Register
Concord Corporation took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer Corporation,
151,325 views
40 votes
40 votes
Concord Corporation took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $31,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.

Required:
What amount should Stallman report as its December 31 inventory?

User Psliwa
by
2.6k points

1 Answer

22 votes
22 votes

Answer:

$267,400

Step-by-step explanation:

Calculation to determine What amount should Stallman report as its December 31 inventory?

Using this formula

December 31 inventory=Goods costing on hand+Goods purchased+FOB shipping point

Let plug in the formula

December 31 inventory=$225,000+$20,400+$22,000

December 31 inventory=$267,400

Therefore the amount that Stallman should report as its December 31 inventory is $267,400

User Dietr
by
3.3k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

If the rate of inflation in Japan dramatically increases while the rate of inflation in the United States remains constant, then a. the demand curve for dollars shifts to the left. b. the demand curve
The market value of the equity of Hudgins, Inc., is $582,000. The balance sheet shows $21,000 in cash and $192,000 in debt, while the income statement has EBIT of $93,000 and a total of $137,000 in depreciation
Kylie is risk averse and has $1,000 with which to make a financial investment. She has three options. Option A is a risk-free government bond that pays 5 percent interest each year for two years. Option
From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that Group of answer choices bond interest is deductible for tax purposes. interest must be
Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm
Link Copied!