The December 3 1 , 2 0 2 4 , year end inventory balance of the Almond Corporation is $ 2 1 6 , 0 0 0 You have been asked to review the following transactions to determine if they have been correctly recorded Goods shipped to Almond f o b destination on December 2 6 , 2 0 2 4 , were received on January 2 , 2 0 2 5 The invoice cost of $ 3 3 , 0 0 0 is included in the preliminary inventory balance At year end, Almond held $ 1 7 , 0 0 0 of inventory on consignment from the Hardgrove Company This inventory is included in the preliminary inventory balance On December 2 9 , inventory costing $ 6 , 3 0 0 was shipped to a customer f o b shipping point and arrived at the customer s location on January 3 , 2 0 2 5 The inventory is not included in the preliminary inventory balance At year end, Almond had inventory costing $ 1 8 , 0 0 0 on consignment with the Juniper Corporation The inventory is not included in the preliminary inventory balance Required Determine the correct inventory amount to be reported in Almond s 2 0 2 4 balance sheet

Question

The December 3 1 , 2 0 2 4 , year   end inventory balance of the Almond Corporation is $ 2 1 6 , 0 0 0   You have been asked to review the following transactions to determine if they have been correctly recorded  Goods shipped to Almond f   o   b   destination on December 2 6 , 2 0 2 4 , were received on January 2 , 2 0 2 5   The invoice cost of $ 3 3 , 0 0 0 is included in the preliminary inventory balance  At year   end, Almond held $ 1 7 , 0 0 0 of inventory on consignment from the Hardgrove Company  This inventory is included in the preliminary inventory balance  On December 2 9 , inventory costing $ 6 , 3 0 0 was shipped to a customer f   o   b   shipping point and arrived at the customer s location on January 3 , 2 0 2 5   The inventory is not included in the preliminary inventory balance  At year   end, Almond had inventory costing $ 1 8 , 0 0 0 on consignment with the Juniper Corporation  The inventory is not included in the preliminary inventory balance  Required  Determine the correct inventory amount to be reported in Almond s 2 0 2 4 balance sheet

Accepted Answer

The Answer is in the image, click to view ...

Question

The December 3 1 , 2 0 2 4 , year - end inventory balance of the Almond Corporation is $ 2 1 6 ,

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Accounting Principles

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question