Sandy Chen owns a small specialty store, named Chens Chattel, whose year-end is June 30. Determine the
Question:
Sandy Chen owns a small specialty store, named Chen’s Chattel, whose year-end is June 30. Determine the total amount that should be included in Chen’s Chattel’s year-end inventory. A physical inventory taken on June 30 reveals the following:
Cost of merchandise on the showroom floor and in the warehouse ....... $37,800
Goods held on consignment (consignor is National Manufacturer) ........ 6,400
Goods that Chen’s Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista ............................. 4,600
Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer’s receiving dock on July 3 .............. 3,800
Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer’s receiving dock on July 5 ............... 3,100
Step by Step Answer:
Cost of merchandise on the showroom floor and in the warehouse 3780...View the full answer
