Valix Finacc vol 1 Problem 7-7

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-7

Materials                                                                                                                  1,400,000      

Goods in process                                                                                                        650,000      

Finished goods in factory                                                                                        2,000,000       

Finished goods in company-owned retail store (750,000/150%)                                 500,000      

Finished goods in the hands of consignees (400,000 x 60%)                                       240,000                                  

Finished goods in transit                                                                                             250,000

Finished goods out on approval                                                                                100,000

Materials in transit (330,000 + 30,000)                                                                          360,000

Correct inventory                                                                                                    5,500,000