E8-2 inventoriable costs in your audit of jose oliva, Ask an Expert

Accounting

E8-2 (Inventoriable Costs) In your audit of Jose Oliva Company, you find that a physical inventory on
December 31, 2014, showed merchandise with a cost of			$441,000	was on hand at that date.
You also discover the following items were all excluded from the				$441,000
1. Merchandise of	$61,000	which is held by Oliva on consignment. The consignor is
the Max Suzuki Company.
2. Merchandise costing	$38,000	which was shipped by Oliva f.o.b. destination to a
customer on December 31, 2014. The customer was expected to receive the merchandise on
January 6, 2015.
3. Merchandise costing	$46,000	which was shipped by Oliva f.o.b. shipping point to a
customer on December 29, 2014. The customer was scheduled to receive the merchandise on
January 2, 2015.
4. Merchandise costing	$83,000	shipped by a vendor f.o.b. destination on
December 30, 2014, and received by Oliva on January 4, 2015.
5. Merchandise costing	$51,000	shipped by a vendor f.o.b. seller on December 31, 2014
and received by Garza on January 5, 2015.

Instructions:
Based on the above information, calculate the amount that should appear on Oliva's balance sheet at December 31, 2014, for inventory.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798066

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