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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,
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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
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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
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