Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. riptide company included the following items in it

Riptide Company included the following items in its inventory on December 31, 2020: ...

70.2K

Verified Solution

Question

Accounting

Riptide Company included the following items in its inventory on December 31, 2020:

Merchandise out on consignment, at sales price, including 25% markup on cost

P 4,000,000

Goods purchased in transit, FOB destination

2,000,000

Goods held on consignment by Riptide Company

1,000,000

By what amount should the inventory at December 31, 2020 be reduced? please include solution.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

5. Describe how the electrochemical gradient generated during the electron- transport chain changes the conformation of...

Biology
Q

Label a voltage-versus-time diagram of an action potential with the ions involved in each phase, the...

Medical Sciences
Q

1. the following information is provided for an intersection that will have signalization. calculate the signal...

Civil Engineering
Q

A woman is heterozygous for the recessive X linked trait for red green color blindness...

Biology
Q

01 Two infinitely large sheets having charge densities and 2 respectively 01 02 are placed...

Physics
Q

13 If mVYX 280 and m UVX 3x 5 find the value of x W...

Geometry
Q

Let f be a continuous function such that f 5 1 and f 5 1...

Calculus
Q

Divide the polynomial in the numerator by the monomial in the denominator Simplify your answer...

Algebra
Q

Brief Exercise 17-11 Flounder Company invests $8,900,000 in 5% fixed rate corporate bonds on January...

Accounting
Q

Forest Company had the following transactions during the month of December. What is the December...

Accounting
Q

Outstanding stock refers to the: Seleccione una: a, shares of stock that have been sold...

Accounting
Q

Verizon 8:09 PM Computing Present Values of Single Amounts and Annuities Refer to Tables 1...

Accounting