Question
The Mateo Corporations inventory at December 31, 2021, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the
The Mateo Corporations inventory at December 31, 2021, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
- Merchandise costing $30,000, shipped f.o.b. shipping point from a vendor on December 30, 2021, was received on January 5, 2022.
- Merchandise costing $22,000, shipped f.o.b. destination from a vendor on December 28, 2021, was received on January 3, 2022.
- Merchandise costing $38,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customers location on January 6, 2022.
- Merchandise costing $12,000 was being held on consignment by Traynor Company.
What amount should Mateo Corporation report as inventory in its December 31, 2021, balance sheet?
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
