question archive In testing the sales cut-off for Sweet Company in connection with an audit for the year ended October 31, 2009, you find the following information
In testing the sales cut-off for Sweet Company in connection with an audit for the year ended October 31, 2009, you find the following information
Subject:AccountingPrice: Bought3
In testing the sales cut-off for Sweet Company in connection with an audit for the year ended
October 31, 2009, you find the following information. A physical inventory was taken as of the
close of business on October 31, 2009 ; all customers are within a three-day delivery area of the
company plant,
The unadjusted balances for sales and inventories are P5,000,000 and P220,000, respectively.
Invoice No. FOB-Terms Date Shipped Date Recorded Sales Cost
8001 Destination Oct. 20 Oct. 31 P2,000 P1,800
8002 Shipping pt. Oct. 31 Nov. 02 5,000 4,000
8003 Shipping pt. Oct. 25 Oct. 31 3,600 2,400
8004 Destination Oct. 31 Oct. 29 8,400 6,200
8005 Destination Oct. 31 Nov. 2 18,400 16,000
8006 Shipping pt. Nov. 2 Oct. 23 13,000 10,200
8007 Shipping pt. Nov. 5 Nov. 6 15,000 11,600
8008 Destination Oct. 25 Nov. 03 7,800 4,000
8009 Shipping pt. Nov. 4 Oct. 31 17,200 16,400
8010 Destination Nov. 5 Nov. 2 10,000 8,000
Required: Compute for the adjusted balances for sales and inventories.
