Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following items were NOT INCLUDED in Dragon Corp's 12-31-21 inventory count. Based on the information provided, calculate the proper ending inventory amount. Indicate which
| The following items were NOT INCLUDED in Dragon Corp's 12-31-21 inventory count. | ||
| Based on the information provided, calculate the proper ending inventory amount. | ||
| Indicate which items are included in your total so that partial credit is possible. | ||
| Dragon Inc. had a physical inventory count at 12-31-21 of | $ 50,000 | |
| 1 | Dragon's records show merchandise held on consignment at Knight Corp. | 2,000 |
| 2 | Merchandise was shipped by Dragon, fob shipping on 12-31-21. | |
| The customer is expected to receive the merchandise on 1-20-22 | 1,000 | |
| 3 | Merchandise was shipped by Dragon, fob destination on 12-29-21. | 6,000 |
| The customer is expected to receive the merchandise on 1-5-22. | ||
| 4 | Merchandise was shipped by a vendor to Dragon, fob shipping on 12-30-21 | |
| This merchandise was received by Dragon of 1-4-22. | 4,000 | |
| 5 | Merchandise was shipped by a vendor to Dragon, fob destination on 12-30-21 | |
| This merchandise was received by Dragon on 1-8-22. | 3,000 | |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
