Nebula Co. uses LIFO for external financial reporting and tax filing, but uses FIFO for operating/pricing decisions.
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Question:
Teddy Inc's inventory at December 31, 20X1, was $150,000 based on a physical count of inventory on hand before discovering the following facts.
Goods shipped to a customer f.o.b. destination were in transit at year end. The sale price is $20,000 and the merchandise cost $15,000.
Goods costing $10,000, shipped f.o.b. destination from a vendor on December 28, 2021 were in transit at year end.
Goods costing $12,000 was being held on consignment by Zippy Company.
What amount should Mateo Corporation report as inventory in its December 31, 2021, balance sheet?
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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