A company's inventory on December 31,2024 , was $345,000 based on a physical count priced...
80.2K
Verified Solution
Link Copied!
Question
Accounting
A company's inventory on December 31,2024 , was $345,000 based on a physical count priced at cost, and before any necessary adjustment for the following: - Inventory costing $50,000, shipped fo.b. shipping point from a vendor on December 30,2024 , was received on January 5,2025. - Inventory costing $42,000, shipped to b. destination from a vendor on December 28,2024 , was recelved on January 3,2025. - Inventory costing $58,000 was shipped to a customer fo.b. destination on December 28 , arrived at the customer's location on January 6,2025 . - Inventory costing $32,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31,2024 , balance sheet? Multiple Choice $427,000 5527,000 $485,000 $345,000
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!
