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As of December 31, 2020 ABC determined that the cost of its inventory was $ 95,000. I The following assets were included in the aforementioned
As of December 31, 2020 ABC determined that the cost of its inventory was $ 95,000. I The following assets were included in the aforementioned computation: 1. Goods sold to a customer that are in transit (FOB shipping point): $ 2,800 2. Assets of company XYZ (consignor) held on consignment by ABC (consignee). ABC will receive 7% commission when you sell them: $ 6,000 3. Goods of company ABC (consignor) that are under consignment in company WWW (consignee): $ 5,000 4. Goods purchased by ABC that are in transit (FOB destination): $10,000 5. Goods purchased by ABC that are in transit (FOB shipping point): $ 4,000 What is the necessary adjustment to correct the inventory account balance as of 12/31/2020
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