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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
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Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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Werth Company asks you to review its December 31, 2010, inventory

Customer Question

Werth Company asks you to review its December 31, 2010, inventory values and prepare the necessary adjustments to the books. The following information is given to you.

Werth uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand at December 31, 2010.
Not included in the physical count of inventory is $10,420 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31.
Included in inventory is merchandise sold to Bubbey on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $12,800 on December 31. The merchandise cost $7,350, and Bubbey received it on January 3.
Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $15,630. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded.
Not included in inventory is $8,540 of merchandise purchased from Minsky Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30.
Included in inventory was $10,438 of inventory held by Werth on consignment from Jackel Industries.
Included in inventory is merchandise sold to Sims f.o.b. shipping point. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale for $18,900 on December 31. The cost of this merchandise was $11,520, and Sims received the merchandise on January 5.
Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $1,500 which had been sold to a customer for $2,600. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged.
(a) Determine the proper inventory balance for Werth Company at December 31, 2010.

$
(b) Prepare any correcting entries to adjust inventory to its proper amount at December 31, 2010. Assume the books have not been closed.


Description/Account Debit Credit


(To reverse sale entry in 2010.)


(To record purchase of merchandise in 2010.)


(To record merchandise returned.)
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 2 years ago.

Please click on the following link:

 

https://www.box.com/s/874334a71a5b33f0da4a

 

Regards,

Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9512
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
Manal Elkhoshkhany and other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.
I was wondering if you could send me the file again. I forgot to save the file to my documents
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

Sure, but please for future posts, save the files to your pc as soon as you get the solutions. I usually delete the files after the solutions are accepted :)

 

Here you go:

 

https://www.box.com/s/a5b3899c6f94e1755257

 

 

P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Thank you

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Completed by BA degree in 1988 and graduated with a GPA of 4.0