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At year-end, Jasmine Inc.'s physical count of inventory revealed $200,000 of goods. The below items are not included in the inventory count. Inventory of $30,000
At year-end, Jasmine Inc.'s physical count of inventory revealed $200,000 of goods. The below items are not included in the inventory count.
Inventory of $30,000 was off site on consignment to Raja Inc.
A sale to Aladdin $10,000 of inventory, FOB shipping point on Dec. 31.
Purchased $20,000 of inventory from Genie Inc., FOB shipping point on Dec. 28th. The goods had not yet arrived and had therefore not been included.
A sale to Jafar Inc. of $50,000 of inventory, FOB destination on Dec. 31.
What should be Jasmine Inc.'s ending inventory balance?
Inventory of $30,000 was off site on consignment to Raja Inc.
A sale to Aladdin $10,000 of inventory, FOB shipping point on Dec. 31.
Purchased $20,000 of inventory from Genie Inc., FOB shipping point on Dec. 28th. The goods had not yet arrived and had therefore not been included.
A sale to Jafar Inc. of $50,000 of inventory, FOB destination on Dec. 31.
What should be Jasmine Inc.'s ending inventory balance?
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Financial Accounting
Authors: LibbyShort
7th Edition
78111021, 978-0078111020
