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3) Analyze the inventory valuation of Has been amp; Tracy based on the information below: a) Hasbeen Company completed its inventory count. It...
3) Analyze the inventory valuation of Has been & Tracy based on the information below:
a) Hasbeen Company completed its inventory count. It arrived at a total inventory value of $200,000. You have been given the information listed below. Discuss how this information affects the reported cost of inventory.
i. Hasbeen included in the inventory goods held on consignment for Falls Co., costing $15,000.
ii. The company did not include in the count purchased goods of $10,000, which were in transit (terms: FOB shipping point).
iii. The company did not include in the count inventory that had been sold with a cost of $12,000, which was in transit (terms: FOB shipping point).
b) Tracy Company sells three different types of home heating stoves (gas, wood, and pellet). The cost and net realizable value of its inventory of stoves are as follows.
cost($)
