Question
4. ABC Company counted its ending inventory as $10,000 at year-end, December 31, 2018. Reviewing the records, it was noted that the following items were
4. ABC Company counted its ending inventory as $10,000 at year-end, December 31, 2018. Reviewing the records, it was noted that the following items were in transit during the count:
Goods totaling $2,000 shipped by the supplier FOB destination on December 31 were received January 4th and were not counted by ABC. Goods totaling $5,000 shipped by the supplier FOB shipping point on December 30 were received January 5th and were not counted by ABC. Goods totaling $6,000 shipping by ABC to a customer FOB shipping point on December 31 were received by the customer on
January 6th and were counted by ABC. What is ABCs correct inventory balance on December 31, 2018.
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