Question: Target's year end 1 2 3 1 ? 2 0 2 0 inventory records indicated a balance of $ 6 7 8 , 0 0

Target's year end 1231?2020 inventory records indicated a balance of $678,000. Additional information indicates that this amount also included the following inventory items:
Purchases: (Target purchased from wholesalers.)
\table[[Date shipped by seller,Date arrived,Amount,Shipping Term],[1227?20,12?21,$210,000,FOB shipping point],[1222?20,13?21,$120,000,FOB destination],[,,,]]
Sales: (Target sold to retail stores.)
\table[[\table[[Date shipped by],[Target]],Date arrived,Amount,Shipping Term],[1227?20,15?21,$321,000,FOB destination],[1226?20,14?21,$200,000,FOB shipping point],[,,,]]
Consigned inventory:
\table[[\table[[Date shipped by],[consignees]],Date arrived,Amount,Shipping Term],[1227?20,1231?20,$19,000,FOB destination]]
What is Target's adjusted ending inventory balance at December 31,2020?
 Target's year end 1231?2020 inventory records indicated a balance of $678,000.

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!