Neverwas Company just took its physical inventory. The count of inventory items on hand at the companys
Question:
1. Neverwas has sent inventory costing $26,000 on consignment to Niagara Company. All of this inventory was at Niagara’s showrooms on December 31.
2. The company did not include in the count inventory (cost, $20,000) that was sold 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 purchased 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
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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