DJ Looms Inc. took a physical inventory at the end of the year and determined that $
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Question:
DJ Looms Inc. took a physical inventory at the end of the year and determined that $ of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:
$ of goods purchased were in transit. The goods were shipped fob shipping point and were received by the company three days after the inventory count.
$ worth of goods that were sold with an explicit repurchase agreement on the inventory.
What amount should DJ report as inventory at the end of the year?
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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