Hampton co took a physical count of its inventory on, Ask an Expert

Accounting

Hampton Co. took a physical count of its inventory on December 31. In addition, it had to decide whether or not the following items should be added to this count.

Indicate which items should be added to and which items should not be added to the December 31 inventory count.

a. Merchandise on hand had been sold earlier in the year but had been returned by customers for various warranty repairs.

b. Hampton Co. sent merchandise on a consignment basis on December 31 just prior to the physical count.

c. On December 22, Hampton Co. ordered merchandise on FOB destination terms. The merchandise was shipped by the supplier on December 30 but had not been received by December 31.

d. On December 27, Hampton Co. ordered merchandise on FOB shipping point terms. The merchandise was shipped on December 29 but had not been received by December 31.

e. Merchandise sold FOB shipping point on December 31 was picked up by the freight company just before closing on December 31.

f. Merchandise shipped to a customer FOB destination was picked up by the freight company on December 28 but had not arrived at its destination as of December 31.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956633

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question 1 use the information to complete the 1120s tax

Question: 1. Use the information to complete the 1120S Tax Form. Once you have completed the form, prepare a 250-500-word summary in which you evaluate how various organizational legal forms (LLC, sole proprietorship, C- ...

Question if the per worker production function is given by

Question: If the per worker production function is given by y=k^1/2, the population growth rate is n= .04, and the depreciation is .01. a. The golden rule level of capital and output per worker is: b. What is the saving ...

Question - on march 1 2017 boyd company acquired real

Question - On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; th ...

Question - the asset account office supplies had a

Question - The asset account, office supplies had a beginning balance of 5700. During the accounting period, office supplies were purchased, on account for 5100. A physical count, on the last day of the accounting period ...

Question - adams jackson invests 53400 at 8 annual interest

Question - Adams Jackson invests $53,400 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Adams withdraws the accumulated amount of money. ...

Question in your readings this module you were introduced

Question: In your readings this module, you were introduced to Activity-Based Costing or ABC. It is a method used to determine a reliable predetermined benchmark for the allocation of overhead costs to the products produ ...

Question - the kaufman car company sells cars with a

Question - The Kaufman car company sells cars with a warranty that they will work properly. based on its historic experience, it expects the cost of honoring this warranty to be about 1% of sales. In 2014, it makes $500 ...

Question based on your understanding of financial statement

Question: Based on your understanding of financial statement analysis, of the three statements (Income Statement, Balance Sheet, Statement of Cash Flows) which statement do you think is the most important and why? The re ...

Question - assume you graduate from college with 30000 in

Question - Assume you graduate from college with $30000 in student loans. If your interest rate is fixed at 5.00% APR with monthly compounding and you repay the loans over 10-year period, what will be your monthly paymen ...

Question - beyer company is considering the purchase of an

Question - Beyer Company is considering the purchase of an asset for $180,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a 9% return ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert