The Swifty Hat Shop Limited counted the entire inventory in its store on August 3 1 and
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Question:
The Swifty Hat Shop Limited counted the entire inventory in its store on August and arrived at
a total inventory cost of $ The count included $ of inventory held on consignment for
a local designer; $ of inventory that was being held for customers who were deciding if they
wanted to purchase the merchandise; and $ of inventory that had been sold to customers
but was being held for alterations. There were two shipments of inventory received on September
The first shipment cost $ It had been shipped on August terms FOB destination. The
second shipment cost $ plus freight charges of $ It had been shipped on August
terms FOB shipping point. Neither of these shipments was included in the August count.
Calculate the correct cost of the inventory on August
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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