Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rex companys books show an inventory balance of $2

Rex Companys books show an inventory balance of $20,000 at December 31, but four in-transit...

90.2K

Verified Solution

Question

Accounting

Rex Companys books show an inventory balance of $20,000 at December 31, but four in-transit shipments are not included in this amount (shown below). What is the actual inventory balance at December 31?

Purchase from ABC Corp. for $4,000, FOB shipping point

Purchase from DEF Co. for $1,000, FOB destination

Sale to GHI Corp. for $2,000, FOB shipping point

Sale to JKL Co. for $3,000, FOB destination

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

For the following exercise, draw a Logical Ladder to solve the automation problem. After you press...

Electrical Engineering
Q

1. Which decision issues do you think are the most difficult to address in an organization?...

General Management
Q

Please provide the current information on Skoda AutoDigilab (Prague, CZ). Also provide their major issues of Skoda...

General Management
Q

angular loop of sides 10 cm and 5 cm carrying a current I of 12...

Physics
Q

Need all required parts answered Problem 11-22 (Algo) Special...

Accounting
Q

Prepare the journal entries for (aj lanuary 1 (b) July 1 and ic) December 31...

Accounting
Q

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,...

Accounting
Q

Pharoah Company reports the following operating results for the month of August: sales $300,000 (units...

Accounting
Q

On January 1, 2024, White Water issues $600,000 of 7% bonds, due in 10 years,...

Accounting
Q

The Foundational 15 (Algo) [LO6-1, LO6-2, LO6-3, LO6-4, LO6-5] [The following information applies to the...

Accounting
Q

what is the repayment and ending cash balance for quarter 2 ...

Accounting
Q

hours (DLH), production setups (SU), and number of parts components (PC) as cost drivers. Data...

Accounting