Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 2 on december 31,2022, sombreros compan

Question 2 On December 31,2022, Sombreros Company's inventory balance was $45,000. The balance...

80.2K

Verified Solution

Question

Accounting

Question 2
On December 31,2022, Sombreros Company's inventory balance was $45,000. The balance included the following items:
$5,000 of purchased goods were in transit, shipped FOB destination on December 28,2022, due to arrive January 2.
$1,200 of goods received on consignment from Chapeau Company.
$2,500 of purchased goods were in transit, shipped FOB shipping point on December 27, due to arrive January 2.
What is Sombrero's correct ending inventory on December 31?
Selected Answer:
b. $36,300.
Answers:
a. $42,500.
b. $36,300.
c. $38,800.
d. $45,000.
image

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!
Become a Member

Other questions asked by students

Q

Walt Whitman has been describ once described Americans as having the fullest poetical nature In...

Basic Math
Q

66. You are deciding on a drug treatment for a patient with pancreatic cancer. You know...

Biology
Q

Assume a satellite communication system based upon a highly elliptical polar orbit approximately centered over the...

Physics
Q

Briefly describe how each of the following factors influences the electrical resistivity of metals: i) Temperature....

Electrical Engineering
Q

Situations in life where game theory has been implicity or explcitly. What does game theory, implicity &...

Economics
Q

A wave makes 54 vibrations in exactly 1 minute. What is its frequency?A) 2.25 Hz(B)...

Physics
Q

Do the given vectors form an orthogonal basis for R O Yes the given set...

Basic Math
Q

The following information is for X Company for the year: Equipment, January...

Accounting
Q

Define Account..

Accounting
Q

prepare an income statement, statement of retained earnings, and balance sheet please i will like...

Accounting
Q

State the circumstances that may compel a Company to remove an Auditor and discuss the...

Accounting
Q

it is one question Mecerding a Change in Iatimate, an...

Accounting