ASISTENSI PENGANTAR AKUNTANSI

PERTEMUAN 6
TIM ASISTEN DOSEN

PROBLEM 1 Classifying Inventory

Waldorf Limited is trying to determine the value of its ending inventory as of September 30,
2017, the companys year-end. The following transactions occurred, and the accountant asked
your help in determining whether they should be recorded or not.
a) On September 25, Waldorf shipped goods costing $750 to a customer and charged
the customer $1,050. The goods were shipped with terms FOB shipping point and the
receiving report indicates that the customer received the goods on October 2.
b) On September 26, Humphrey Inc. shipped goods to Waldorf under terms FOB shipping
point. The invoice price was $475 plus $35 for freight. The receiving report indicates
that the goods were received by Waldorf on October 3.
c) Also included in Waldorfs warehouse is $625 of inventory that Archibald Producers
shipped to Waldorf on consignment.
d) On September 28, Waldorf issued a purchase order to acquire goods costing $990. The
goods were shipped with terms FOB destination on September 29. Houghton received
the goods on October 4.
e) On September 29, Waldorf shipped goods to a customer under terms FOB destination.
The invoice price was $430; the cost of the items was $280. The receiving report
indicates that the goods were received by the customer on October 5.
Required:
For each of the above transactions, specify whether the item in question should be included in
ending inventory, and if so, at what amount?