Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2017 Blossom Company's inventory records indicated a balance of $886000. Upon further investigation was determined that this amount included the following: $166000

image text in transcribed

At December 31, 2017 Blossom Company's inventory records indicated a balance of $886000. Upon further investigation was determined that this amount included the following: $166000 in inventory purchases made by Blossom shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd 125000 in goods sold by Blossom with goods received on consignment from Blue SoieC December 27th. The goods are not expected to reach their destination until January 6th uce Company What is Blossom correct ending inventory balance at December 31, 2017? $710900 $585900 $720000 $876900

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

Marketing Audit Reports Get An Extensive List Of 130 Marketing Audit Reports

Authors: Jack Chalow

1st Edition

B0BQXYKYZJ, 979-8371063076

More Books

Students also viewed these Accounting questions