Business, 28.11.2019 06:31 precioussmith76
He kwok company’s inventory balance on december 31, 2016, was $165,000 (based on a 12/31/16 physical count) before considering the following transactions:
1.
goods shipped to kwok f. o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $30,000.
2.
goods shipped to kwok f. o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $17,000.
3.
goods shipped from kwok to a customer f. o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $40,000 and the merchandise cost $22,000.
4.
goods shipped from kwok to a customer f. o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $20,000 and the merchandise cost $13,000.
5.
goods shipped from kwok to a customer f. o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $25,000 and the merchandise cost $12,000.
determine the correct inventory amount to be reported in kwok’s 2016 balance sheet.
Answers: 1
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He kwok company’s inventory balance on december 31, 2016, was $165,000 (based on a 12/31/16 physical...
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