The Constance Corporation s inventory at December 3 1 , 2 0 2 1 , was $
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Question:
The Constance Corporations inventory at December was $at cost based on a physical count of inventory on hand, before any necessary adjustment for the following:
Merchandise costing $ shipped fob shipping point from a vendor on December was received by Constance on January
Merchandise costing $ was shipped to a customer fob shipping point on December arrived at the customers location on January
Merchandise costing $ was being held on hand for Jess Company on consignment.
Estimated sales returns are of annual sales. Sales revenue was $ with a gross profit ratio of
What amount should Constance Corporation report as inventory in its December balance sheet?
Can you explain why we do not subtract from the inventory since it is going to a customer and they maintain ownership at the time of sending it out on december th Why do we exclude this one explain in detail about this part? Thanks.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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