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E8-3 Assume that in an annual audit of Webber Inc. at December 31,
2012, you find the following transactions near the closing date.
1.A special machine, fabricated to order for a customer, was finished
and specifically segregated in the back part of the shipping room on
December 31, 2012. The customer was billed on that date and the
machine excluded from inventory although it was shipped on January
4, 2013.
2.Merchandise costing $2,800 was received on January 3, 2013, and
the related purchase invoice recorded January 5. The invoice showed
the shipment was made on December 29, 2012, f.o.b. destination.
3.A packing case containing a product costing $3,400 was standing in
the shipping room when the physical inventory was taken. It was not
included in the inventory because it was marked ―Hold for shipping
instructions.‖ Your investigation revealed that the customer’s order
was dated December 18, 2012, but that the case was shipped and the