Wisconsin Electronics sells computers to college students. …

Wisconsin Electronics sells computers to college students.  Included in inventory is Model A with a cost of $50 per unit, Model B with a cost of $75 a unit, and Model C with a cost of $100 a unit.  Wisconsin sells Model A, B, and C for $100, $150, and $250 respectively.  The net realizable value of Model A is $75, Model B is $70 and Model C is $200.  Wisconsin currently has 5 Model A’s, 10 Model B’s and 15 Model C’s on the sales floor and evaluates it’s inventory on a per item basis. What is the dollar value of Wisconsin’s inventory on their Balance Sheet?

Buckeye Corporation hired Wolverine Inventory Counters to he…

Buckeye Corporation hired Wolverine Inventory Counters to help them count ending inventory in the warehouse on December 31, 2021.   Wolverine was distracted when they were performing their count and understated ending inventory by $15,000.  Buckeye hired Badger Inventory Counters on December 31, 2022 and inventory was counted correctly.  What is the impact on retained earnings of Buckeye Corporation for the year ended December 31, 2022?

Madison Company identifies the following items for possible…

Madison Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. 3,000 units of inventory in transit from a supplier shipped FOB shipping point. 1,000 units of inventory shipped on consignment from Madison Company to another company. 200 units of inventory held on consignment from another company. 1,250 units of inventory sold but being held for customer pickup.