Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aphysical count of Marigold Company's inventory at year-end determined that inventory on hand had a value of $1613.000 Upon further investigation, it was determined that

image text in transcribed
Aphysical count of Marigold Company's inventory at year-end determined that inventory on hand had a value of $1613.000 Upon further investigation, it was determined that this amount included the following: 1. An inventory purchase of $50.300 made by Marigold shipped from Sand Company on December 28 with terms FOB destination, but not due to be received until January 3 2.Goods shipped to a customer with a cost of $72.600 with terms FOB destination on December 29, but not expected to reach their destination until January 3 3. Goods shipped to a customer with a cost of $54,900 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5 4. Goods held on consignment from Florence Company with a cost $15.300 Compute the amount that should be reported for inventory on Marigold Company's balance sheet at December 31, 2022 Balance sheet

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

15th Edition

0273760882, 9780273760887

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago