Question
A companys inventory on December 31, 2024, was $333,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
A companys inventory on December 31, 2024, was $333,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
- Inventory costing $38,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
- Inventory costing $30,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.
- Inventory costing $46,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customers location on January 6, 2025.
- Inventory costing $20,000 was being held on consignment by Traynor Company.
What amount should the company report as inventory in its December 31, 2024, balance sheet?
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
20th edition
77729145, 978-1259295430, 1259295435, 978-0077729141
