Craig Company asksyou to review its December 31, 2014, inventory values and preparethe necessary adjustments to the books. The following informationis given to you.
Craig uses the periodic method ofrecording inventory. A physical count reveals $352,335 of inventoryon hand at December 31, 2014.
Not included in the physical count ofinventory is $20,130 of merchandise purchased on December 15 fromBrowser. This merchandise was shipped f.o.b. shipping point onDecember 29 and arrived in January. The invoice arrived and wasrecorded on December 31.
Included in inventory is merchandise soldto Champy on December 30, f.o.b. destination. This merchandise wasshipped after it was counted. The invoice was prepared and recordedas a sale on account for $19,200 on December 31. The merchandisecost $11,025, and Champy received it on January 3.
Included in inventory was merchandisereceived from Dudley on December 31 with an invoice price of$23,445. The merchandise was shipped f.o.b. destination. Theinvoice, which has not yet arrived, has not been recorded.
Not included in inventory is $12,810 ofmerchandise purchased from Glowser Industries. This merchandise wasreceived on December 31 after the inventory had been counted. Theinvoice was received and recorded on December 30.
Included in inventory was $15,657 ofinventory held by Craig on consignment from Jackel Industries.
Included in inventory is merchandise soldto Kemp f.o.b. shipping point. This merchandise was shipped afterit was counted. The invoice was prepared and recorded as a sale for$28,350 on December 31. The cost of this merchandise was $15,780,and Kemp received the merchandise on January 5.
Excluded from inventory was a cartonlabeled âPlease accept for credit.â This carton containsmerchandise costing $2,250 which had been sold to a customer for$3,900. No entry had been made to the books to reflect the return,but none of the returned merchandise seemed damaged.
Prepare any correcting entriesto adjust inventory to its proper amount at December 31, 2014.Assume the books have not been closed. (If no entry is required,select "No entry" for the account titles and enter 0 for theamounts. Credit account titles are automatically indented whenamount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1
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