80.2K

Verified Solution

Link Copied!

Bellingham Inc. took a physical inventory at the end of the year and calculated that

1,750,000 of goods were on hand. Bellingham determined that 25,000 of goods were in

transit. The goods were shipped I.O.b. shipping point and were received by Bellingham

two days after the inventory count. The company also had 275,000 of goods out on

consignment. What amount should Bellingham report for inventory on its statement of

financial position?

2.

1,450,000.

1,750,000.

n

2,025,000.

d. 2,050,000.

7 17 18 19 10 20 MULTIPLE-CHOICE QUESTIONS 1. Bellingham Inc. took a physical inventory at the end of the year and calculated that 1,750,000 of goods were on hand. Bellingham determined that 25,000 of goods were in transit. The goods were shipped f.o.b. shipping point and were received by Bellingham two days after the inventory count. The company also had 275,000 of goods out on consignment. What amount should Bellingham report for inventory on its statement of financial position? a. 1,450,000. b. 1,750,000. c. 2,025,000. d. 2,050,000. 2. Godchaux Inc. took a physical inventory at December 31, 2019 and determined that 395,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) 60,000 of goods were in transit, shipped f.o.b. destination (goods were received by Godchaux three days later on January 3, 2020) and (2) the company shipped f.o.b. destination 25,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020. What amount should Godchaux report as inventory at the end of 2019? 8 9 7 17 18 19 10 20 MULTIPLE-CHOICE QUESTIONS 1. Bellingham Inc. took a physical inventory at the end of the year and calculated that 1,750,000 of goods were on hand. Bellingham determined that 25,000 of goods were in transit. The goods were shipped f.o.b. shipping point and were received by Bellingham two days after the inventory count. The company also had 275,000 of goods out on consignment. What amount should Bellingham report for inventory on its statement of financial position? a. 1,450,000. b. 1,750,000. c. 2,025,000. d. 2,050,000. 2. Godchaux Inc. took a physical inventory at December 31, 2019 and determined that 395,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) 60,000 of goods were in transit, shipped f.o.b. destination (goods were received by Godchaux three days later on January 3, 2020) and (2) the company shipped f.o.b. destination 25,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020. What amount should Godchaux report as inventory at the end of 2019? 8 9

Answer & Explanation Solved by verified expert

See Answer