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The Kwok Company's inventory balance on December 31, 2018, was $245,000 (based on a 12/31/18 physical count) before considering the following transactions: I. Goods shipped
The Kwok Company's inventory balance on December 31, 2018, was $245,000 (based on a 12/31/18 physical count) before considering the following transactions: I. Goods shipped to Kwok f..b. destination on December 20, 2018, were received on January 4, 2019. The invoice cost was $46,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2018, were received on January 5, 2019. The invoice cost was 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2018, were received by the customer on January 3 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2018, were received by the customer on December 30, 5. Goods shipped from Kwok to a customer fo.b. shipping point on December 28, 2018, were received by the customer on January 4, $33,000 2019. The sales price was $56,000 and the merchandise cost $38,000. 2018. The sales price was $36,000 and the merchandise cost $29,000. 2019. The sales price was $41,000 and the merchandise cost $28,000. Required Determine the correct inventory amount to be reported in Kwok's 2018 balance sheet. rect inventory balance
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