Question
Test Company reported an unadjusted inventory balance on December 31, Year 1 of $800,000 based on a physical count. The physical inventory count excluded the
Test Company reported an unadjusted inventory balance on December 31, Year 1 of $800,000 based on a physical count. The physical inventory count excluded the following items.
Inventory costing $10,000 was shipped from Supplier Company to Test Company, f.o.b. shipping point, on December 23, Year 1. The inventory arrived at the Test Company warehouse on January 2, Year 2.
Inventory costing $7,000 was shipped by Test Company to Customer Company, f.o.b. destination, on December 28, Year 1. The inventory arrived at the Customer Company location on January 5, Year 2.
Determine the adjusted (correct) inventory balance for Test Company on December 31, Year 1.
|
| $800,000 | |
|
| $807,000 | |
|
| $810,000 | |
|
| $817,000 |
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Accounting For Governments From Budget To Audit How Governments Plan Raise Spend And Then Account For Their Use Of Citizens Money In The 21st Century
Authors: Michael Parry, Jesse Hughes
1st Edition
1092763112, 978-1092763110
