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  • Inventoriable Costs Frank Erlacher An Inventory Control Special PDF

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    Anbu jaromia
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    Frank Erlacher, an inventory control specialist, has questions about how Strider Enterprises accounts for inventory costs. Strider sells goods from its own store and on consignment through another company. Erlacher wants to know whether Strider should include goods purchased but not received in inventory, include freight costs as inventory costs, record purchases on net terms gross or net, and how to report consigned goods in financial statements.

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    Frank Erlacher, an inventory control specialist, has questions about how Strider Enterprises accounts for inventory costs. Strider sells goods from its own store and on consignment through another company. Erlacher wants to know whether Strider should include goods purchased but not received in inventory, include freight costs as inventory costs, record purchases on net terms gross or net, and how to report consigned goods in financial statements.

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    33 views1 page

    Inventoriable Costs Frank Erlacher An Inventory Control Special PDF

    Uploaded by

    Anbu jaromia
    Frank Erlacher, an inventory control specialist, has questions about how Strider Enterprises accounts for inventory costs. Strider sells goods from its own store and on consignment through another company. Erlacher wants to know whether Strider should include goods purchased but not received in inventory, include freight costs as inventory costs, record purchases on net terms gross or net, and how to report consigned goods in financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Inventoriable Costs Frank Erlacher an inventory control

    special
    Inventoriable Costs Frank Erlacher, an inventory control specialist, is interested in better
    understanding the accounting for inventories. Although Frank understands the more
    sophisticated computer inventory control systems, he has little knowledge of how inventory cost
    is determined. In studying the records of Strider Enterprises, which sells normal brand-name
    goods from its own store and on consignment through Chavez Inc., he asks you to answer the
    following questions.(a) Should Strider Enterprises include in its inventory normal brand-name
    goods purchased from its suppliers but not yet received if the terms of purchase are f.o.b.
    shipping point (manufacturer’s plant)? Why?(b) Should Strider Enterprises include freight-in
    expenditures as an inventory cost? Why?(c) If Strider Enterprises purchases its goods on terms
    2/10, net 30, should the purchases be recorded gross or net? Why?(d) What are products on
    consignment? How should they be reported in the financial statements?(AICPA adapted)View
    Solution:
    Inventoriable Costs Frank Erlacher an inventory control special
    SOLUTION-- http://accountinginn.online/downloads/inventoriable-costs-frank-erlacher-an-
    inventory-control-special/

    For Solutions Visit accountinginn.online


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