Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2017Metlock, Inc.inventory records indicated a balance of $644000. Upon further investigation it was determined that this amount included the following: $115000in inventory

At December 31, 2017Metlock, Inc.inventory records indicated a balance of $644000. Upon further investigation it was determined that this amount included the following:

$115000in inventory purchases made byMetlockshipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd

$87000in goods sold byMetlockwith terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th

$5000of goods received on consignment from Dollywood Company

What isMetlockcorrect ending inventory balance at December 31, 2017?

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

College Accounting Chapters 1- 15

Authors: James A Heintz, Robert W Parry

23rd Edition

1337794767, 9781337794763

More Books

Students also viewed these Accounting questions

Question

=+d) State the conclusion from this analysis.

Answered: 1 week ago