Question
DJ Looms Inc. took a physical inventory at the end of the year and determined that $ 9 2 0 , 0 0 0 of
DJ Looms Inc. took a physical inventory at the end of the year and determined that $ of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:
$ of goods purchased were in transit. The goods were shipped fob shipping point and were received by the company three days after the inventory count.
$ worth of goods that were sold with an explicit repurchase agreement on the inventory.
What amount should DJ report as inventory at the end of the year?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
DJ Looms should report a total inventory of 1018000 at the end of the year Heres the breakdown In...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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