Fun Land Toy Stores Has Taken a Physical Count of Its

question 54

Essay

Fun Land Toy Stores has taken a physical count of its inventory at January 31, its fiscal year-end. After reviewing the accounting records and documentation, the following items have been discovered: (a) An invoice from Fleck Co. indicates that $30,000 of toys were shipped to Fun Land on January 27, terms FOB shipping point. The toys and invoice did not arrive at Fun Land until February 2 and were not included in the physical count. (b) An invoice from Grande indicates that $8,000 of toys were shipped to Fun Land on January 29, terms FOB destination. The toys and invoice did not arrive at Fun Land until February 2 and were not included in the physical count. The physical count and cost assignment on January 31 prior to these two items is $440,000. The cost of goods sold for Fun Land is $2,100,000.
1. Calculate the amount that should be reported as ending inventory for Fun Land.
2. Calculate the days' sales in inventory before and after the appropriate adjustments for inventory.

Know the basics of a sharing economy and collaborative consumption models.

Grasp the importance of perception in AI systems for sensory data collection and processing.

Distinguish between human and machine responses using tools like the Turing test.

Understand responsible drinking and party planning strategies to maintain sobriety when needed.

---

Definitions:

Top-Level Domain

The highest level of domain names in the hierarchical Domain Name System, after the root domain.

Web-Based Applications

Applications that operate on the web and can be accessed through a web browser, eliminating the need for local installation.

Hashtags

A symbol (#) used before a word or phrase on social media to categorize content and facilitate a search for it.

Social Media

Websites or apps that allow users to create and share content and/or participate in social networking with others.