Question
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items: Merchandise in
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items:
| Merchandise in transit as of 12/21/2007, purchased FOB |
|
| shipping point | $5,800 |
| Goods held by Minerva as consignee from Nirvana | 6,000 |
| Goods out on consignment, at cost plus 50% |
|
| markup on cost plus $100 delivery charge. | 4,600 |
What is the dollar amount of Minerva's 2007 ending inventory that should be reported on the balance sheet?
| a. | $73,100 |
| b. | $79,200 |
| c. | $79,000 |
| d. | $77,500 |
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Auditing Theory And Practice
Authors: Jerry R. Strawser, Robert H. Strawser
9th Edition
0873939336, 978-0873939331
