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please solve problem number 12 type answer, show all work and answer all parts. Thanks 12. The Matoo Corporation's inwentory at December 31, 2018, was
please solve problem number 12 type answer, show all work and answer all parts. Thanks
12. The Matoo Corporation's inwentory at December 31, 2018, was $325,000 bosed on a physical court priced at cost, and before any necessary adjustment for the folowing: Merchandise costing $30,000, shipped fo.b. shipping point from a vendor on December 30, 2018, was receved on January 5, 2019 * Merchandise costing $22,000, shipped fo.b, destination from a vendor on Decembor 28, 2018, wes received on January 3, 2019 * Merchandise costing $38,000 was shipped to a customer f.o.b, destination on December 28, arrived at the customer's location on January 6, 2019 Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Matoo Corporation report as inventory in its December 31, 2018, balanoe sheet? 13. XYZ Company started business in 2018 with $52,000 of merchandise on hand. During 2018, $280,000 in merchandise was purchased on account with credit terms of 2/10, nv30. All discounts were taken. Purchases were al madef.o.b. shipping point. XYZ paid freight charges of $9,000 Merchandise with an invoice amount of $4,000 was retumed for aredit. Cost of goods sold for the yearwas $316,000. XYZ uses a perpotunl inventory system. available for sale, assuming XYZ uses the gross method? What is the cost of goods 14. Inventory records for Herb's Chemicals revealed the folowing March 1, 2018, inventory: 1,000 galons$720 $7 200 Purchases: Mar, 10 Mar, 16 Mar. 23 Sales: sls$7 25Mar 5400 sls$7.30Mar. 14 700 sls $7.35Mar. 20 500 Mar. 26 700 gasStep by Step Solution
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