From the following facts, calculate the correct cost of inventory for Sam Company. Cost of inventory on

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From the following facts, calculate the correct cost of inventory for Sam Company.

Cost of inventory on shelf, $4,200, which includes $280 of goods received on consignment.

Goods in transit en route to Sam Company shipped F.O.B. shipping point, $22,000.

Goods in transit en route to Sam shipped F.O.B. destination, $375. Sam Company has $625 worth of goods on consignment in Alice’s
Dress Shop.

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College Accounting A Practical Approach

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Authors: Jeffrey Slater, Mike Deschamps

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Question Posted: Mar 03, 2020 06:39 AM

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