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 | $ |
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Financial & Managerial Accounting, 1, 2 Terms (12 Months)
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th Edition
133727075X, 9781337270755
