purchase, train, and race thoroughbred horses. The LLC ' s operating agreement provided for 50 membership units to be sold for an initial...
-
Refer to the financial statement information of General Mills reprinted at the back of the book. Required 1. Compute the following ratios and other amounts for each of the two years, ending May 31,...
-
Define financial instruments. Explain the valuation concept used in initially recording financial instruments in financial statements.
-
Aztar Corporation is an operator of casinos and hotels. The companys flagship properties are the Tropicana Hotel & Casino located in Las Vegas, Nevada, and in Atlantic City, New Jersey. In early...
-
The northsouth highway system passing through Albany, New York, can accommodate the capacities shown. Can the highway system accommodate a northsouth flow of 10,000 vehicles perhour? Flow capacity:...
-
Consider the following LP model: Maximize z = 4 x 1 + 1 4 x 2 subject to 2 x 1 + 7 x 2 + x 3 = 2 1 7 x 1 + 2 x 2 + x 4 = 2 1 x 1 , x 2 , x 3 , x 4 0 Check the optimality and feasibility of each of...
-
What is diversification and why is it important in investment portfolios? What is the difference between a stock and a bond? What is the time value of money?
-
1. Please suggest a Customer Journey Map based on Laura Thompson's profile. Reference your map to the following points: Scope Setting the state Back story Touchpoints/moments of truth Pain...
-
5) Find the derivative and simplify your answer: y = 2x x - 3x+1
-
select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. For example, a natural foods company may need to begin offering...
-
13 Write down the program asks the user to enter the value of his salary and the salary distribution in the following form: Insurance 900 Tax 15% Rent 22% Bills 400 Grocery 25% Free
-
7. Consider the following recurrence. f(0; a, b) f(1; a, b) f(n; a, b) = a b f(n-1; b, a + b) (a) Prove using mathematical induction that for any n N if n > 1 then f(n; a, b) = f(n-1; a, b) + f(n -...
-
Discuss your assumptions underlying the sales forecasts and the underlying relationships. Explain how your financial plan impacts the companys need for external capital. Your discussions should...
-
Use the T account for Cash below to record the portion of each of the following transactions, if any that affect cash. How do these transactions affect the companys liquidity? Jan. 2 Provided...
-
Key Performance Indicators: The Income Statement. Describe or define the following key performance indicators (KPIs) from the income statement: 1. Operating revenue 2. Gross profit 3. Operating...
-
The return on shareholders equity ratio can be decomposed into three separate financial ratiosthe return on sales, asset turnover, and financial leverage. Define each of the ratios assuming the firm...
-
Some corporate executives have reportedly attempted to manage their firms operating revenues through such actions as front-end loading or rear-end loading of operating revenues. Explain the concepts...
Study smarter with the SolutionInn App