Reagen Corporation is a wholesale distributor of truck replacement parts. Incial amounts taken from Reagan's records are as follows 10 points Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,268,000 Accounts payable at December 31 Baker Company Charlie Company Dolly Company 2%, 10 days, net 30 $ 267,000 Net 38 Net 38 Net 30 Net 30 Net 36 212,8e 302,000 227,e80 OaEagler Company Full Company Greg Conany Accounts payable, December 31 Sales for the year $1,8e8,eee 9,058,8ee Ruferences Additional Information: 1 Parts held by Reagan on consignment from Charlie, amounting to $160,000, were included in the physical count of goods in Reagan's warehouse and in accounts payable at December 31 2. Parts totaling $23,000, 3. Pars in transit on December 31 to customers, shipped fo b shipping point on December 28 amounted to $36,000. The customers 4 Retailers were holding goods on consignment from Reagan, which hed a cost of $220.000 and a retail value of $260,000 which were purchased from Full and paid for in December, were sold in the last week of the year and appropriatelyrecorded as sales of $29,000. The parts were included in the physical count of goods in Reagan's warehouse on December 31 becsuse the parts were on the loading dock waiting to be picked up by customers recived the parts on January 6 of the following year. Sales of $42.000 o the customers for the parts were recorded January 2 by Reagan on 5. Goods were in trensit from Greg to Reagan on December 3t. The cost of tohe goods was $26.000, and they were shipped fob 6. A freight bis in the amount of $2,100 specificaly relacing to merchandise purchesed in December all of which wes stet in the shipping point on December 29 inventory at December 31, was received on January 3. The freight bill was n paysble at December 31 included in ether the inventory or in accounts 7. All the purcheses from Baker occurred during the lest seven days of the yeor These hems have been recorded in accounts payable end accounted for in the physcel inventory at cost before discount Reagan's policy is o pay invoces n tme to take advantage all discounts, adjust invensory accordingly, and record accounts payable net of discounts Reagen Corporation is a wholesale distributor of truck replacement parts. Incial amounts taken from Reagan's records are as follows 10 points Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,268,000 Accounts payable at December 31 Baker Company Charlie Company Dolly Company 2%, 10 days, net 30 $ 267,000 Net 38 Net 38 Net 30 Net 30 Net 36 212,8e 302,000 227,e80 OaEagler Company Full Company Greg Conany Accounts payable, December 31 Sales for the year $1,8e8,eee 9,058,8ee Ruferences Additional Information: 1 Parts held by Reagan on consignment from Charlie, amounting to $160,000, were included in the physical count of goods in Reagan's warehouse and in accounts payable at December 31 2. Parts totaling $23,000, 3. Pars in transit on December 31 to customers, shipped fo b shipping point on December 28 amounted to $36,000. The customers 4 Retailers were holding goods on consignment from Reagan, which hed a cost of $220.000 and a retail value of $260,000 which were purchased from Full and paid for in December, were sold in the last week of the year and appropriatelyrecorded as sales of $29,000. The parts were included in the physical count of goods in Reagan's warehouse on December 31 becsuse the parts were on the loading dock waiting to be picked up by customers recived the parts on January 6 of the following year. Sales of $42.000 o the customers for the parts were recorded January 2 by Reagan on 5. Goods were in trensit from Greg to Reagan on December 3t. The cost of tohe goods was $26.000, and they were shipped fob 6. A freight bis in the amount of $2,100 specificaly relacing to merchandise purchesed in December all of which wes stet in the shipping point on December 29 inventory at December 31, was received on January 3. The freight bill was n paysble at December 31 included in ether the inventory or in accounts 7. All the purcheses from Baker occurred during the lest seven days of the yeor These hems have been recorded in accounts payable end accounted for in the physcel inventory at cost before discount Reagan's policy is o pay invoces n tme to take advantage all discounts, adjust invensory accordingly, and record accounts payable net of discounts