Test your skills with FOB Destination, FOB Shipping Point and Consignment Inventory: At December 31, 2021(Year End), LSJ Company's inventory records indicated a balance of $1,128,000 based on the work of a junior accountant. This junior accountant included all of the transactions below to arrive at this $1,128,000 balance just to be sure she recorded every piece of paper on her desk... but she honestly does not fully understand the U.S. GAAP rules when it came to FOB Destination, FOB Shipping Point and Consignment Inventory. She is pretty sure her number is not correct. You are now being asked to correct her work, if necessary, to arrive at a correct inventory balance as of December 31, 2021. 10 All three of these transactions have been included in her total of $1,128,000 as of December 31, 2021. Take a moment to review each transaction in detail. NA their vendor $168,000 in inventory purchases made by LSJ shipped from 12/31/21 terms FOB destination. This inventory purchased is not due to be received by LSJ until January 2, 2022. $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 21 2021. The goods are not evnected to reach 144 hp IN prt sc C
est your skills with FOB Destination, FOB Shipping Point and Consigniments nventory: At December 31, 2021(Year End), LSJ Company's inventory records indicated a balance of $1,128,000 based on the work of a junior accountant. This junior accountant included all of the transactions below to arrive at this $1,128,000 balance just to be sure she recorded every piece of paper on her desk... but she honestly does not fully understand the U.S. GAAP rules when it came to FOB Destination, FOB Shipping Point and Consignment Inventory. She is pretty sure her number is not correct. You are now being asked to correct her work, if necessary, to arrive at a correct inventory balance as of December 31, 2021. All three of these transactions have been included in her total of $1.128,000 as of December 31.2021 . Take a moment to review each transaction in detail. - \$168,000 in inventory purchases made by LSJ shipped from their wendor 12/31/21 terms FOB destination. This inventory purchased is not due to be received by LSJ until Januacy 2.2022 - $111,000 in soods sold tor LSU to a custainer with thrms FOQ 3i. three of these trancactions have been included in her total of 51,128,000 as of December 31,2021 . Take a moment to review ench transaction in detall. - \$168,000 in inventory purchases made by LSJ shipped from their vendor 12/31/21 terms FOB destination. This inventory purchased is not due to be received by LSJ until January 2,2022. - $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 31,2021. The goods are not expected to reach their customer's destination until January 6, 2022. - \$9,000 of goods received on consignment from Danny and Company. What is the correct inventory balance as of December 31, 2021? Hint. - If you believe that the transaction above was properly included make no adjustment. - If vou belicve that the transaction should not have been included in the total. then subtract it from the $1.128.000 balance. 5700000 sec0000 5951000 Whtocon est your skills with FOB Destination, FOB Shipping Point and Consigniments nventory: At December 31, 2021(Year End), LSJ Company's inventory records indicated a balance of $1,128,000 based on the work of a junior accountant. This junior accountant included all of the transactions below to arrive at this $1,128,000 balance just to be sure she recorded every piece of paper on her desk... but she honestly does not fully understand the U.S. GAAP rules when it came to FOB Destination, FOB Shipping Point and Consignment Inventory. She is pretty sure her number is not correct. You are now being asked to correct her work, if necessary, to arrive at a correct inventory balance as of December 31, 2021. All three of these transactions have been included in her total of $1.128,000 as of December 31.2021 . Take a moment to review each transaction in detail. - \$168,000 in inventory purchases made by LSJ shipped from their wendor 12/31/21 terms FOB destination. This inventory purchased is not due to be received by LSJ until Januacy 2.2022 - $111,000 in soods sold tor LSU to a custainer with thrms FOQ 3i. three of these trancactions have been included in her total of 51,128,000 as of December 31,2021 . Take a moment to review ench transaction in detall. - \$168,000 in inventory purchases made by LSJ shipped from their vendor 12/31/21 terms FOB destination. This inventory purchased is not due to be received by LSJ until January 2,2022. - $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 31,2021. The goods are not expected to reach their customer's destination until January 6, 2022. - \$9,000 of goods received on consignment from Danny and Company. What is the correct inventory balance as of December 31, 2021? Hint. - If you believe that the transaction above was properly included make no adjustment. - If vou belicve that the transaction should not have been included in the total. then subtract it from the $1.128.000 balance. 5700000 sec0000 5951000 Whtocon
