Question: b - Your answer is partially correct. The merchandise inventory in Oriole Company was counted after the close of business on December 31, 2021, the

b
b - Your answer is partially correct. The merchandise inventory in Oriole
Company was counted after the close of business on December 31, 2021,
the company's year end. It was determined that the total cost of

- Your answer is partially correct. The merchandise inventory in Oriole Company was counted after the close of business on December 31, 2021, the company's year end. It was determined that the total cost of this inventory was $54,900. Oriole wants to know if this is the correct amount that should be reported on the company's December 31, 2021, balance sheet or if an adjustment needs to be made for any of the following items: vers have paid in full for these items icluded in the inventory count. ron December 30, FOB shipping point. Freight charges are $330. These items were not included in the inventory count. the seller on December 31, FOB destination. Freight charges are $360. These items were also not included in the inventory count. Determine the correct amount of Oriole Company's merchandise inventory at December 31, 2021. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses o.g. (45).) The correct cost of inventory is: Total cost per inventory count $ 400 MacBook Air 5 !! Question 1 of 5

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!