Question
The Queen Supply Co. counted and valued its inventory at year-end, and found $41850 worth. However, their accounting system showed that there were two purchases
The Queen Supply Co. counted and valued its inventory at year-end, and found $41850 worth. However, their accounting system showed that there were two purchases that had not yet arrived. One had been shipped FOB destination, for $3155, and the other had been shipped FOB shipping point, for $5840. In addition, two sales made on the last day of the year would not have reached the customers. One, for $4375, was shipped FOB destination, and the other, for $2765, was shipped FOB shipping point.
What is the company's correct inventory value?
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Vendor Audit Auditing Construction Contract Trust But Verify A Concise Guidebook On How To Execute Vendor Audit That Add Values To The Companys Bottom Line
Authors: Hin H Leong
1st Edition
1525554093, 978-1525554094
