company uses the perpetual inventory system, it began operations in October. October through December, the accounting information system shows that purchases of $70, 700 were made. There was $3,800 in returned goods with cost. Inventory with a cost of $53, 7400 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $11, 100 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to inventory over and short or cost of goods sold for is it A. $1700 B. $4400 C. $2100 or D. $4200?
company uses the perpetual inventory system, it began operations in October. October through December, the accounting information system shows that purchases of $70, 700 were made. There was $3,800 in returned goods with cost. Inventory with a cost of $53, 7400 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $11, 100 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to inventory over and short or cost of goods sold for is it A. $1700 B. $4400 C. $2100 or D. $4200?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College