Question
At December 31, 2019 inventory account had a balance of $632,000. $112,000 in purchases shipped from the seller 12/27/19 terms FOB destination. These are scheduled
At December 31, 2019 inventory account had a balance of $632,000. $112,000 in purchases shipped from the seller 12/27/19 terms FOB destination. These are scheduled for receipt on January 2nd . $74,000 in goods sold by Pepper with terms FOB destination on December 27th. The goods are not expected to reach the buyer until January 6th. $6,000 of goods received .What should Pepper report as the value of its inventory at 12/31/19?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short
8th edition
78025559, 978-0078025556
