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8-3

Exercise 8-6 Goods in transit [LO8-2] The Kwok Company's inventory balance on December 31, 2018, was $230,000 (based on a 12/3118 physical count) before considering the following transactions: 1. Goods shipped to Kwok fob. destination on December 20, 2018, were recelved on January 4, 2019. The invoice cost was $43,000. 2. Goods shipped to Kwok fob. shipping point on December 28, 2018, were recelved on January 5, 2019. The invoice cost was 3. Goods shipped from Kwok to a customer fo.b. destination on December 27, 2018, were received by the customer on January 3 4. Goods shipped from Kwok to a customer fo.b. destination on December 26, 2018, were received by the customer on December 30, 5. Goods shipped from Kwok to a customer fo.b. shipping point on December 28, 2018, were received by the customer on January 4, 30,000. 2019. The sales price was $53,000 and the merchandise cost $35,000 2018. The sales price was $33,000 and the merchandise cost $26,000 2019. The sales price was $38000 and the merchandise cost $25,000. Required: Determine the correct Inventory amount to be reported in Kwok's 2018 balance sheet