Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CALCULATOR PRINTER VERSION BACK NEXT Do It! Exercise 6-01 Oriole Company just took its physical inventory. The count of inventory items on hand at the
CALCULATOR PRINTER VERSION BACK NEXT Do It! Exercise 6-01 Oriole Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $345.000. In reviewing the details of the count and related Inventory transactions, you have discovered the following 1. Oriole has sent inventory costing $20,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 3. The company did not include in the count inventory (cost, $12,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31 Compute the correct December 31 Inventory. Correct December 31 inventory Click If you would like to Show Work for this question: Open Show Work LINK TO TEXT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started