31) The Constance Corporations inventory on December 31, 2024, was $131,500 (at cost) based on...
50.1K
Verified Solution
Link Copied!
Question
Accounting
31)
The Constance Corporations inventory on December 31, 2024, was $131,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following:
Inventory costing $21,500, shipped f.o.b. shipping point from a vendor on December 27, 2024, was received by Constance on January 5, 2025.
Inventory costing $51,500 was shipped to a customer f.o.b. shipping point on December 28, 2024, arrived at the customers location on January 6, 2025.
Inventory costing $27,500 was being held on hand for Jess Company on consignment.
Estimated sales returns are 15% of annual sales. Sales revenue was $563,000 with a gross profit ratio of 20%.
What amount should Constance Corporation report as inventory in its December 31, 2024, balance sheet?
$171,560
$223,060
$193,060
$226,685
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
