Brazille Company just took its physical inventory. The count of inventory items on hand at the company's
Question:
1. Brazille has sent inventory costing $21,000 on consignment to Nikki Company. All of this inventory was at Nikki's showrooms on December 31.
2. The company did not include in the count inventory (cost, $20,000) that was purchased on December 28, terms FOB shipping point. The goods were in transit on December 31.
3. The company did not include in the count inventory (cost, $17,000) that was sold with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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