P6-1a kirk limited is trying to determine the value of its ending

P6-1A Kirk Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company’s year-end. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation of $48,000. However, she didn’t know how to treat the following transactions so she didn’t record them.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

Determine items and amounts to be recorded in inventory.

(SO 1), AN

(a)        On February 26, Kirk shipped to a customer goods costing $800. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2.

(b)        On February 26, Seller Inc. shipped goods to Kirk FOB destination. The invoice price was $350 plus $25 for freight. The receiving report indicates that the goods were received by Kirk on March 2.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

(c)        Kirk had $500 of inventory at a customer’s warehouse “on approval.” The customer was going to let Kirk know whether it wanted the merchandise by the end of the week, March 4.

(d)       Kirk also had $400 of inventory at a Balena craft shop, on consignment from Kirk.

(e)        On February 26, Kirk ordered goods costing $750. The goods were shipped FOB shipping point on February 27. Kirk received the goods on March 1.

(f)        On February 28, Kirk packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $350 plus $25 for freight; the cost of the items was $280. The receiving report indicates that the goods were received by the customer on March 2.

(g)        Kirk had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $400 and, originally, Kirk expected to sell these items for $600.

Instructions

For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who owns it and what account, if any, it should have been recorded in.

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
Open chat
1
Order through WhatsApp!
nursingesssayswritings.com
Hello!
You Can Now Place your Order through WhatsApp

Order your essay today and save 30% with the discount code ESSAYHELP2