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OLEGan [10]
3 years ago
10

Bedrock Company reported a December 31 ending inventory balance of $412,500. The following additional information is also availa

ble:
1. The ending inventory balance of $412,500 included $72,100 of consigned inventory for which Bedrock was the consignor.
2. The ending inventory balance of $412,500 included $22,200 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.
Based on this information, the correct balance for ending inventory on December 31 is ______.
Business
2 answers:
enyata [817]3 years ago
7 0

Answer:

The correct balance for ending inventory on December 31 is $390,300

Explanation:

Consignment is arrangement where a consignor (the owner of goods) transfers goods to the consignee(the agent) such that the agent can sell the goods on-behalf of the original owner,hence the consigned goods belong to Bedrock Company and have been correctly treated by including them in the closing inventory.

The office supplies are not part of inventory, they are simply consumables for office use,which means they can should be deducted from closing inventory.

Closing inventory                    $412,500

less office supplies                 ($22,200)

Adjusted closing inventory    $390,300

belka [17]3 years ago
3 0

Answer:

The correct Ending Balance = $ 390300

Explanation:

Ending Balance of inventory = $ 412500

Less Office Supplies   = $22,200

The correct Ending Balance = $ 390300

Goods already cosigned are the consignor's inventory unless they are sold. They are not included in the consignee's inventory. So they will be included in the ending inventory.The office Supplies are not the inventory goods. They are daily expense goods and are not included in the inventory.

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Snowcat [4.5K]

which system tax collection system supports the idea that some states are more valuable than others is the Articles of Confederation says that its value will be estimated based on land, people, and improvements

Taxes can be defined as mandatory levies from the people for the state. Every penny of tax money paid by the people will be included in the post of state income from the tax sector. Its use is to finance central and local government spending for the welfare of the community.

Taxes are very beneficial for the state. In full, taxes are widely used for:

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  • Financing reproductive expenditures, such as: expenditures that provide economic benefits for the community, for example: expenditures for irrigation and agriculture.
  • Financing expenses that are not self-liquidating and non-reproductive, for example: expenses for the construction of monuments and recreational objects.
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You can learn more about tax here brainly.com/question/16423331

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3 0
1 year ago
A leading beverage company sells its signature soft drink brand in vending machines for $0.99 per 12 oz. can. A vending machine
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Answer:

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7 0
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On the first day of its fiscal year, Scooter Co. purchased a computer system for a total cost of $50,000. The computer system is
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Answer:

$20000

Explanation:

Given: Total cost of computer system= $50000.

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Now, calculating depreciation expense as per double-declining balance method.

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⇒ Depreciation\ expense= (\$ 50000- \$0)\times \frac{2}{5}

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