Jaeco Corporation asks you to review its December 31, 2014 inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Jaeco uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand at December 31, 2014, although the books have not yet been adjusted to reflect the ending inventory. 2. Not included in the physical count of inventory is $ 10,420 of merchandise purchased on December 15 from Sharnsi. This merchandise was shipped FOB shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31. 3. Included in inventory is merchandise sold to Sage on December 30, FOB destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $12,800 on December 31. The merchandise cost $7,350, and Sage received it on January 3. 4. Included in the count of inventory was merchandise received from Dutton on December 31 with an invoice price of $15,630. The merchandise was shipped FOB destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventory is $8,540 of merchandise purchased from Growler Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30. 6. Included in inventory was $ 10,438 of inventory held by Jaeco on consignment from Jackel Industri
bigthoughtwritingservices is a unique service that provides guidance with different types of content. Please rest assured that the service is absolutely legal and doesn’t violate any regulations. It can be used for generating new ideas and thoughts for your own project, additional insight into the subject, or encouragement for further researches.