Question
First Ownership orders merchandise from several suppliers from around the world. Each of the suppliers has different shipping or transportation terms. At the end of
First Ownership orders merchandise from several suppliers from around the world. Each of the suppliers has different shipping or transportation terms. At the end of December, First Ownership had the following outstanding orders:
| Date Order Placed | Amount | Shipping Terms | ||
| December 1, 2020 | $80,200 | FOB shipping point | ||
| December 10, 2020 | $100,000 | FOB shipping point | ||
| December 15, 2020 | $26,900 | FOB destination | ||
| December 19, 2020 | $40,700 | FOB shipping point | ||
| December 24, 2020 | $37,300 | FOB destination |
On December 31, 2020, what amount would First Ownership include in its inventory from the outstanding orders?
| Total inventory to include | $ |
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
Principles Of Managerial Finance
Authors: Lawrence J. Gitman, Chad J. Zutter
14th Global Edition
9781292018201
