The Kwok Companys inventory balance on December 31, 2021, was $205,000 (based on a 12 31 2021 physical count) before considering the following transactions Goods shipped to Kwok f o b destination on December 20, 2021, were received on January 4, 2022 The invoice cost was $38,000 Goods shipped to Kwok f o b shipping point on December 28, 2021, were received on January 5, 2022 The invoice cost was $25,000 Goods shipped from Kwok to a customer f o b destination on December 27, 2021, were received by the customer on January 3, 2022 The sales price was $48,000 and the merchandise cost $30,000 Goods shipped from Kwok to a customer f o b destination on December 26, 2021, were received by the customer on December 30, 2021 The sales price was $28,000 and the merchandise cost $21,000 Goods shipped from Kwok to a customer f o b shipping point on December 28, 2021, were received by the customer on January 4, 2022 The sales price was $33,000 and the merchandise cost $20,000 Required Determine the correct inventory amount to be reported in Kwoks 2021 balance sheet The Kwok Company's inventory balance on December 31, 2021, was $205,000 (based on a 12 31 2021 physical count) before considering the following transactions 1 Goods shipped to Kwok f o b destination on December 20, 2021, were received on January 4,2022 The invoice cost was $38,000 2 Goods shipped to Kwok f o b shipping point on December 28 , 2021, were received on January 5 , 2022 The invoice cost was $25,000 3 Goods shipped from Kwok to a customer f o b destination on December 27, 2021, were received by the customer on January 3 , 2022 The sales price was $48,000 and the merchandise cost $30,000 4 Goods shipped from Kwok to a customer f o b destination on December 26, 2021, were received by the customer on December 30 , 2021 The sales price was $28,000 and the merchandise cost $21,000 5 Goods shipped from Kwok to a customer f o b shipping point on December 28, 2021, were received by the customer on January 4 , 2022 The sales price was $33,000 and the merchandise cost $20,000 Required Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet

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The Kwok Companys inventory balance on December 31, 2021, was $205,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to

The Kwok Companys inventory balance on December 31, 2021, was $205,000 (based on a 12/31/2021 physical count) before considering the following transactions:

Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $38,000.

Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $25,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $48,000 and the merchandise cost $30,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $28,000 and the merchandise cost $21,000.

Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $33,000 and the merchandise cost $20,000.

Required: Determine the correct inventory amount to be reported in Kwoks 2021 balance sheet. image text in transcribed

The Kwok Company's inventory balance on December 31, 2021, was $205,000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4,2022 . The invoice cost was $38,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28 , 2021, were received on January 5 , 2022. The invoice cost was $25,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3 , 2022. The sales price was $48,000 and the merchandise cost $30,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30 , 2021. The sales price was $28,000 and the merchandise cost $21,000. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4 , 2022. The sales price was $33,000 and the merchandise cost $20,000. Required: Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet