contestada

Coronado Industries took a physical inventory on December 31 and determined that goods costing $180,500 were on hand. Not included in the physical count were $27,000 of goods purchased from Sunland Company, FOB, shipping point, and $20,000 of goods sold to Bramble Corp. for $32,000, FOB destination. Both the Sunland purchase and the Bramble sale were in transit at year-end. What amount should Coronado report as its December 31 inventory?

Respuesta :

Answer:

$227,500

Explanation:

Cost of goods on hand = $180,500

Total amount to be reported by Coronado company:

= Inventory in hand as per physical count + Goods purchased from Sunland Company under FOB shipping basis + cost of goods sold to Bramble Corp. under FOB destination basis

= $180,500 + $27,000 + $20,000

= $227,500

Therefore, the amount should Coronado report as its December 31 inventory is $227,500.

Otras preguntas