Question: CALCULATOR PRINTER VERSION BACK NEXT Do It! Exercise 6-01 Oriole Company just took its physical inventory. The count of inventory items on hand at the

 CALCULATOR PRINTER VERSION BACK NEXT Do It! Exercise 6-01 Oriole Company

CALCULATOR PRINTER VERSION BACK NEXT Do It! Exercise 6-01 Oriole Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $345.000. In reviewing the details of the count and related Inventory transactions, you have discovered the following 1. Oriole has sent inventory costing $20,000 on consignment to Alissa Company. All of this inventory was at Alissa'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 3. The company did not include in the count inventory (cost, $12,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31 Compute the correct December 31 Inventory. Correct December 31 inventory Click If you would like to Show Work for this question: Open Show Work LINK TO TEXT

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!