Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company's inventory on December 31,2024 , was $343,000 based on a physical count priced at cost, and before any necessary adjustment for the following:

image text in transcribed

A company's inventory on December 31,2024 , was $343,000 based on a physical count priced at cost, and before any necessary adjustment for the following: - Inventory costing $48,000, shipped f.o.b. shipping point from a vendor on December 30,2024 , was recelved on January 5,2025 , - Inventory costing $40,000, shipped f.o.b. destination from a vendor on December 28,2024 , was received on January 3,2025. - Inventory costing $56,000 was shipped to a customer f.o.b. destination on December 28 , arrived at the customer's location on January 6 , 2025. - Inventory costing $30,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31,2024 , balance sheet? Multiple Choice $421,000 $517,000 $343,000 $477,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits

Authors: E. Scott Dunlap

1st Edition

1439828865, 978-1439828861

More Books

Students also viewed these Accounting questions

Question

(a) and v 3 1

Answered: 1 week ago