Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As a result of a thorough physical inventory, Marigold Company determined that it had inventory worth $320600 at December 31 , 2020. This count did

image text in transcribed
As a result of a thorough physical inventory, Marigold Company determined that it had inventory worth $320600 at December 31 , 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47700 on its sales floor that belong to Marigold but are being sold on consignment by Herschel. The selling price of these goods is $74100. Marigold purchased $21200 of goods that were shipped on December 27 , FOB destination, that will be received by Marigold on January 3. Determine the correct amount of inventory that Marigold should report. $389500$373500$320600$368300 Attempts: 0 of 1 used

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

Life Audit Workbook Meant For More

Authors: Agnese Iskrova

1st Edition

1716274958, 978-1716274954

More Books

Students also viewed these Accounting questions