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Question 8 (2.08 points) Irwin Company counted its ending inventory as $178,000 at year-end, January 31, 2013. Upon review of the records, it was noted
Question 8 (2.08 points) Irwin Company counted its ending inventory as $178,000 at year-end, January 31, 2013. Upon review of the records, it was noted that the following items were in transit during the count: - Goods totaling $2,000 shipped by the supplier FOB destination on January 31 were received February 5th and were not counted by Irwin Company. - Goods totaling $5,000 shipped by the supplier FOB shipping point on January 30 were received February 2nd and were not counted by Irwin Company. - Goods totaling $6,000 shipped by Irwin Company to a customer FOB shipping point on January 31 were received by the customer on February 3rd and were counted by Irwin Company. What is itwin Company's correct inventory balance on January 31, 2013? $172,000 $174,000 $177,000 $178,000 5 6 Question 12 (2.08 points) Coffski, Inc. sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10th; credit terms were 1/10, n/30. Which of the following statements is true? 8 9 12 11 The customer can take a 10% discount if the invoice is paid by June 30th. The customer should pay $1,000 if the invoice is paid on July 9th. The customer must pay a $10 penalty if payment is made after July 9th. The customer must pay $1,010 if payment is made after June 20th
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