Question the village hat shop limited counted the entire, Ask an Expert

Finance

Question: The Village Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $66,880. The count included $7,809 of inventory held on consignment for a local designer; $577 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $1,357 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $5,881. It had been shipped on August 29, terms FOB destination. The second shipment cost $4,027, plus freight charges of $635. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count.

Calculate the correct cost of the inventory on August 31.

View complete question

Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M93070677

Have any Question?Write your Review or question?

Related Questions in Basic Finance

What is the fundamental difference between the factors that

What is the fundamental difference between the factors that make up the Task Environment (sometimes called the Micro-Marketing Environment) and the Broad Environment (sometimes called the Macro-Marketing Environment). Hi ...

What are the differences between the federal deficit and

What are the differences between the Federal deficit and Federal Debt? How does a government budget deficit affect the economy, specifically the unemployment rate and job creation? Identify two periods in recent history ...

What are the benefits of franchise to both the franchisee

What are the benefits of franchise to both the franchisee and franchiser and What factors would you consider if interested in buying a franchise?

The firm has bonds that pay a 5 coupon rate mature in 10

The firm has bonds that pay a 5% coupon rate, mature in 10 years and sell for $975. The preferred stock is selling for $35 and pays a $3.00 dividend. The common stock is selling for $20, just paid a $2.25 dividend and is ...

Financial analysis amp valuation - lyons case studies

Financial Analysis & Valuation - Lyons Case Studies Assignment - Case - Financial Analysis Context: You were recently hired as a research analyst at a small asset management firm specializing in value oriented portfolios ...

Question - how is cash flow different than net income what

Question - How is cash flow different than net income? What are some items included in the cash flow statement that are not included in the profit and loss statement? Write a 3-6 paragraph response to the above question( ...

The beta of m simon inc stock is 13 whereas the risk-free

The beta of M Simon Inc, stock is 1.3, whereas the risk-free rate of return is 0.08. If the expected return on the market is 0.12 , then what is the expected return on M Simon Inc?

Capital budgeting problem - npv amp taxobunkem

Capital Budgeting Problem - NPV & Tax Obunkem Manufacturing - a producer of Computer & Accessories is considering setting up a new production plant at its location in Pretoria, South Africa at the cost of $32, 400 millio ...

What is an integrated supply chain and how does it differ

What is an integrated supply chain and how does it differ from the traditional idea of a supply chain?

Section a objective type amp short questionspart one

Section A: Objective Type & Short Questions Part One Multiple Choices: 1. It is a concept where goods are produced without taking into consideration the choices or tastes of customers. a. Marketing mix b. Production conc ...

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 Basic Finance Expert